Memoire Online - Financing problems of photovoltaic panels in cameroon

Native from Africa more precisely from Cameroon. The African continent is the most poorly electrified continent. I grew up in an environment where electricity was a luxury or the guarantee of having electricity on a daily basis was uncertain.

Once I integrated the university and studied subjects such as Banking investment, Business Administration, Finance and Development, sociology, the knowledge acquired in these fields of study will serve as tools that will enable me realise Financial and Economic development of electric power in my country.

From my point of view, Cameroon¹ has the potentials to provide significant solar electricity for the entire population. In South Africa, large solar electricity projects have emerged, but in Cameroon solar electricity projects are not as developed those in South Africa. To make my point of view clearer in the field of finance and development I asked myself these questions:

? Is it possible to integrate large-scale solar projects in Cameroon to enable people to have electricity?

After attending international seminars on solar energy for Africa, experts said solar energy is clean and inexpensive for Africa. However, I spoke with a Cameroonian expert who explained that Cameroon has natural potentials for unlimited integration of this type of project.

However, the solutions were varied, but then they all depended on the involvement of the state. To this end, the issue of financial aid drew my attention, firstly I would like to identify the obstacles to financing solar photovoltaic panels, my presence in the international seminars on solar energy for Africa allowed me to have a general idea on the importance of this to Africa and on how to reduce electricity deficit in Africa and precisely Cameroon.

In addition, my knowledge on Development Finance and banking investment will allow me to establish a plan on how to help raise funding for the purchase price per household. My research paper represents the beginning of my implementation to development finance project and its substitutes that I would like to develop in the future.

1.1 Context

Without electrical power available and accessible in quantity and quality, no economic development is possible. Considering this reality as a priority, the Government of Cameroon seems to make electricity a priority for action. Unfortunately, these days have witnessed considerable energy deficit, where public policy power lack clarity and consistency. This is why we should consider the issue of solar energy as a solution to energy deficit in Cameroon.

Regarding solar energy, Cameroon has abundant and available potentials especially in its northern part. Several arguments appear therefore in favour of photovoltaic energy: It is clean and requires no external supply of fuel. Moreover, the photovoltaic generator that captures light rays is rather simple and does not virtually require maintenance. Therefore, the required cost of operations and maintenance are relatively low. For example, in Equatorial Guinea , a photovoltaic generator produces an amazing energy equivalent to 25 times faster than the usual operation. And the estimated price rate is 10 Euro per watt of the initial investment. Knowing that a solar panel has a lifespan exceeding 50 years. This simple example shows that solar energy could overcome the lack of hydropower and contribute enormously to the socio-economic development of the country.

The first point of this research is to understand the question of the high cost and lack of electricity in Cameroon. Considering the case of Cameroon, the population suffers the effects of liberalization and market economy.

To this end, AES-Sonel in Cameroon (the Cameroon Electricity Company), which was privatized by an American company, has a monopoly on the supply and distribution of electricity. But it is also at the service of its customers, the largest of its customers is ALUCAM, ALUCAM is one of the greatest electricity consumer in Cameroon and a potential AES sonel customer (Group Anglo-Australian RIO TINTO) it consumes about 45% - 50% of electricity production in Cameroon.²With a consumption like this, it is clear that ALUCAM's demands comes before that of the

population of the country. The agreement signed between ALUCAM and AES-sonel in terms of price per kilowatts is relatively low to that offered to the population per household. The population faces a lot of electricity cuts and suspensions, sometimes for days. At first sight, the energy system is not satisfied, at least there should be renewable energy such as solar energy to overcome this problem for the welfare of the population, during the process of my research my interest would be based on suggesting financing solutions necessary for the long-term resolution of this problem .

1.2 The Process of the research

The process of research will analyse the financial investment with a vision of the project « Niches carriers of the secondary sector in Senegal³. In addition, the objective is to study the possibility of integrating solar panels in Cameroon following a plan investment strategy. However, we will establish our assumption to the problem while examining the theories on the topics of our research. For this purpose, the various topics that will be described are as follows: Presentation and aspects of photovoltaic technology in Cameroon and Barriers to financing of photovoltaic panels in Cameroon and the last part will be the Alternatives to the problems financing photovoltaic panels.

1.3 Problematic & Hypothesis

Most often, we can notice that globalization; investment processes and financial management are constantly changing. Fragmented and divided by ethnic conflicts and state politically unstabilty, nevertheless Africa is more than ever a land of economic promise. Nowadays, growth prospects are explained by demographic reasons.

More generally, the African continent has moved from the stage of rural continent to

an urbanize continent. This proves that Africa's demand for energy power today is stupendous. At the same time, the need to mobilize investments for this purpose is required, however, Africa attracts only 2% -3% of foreign direct investment in the world. Cameroon has a good rate of sunshine that is the reason why I think we could promote projects on photovoltaic energy and it has no political investment plan possible on a long-term investment to allow foreign investors in the sector of solar energy.

The issue is to understand and review what first-aid plan we can offer for the investment in Cameroon; then to understand what are the tools necessary in order to optimize a good investment of photovoltaic panels in Cameroon. To this end, we will highlight some elements based on the assumption that Cameroon offers investment incentives based on the direct support of consumer prices for each household in Cameroon.

1.4 Methodologies 1.4.1 Structure

In order to develop this topic, the first step is to identify the problem and to apprehend the theories and hypotheses related to the subject (Chapter 1). In Chapter 2 we will discuss the definition of photovoltaic panels, its uses, different types and economic and environmental aspects. In Chapter 3, we will examine the financing barriers such as: institutional, economical and financial barriers. In Chapter 4 we will focus on Analysis of an investment project of photovoltaic panels in Cameroon.

1.4.2 Approach and perspectives

The main objective of this research is to highlight and to evidence the brakes to finance solar panels in Cameroon as well as long-term viable alternatives. However, the financial theories evolve over time and are consistent with the companies. All Over Africa, in Cameroon particularly regarding the evolution of financial theories The question of demand and supply can be answered by realising large-scale projects. This research on alternatives involve the establishment of a plan using investments to fund the use of photovoltaic panels while reducing the financial cost associated with its use by each household.

2.1 Overview of the sector

The world today suffers a global energy crisis, affecting both oil producing countries as well as non-oil producers. Yet these countries are developing strategies to cope. In Cameroon, the demand for energy is not satisfactory and the rate of access to conventional energy is very low in the order of 15% for electricity and 18% for domestic gas. In addition, access to electricity is less than 5% in rural areas against 50% in urban areas. After an analysis of the World Bank, the investment in electricity for developing countries will be about $ 185 billion per year over the period 2011-2020.However, in the context of diversification of sources of energies, Cameroon among others interested in an energy of solar origin characterized by its availability and inexpensive cost. In fact Cameroon is located in the Gulf of Guinea. It covers an area of 475,442 km2, with an estimated population of 16.3 million and enjoys sunshine estimated 4kwh/j/m2.

In Cameroon, the energetic problem exists because of the lack of domestic production and AES-Sonel source cuts (load shedding) are permanent daily. The electric sector in Cameroon is ambiguous.

Electricity sector in Cameroon has faced Challenges such as: - Increased electrification in all areas both rural and urban:

? Reduction cost of household consumption through the funding support of the state

Nevertheless, solar energy is an option to solve the challenges of the Government in terms of urban and rural electrification.

2.2 Definition of photovoltaic panel

A solar cell (also called a photovoltaic cell) refers to an electrical device that converts the energy of light directly into electricity by the photovoltaic effect. It is a form of photoelectric cell (in that its electrical characteristics-- e.g. current, voltage, or resistance--varies when light is incident upon it) which, when exposed to light, can generate and support an electric current without being attached to any external voltage source. (Figure 2)

2.3 Concepts and method of use of a photovoltaic panels 2.3.1 The Concepts of photovoltaic panels

We will now try to understand how the electricity is generated from the light, and how that electricity is produced.

Everyone knows that: «Nothing is lost, nothing lives without transformation, and everything is transformed»⁴. The function of a solar cell is to convert light energy into electricity. All transformers are therefore photo generating energies which, when exposed to light, produce electrical energy.

Photovoltaic cells are manufactured as electronic chips, the transistors from semiconductor materials. Nevertheless, the materials have electrical conduction properties intermediate between those of metals and insulators and in particular they are the property of converting light into electrical load they receive⁵. Here is a diagram explaining the operation of a solar cell. (Figure 3)

When light enters a semiconductor, its photons provide an energy allowing electrons to break free and to move into the light, as a result there is electric current under light exposure.

4 A.LABOURET, P.CUMUNEL, J-P BRAUN, B.FARAGGI «LES BASES DE L'ENERGIE PHOTOVOLTAIQUES» p.34.

5 EMMANUEL RIOLET `'L'ENERGIE SOLAIRE ET PHOTOVOLATAIQUE POUR LE PARTICULIER `'p.10.

It is utmost important to reflect on the good use of solar energy, by specifying what is possible and what is not yet possible. The main advantage of the solar panel is the ability to provide a range of operating a device necessitating a source of independent power.

The electrical equipment are fully autonomous but can be moderated and placed outside or can be powered by panels exposed to the outside⁶, the different types are:

? Lighting and home-entertainment system using a DC with a solar module and battery.

? Houses and isolated using a telecommunication system has DC with several solar modules and a string of batteries

2.4 Regulatory and institutional aspects

The first point to underline is the fact that no structure is put in place to regulate the solar energy, nonetheless an institutional oriented state policy and budgetary especially on the area of renewable energy such as wind turbine, thermal, hydrological, and solar is not developed. However, the nomenclature of the member states of the community thus results mainly in the classification by purpose, function and classification of expenses by nature, divided into titles.

8 J-Lapôtre & P.P Louviez `'ENERGIES RENOUVELABLES : LE PHOTOVOLTAIQUE ET L'EOLIEN `'P.26.

Categories are included in this tax extraction of minerals, fossil fuels and other nonrenewable resources deposits belonging to private or other public administrations and other taxes on goods and services.

In Cameroon, solar energy will be accessible to many families wishing to fight against power cuts. However, the cost remains high.

In rural or undeveloped areas electricity remains a luxury; the development of solar energy is a crucial means to improve the living conditions of the inhabitants. However, the rate of sunshine in Cameroon is favourable because it rises approximately to 4kwh/j/m2.

For this purpose, it is possible to return on investment in less than 10 years on solar photovoltaic.

2.5 Environmental aspects

Environmental factors take into account the duration of daily sunlight and annual local temperature. However, Cameroon enjoys a large sunshine rate enough to allow the installation of photovoltaic panels. For this purpose on a scale of 1 to 6, the rate of sunshine in Cameroon is at level 5.

In addition, the photovoltaic panel produces no waste like most renewable or conventional energies. It is therefore beneficial for a period of around thirty years. Then recycling is possible at the end of life after restoration silicon cells, which will allow to create other new panels. The ecological advantages it presents are as follows, after manufacture the products does not relieve pollution, it is silent and does not affect the environmental weather, in terms of installation it does not require an enormous space⁸. Furthermore, it is important to note that this is an important energy for my country because our ecosystem depends on human activity. However, the current global warming is due to the release into the atmosphere of greenhouse gas emissions⁹, the use of photovoltaic panels in Cameroon will avoid in the near future

In accordance with our environment, a solar installation for a household in Cameroon possessing a television needs a list of specific materials as listed below¹⁰:

Figure.4: shows the solar system in a household with a television. However, this facility represents a cost that we will study in economics and commercial aspects.

2.6 Economical and Commercial aspects

The use of electricity is essential to facilitate the daily lives of each household in Cameroon. Despite the law, which guarantees every citizen's access to electricity more than half households are excluded. To this end, less than 60% of the population does not benefit from electricity.

Although rural electrification agencies were created, connection rates in rural areas is less than 5%. According to a recent survey AES-Sonel operator satisfies less than 25% of users and the electricity cost is high. The connection cost is excessive and inaccessible to the vast majority of consumers causing benefits unpopularity to AES-Sonel manifested by most consumers who complained in the courts.

Figure 5 shows an overview of the evolution of the demand and supply of electrical energy between the years 2007 to 2012 in Cameroon. As demonstrated on the figure

below Cameroon went through an energy crisis which explains the shortage of supply. Growth in electricity demand is estimated at 8% per annual. Access to electricity oscillates at 6.6% in rural areas, the state wants to raise this to 30% in 2020.

Despite its vast hydroelectric potential (second in Africa after the Democratic Republic of Congo) power installed and operated in Cameroon is estimated at 1060 megawatts only essentially divided between hydroelectric and thermal sources, which form the grid.

Observed under-utilization of the installed capacity. In reality, the amount of energy actually delivered is extremely low because of the enormous technical failures of transmission and distribution of electricity; this malfunction is between 30 and 40% of producible.

The production of electrical energy is based on the theory of marginal cost and is the actual cost of sales kW, which is the cost of reference in the sector of electric power. Globally, this marginal cost depends on the source of energy production and is a function of two variables:

? The cost of producing power in a Basic Plan ? Technical loss in transmission lines

Moreover, it is important to know that whatever technical loss plays the role of regulating the electricity tariff. It must be said that the rates applied to users incorporate both production costs of transmission and distribution cost of transport losses. Consumer's electricity Bills increase due to distribution charge, inflation and an inexorable purchasing power impose by the producers.

Figure 6 represents the array of price ranges per monthly consumption in kilowatt. We notice an increase of 7% for domestic consumption and 8.5% for non-domestic consumption. To this end, we note that the price of electricity increases significantly each year. Today it stands to 77.7 FCFA = 0.12 Euro per kilowatt.

Figure 7: The details in the diagram below show the cost of installation of a solar system for a household in Cameroon.

After watching the charging system of Electrical Energy in force in Cameroon, we see that the operator AES-Sonel uses part of the revenues derive from huge cuts of electricity to finance transport operation of thermal power plants. These revenues amounted to 40 million FCFA / year. This money can be used to improve the transport lines and high tension that would stabilize electricity prices and even pull them down. Upon reflection, we find that the price per kilowatt is far too expensive for a household due to unreliable service. It is therefore important that the government makes a considerable effort to diversify the sources of supply.

In addition, the promotion of alternative energies like solar could be an adequate solution because Cameroon has a potential that is elevated to more than 20 times as compared to its hydro electrical potential. Sunshine duration is 2000 hours and an average of 4.5 kWh/m2 /j.

In Cameroon, the supply of solar energy has increased significantly; we can quote the creation of a rural electrification project with major Cameroonian localities to electrify 250 households which will be equivalent to 530 billion FCFA of investment. This project has been provided by the companies Investricity (Irish-owned company) and Hanwha (Korean company law), the two main investors in this project therefore aim to produce 500 Megawatts and will be injected into the national network of electricity production of Cameroon. This project could overcome the problem of energetic deficit suffered by Cameroon.

This project will certainly solve the problem of energetic deficit in Cameroon; because of the high cost of these equipments, it is accessible only to the urban population and inaccessible to the rural population. However, the installation of a solar system is around 1 million FCFA.

In Cameroon, specialized structures in this area are oriented only in the mounting kit solar and their maintenance. We have identified few companies in this sector.

Enterprises / Web sites	Activities
Photovoltaic Cameroon www.cameroon-photovoltaic.info	Kit and Equipment

2EC www.2ec-cm.com	Kit and Equipment

Sun Energy development www.sunergydevelopment.fr	Kit and Equipment

MANGUYSAMA www.manguysama.fr	Kit and Equipment

Following the studied aspects, Cameroon has enough potential to justify the use of solar panels as an alternative energy. Due to its relatively high rate of sunshine, the environment is an advantage favouring the installation of these panels in both the rural and urban areas. Yet, popularization of solar energy is not completely tangible in Cameroon due to the fact that the sector is not liberalized.

Hence it follows the high tax of custom rates, a lack of measures related to the import of the material.

In general, these problems represent obstacles to funding solar panels that we will detail below according to Institutional, financial and political aspects.

3.1 Institutional Barriers

Energy production in Cameroon is characterized by inequality between supply, unstable distribution and growing demand. However, the recovery of the energetic system will increase the electricity production based on the exploitation of alternative energy sources like solar.

The potential solar system of Cameroon is conducive to the implementation of large solar scale infrastructure to improve industrial development and distribution of electricity in every household; it will be an essential factor for the functioning of the Cameroonian economy.

However, we will develop some points, which attest to the poor governance in Cameroon.

3.1.1 Question of corruption

From 2011 to 2013, Cameroon has moved from 134th to 144th corrupt country. Perceived as one of the most corrupt countries in the world, It is placed in front of 143 countries on the index of perceptions of corruption (CPI). Unfortunately in recent years, Cameroon lost points, a sign that show the increasing level of corruption. Currently, the new system of International transparency of Cameroon rounded 26 points out of 100.

The Central African Republic and Congo democratic republic had the same points while Chad and Equatorial Guinea had the lowest points, between 20 and 19/100¹¹. Corruption is an obstacle to finance photovoltaic panels in Cameroon.

3.1.2 Question of Competitiveness

Regarding the competitiveness Cameroon is faced with a high cost of inputs due to lower supply of energy to the domestic need, low densification of the road network and lack of efficient seaport services.

Infrastructure (123th place) and the complexity of financial markets (ranked 125th) are the areas in which the country has the lowest performance. The low competitiveness factors are also explained by the complexity of the business environment (112th). Global competitiveness index is ranked 116th in Cameroon. The appreciation of these indicators confirms the necessity to pursue reforms for improvement of the environment for private sector.

Many governmental barriers push investors to moderate their investments in Cameroon. As part of the extension of solar energy, Cameroon should strengthen its governance and strategic management of the state. We suggest that to this effect

? An improvement should be made in public financial management and revenue mobilization systems in order to increase the investment rate over 18%.

? Improve the environment of the private sector through establishment of technical assistance for the improvement of performance

? Facilitate access to the property so as to improve and manage the issue of urbanization in Cameroon.

3.2 Economical and Financial barriers For this purpose we apprehend one hypothesis:

3.2.1 Question of currency

Cameroon as part of the Franc zone (CFA) was associated with the Euro on 1 January 1999 by a peg. (1 euro = 655.95 FCFA).

The Central Bank of Cameroon, like other countries of the Franc zone, is connected by French treasure following the mechanism of the operational account, which is in principle a technique of collecting currency to ensure its international credibility.

? It deprives the Cameroon economic autonomy of monetary policy and it is an obstacle to the development process in Cameroon.

? Secondly, the fact that the CFA Franc is tied to Euro, shows that it is a very flexible currency, and leads to the devaluation of the CFA Franc, as it significantly slows down exports and imports and hinders competitiveness of the national economy.

For a country like Cameroon, the trade balance deficit undergoes considerable importation and double exportation. It is clear that the project to install solar panels in Cameroon will necessitate the importation of raw material. But the Mechanism of the Franc Zone encourages a form of laziness in economics, leading to a tendency of excess importation and less exportation.

Thus, at this rate, Cameroon is a net importer of consumer goods. In general, we think that a fixed parity of the CFA Franc and a fixed exchange rate will be beneficial for these states , but these are the same countries that fail to develop the industrial sectors, which waive the Small and Medium local firms who faces high costs of importation in terms of currencies CFA Franc (as linked to the Euro) and thus fail to compete with cheap imports produced in weaker currencies (Chinese Yuan) or in countries with strong currency that subsidize their exports (Swiss Franc). We believe that the CFA Franc primarily benefits foreign companies as well as those located in Africa because they repatriate their capital in Europe and enjoy absence of exchange rate risk, while African consumers do not enjoy any advantages in terms of exportations.

According to the data, we can believe that the CFA Franc is an obstacle to the development of the competitiveness of the concurrency and local businesses also to the industrialization of Cameroon.

Studies we have conducted show that the success of a project lies less in its technical execution but depends mostly to its economic or financial profitability. The challenge to restore funding for photovoltaic panels in Cameroon is to develop

models that can generate technologies to consumers at affordable prices without destroying the management model of energetic system in Cameroon. Unfavourable political environment with minimal government support for renewable energy subject renewable energy projects to the private sector in the economy.

To this end, we have realized an economic model aimed at reducing the high costs of displaying Photovoltaic firm in each household while providing quality services according to the international standard.

Previously we were able to enumerate the institutional, economical and financial barriers concerning the financing of photovoltaic panels in Cameroon. Considering the characteristics of Cameroon in the socio-economical, and geographical aspects, we will simulate a project Based on the internal rate of return, which is a tool for investment decision. Our project would be viable only if its internal rate of return is sufficiently higher by considering the specific premium risk to the type of project.

In principle, we must be able to determine the grounds on which the government can intervene in order to realize these types of project with return on investment.

Our project is to install a field of solar panels with a capacity of 1MW. In principle 1MW = 1,000,000 watts per year, however this production will amount to 2000MWH. The initial investment amounts to EUR 3 million or (1.98 Billion FCFA) over a period of 25 years.

To this end we consider that the operating costs consist mainly of caretaking and cleaning. It was estimated that 27 Euros/MWh (17,710 FCFA/MWh) is the load factor of the field that corresponds to the number of hours in the year in which the fieldwork is 2000 hours. These data allow us to determine the efficiency rate of the field is (2000heures / 24 hours * 365 days) = 22.80%

4.2 Recovery Hypothesis

In our first hypothesis we proceed to calculate the weighted average cost of capital which is the average annual rate of return expected by shareholders and creditors, in return for their investment. In general, the WACC is used to measure what the company owes to all those who contributed capital. In our case we are considering a financing structure composed of:

We will consider that WACC takes into account a risk premium for equities as well as risk premium countries of the CEMAC zone and will not take into account the maintenance investments. Considering these data the WACC¹³ is calculated as:

The results obtained on the basis of our hypotheses according to the average price of electricity sold in the CEMAC zone (77.7 FCFA / KWh) yields a rate of return of 10.95%, a net present value (NPV) of negative - 66MFCFA. The IRR (Internal rate of return) is less than the WACC (12.34%), which represents the minimum rate of return an investor would expect from this type of project.

At first glance, this project is not possible because it does not bring enough capital invested. Therefore the amount of FCFA 77.7 does not approve of sufficient profitability compared to the level of profitability that we expect from this type of project.

Following the previous results on sales prices and cost constraints, under these conditions a solar project could not be realized. We are not surprised because we said earlier that production of solar electricity is relatively expensive in Cameroon. According to the solar projects realized in countries like Switzerland or France we can say they have the mechanisms necessary to established positive result for this type of project.

Although the radiation level is high in Cameroon that does not change the deficit that we encounter in our calculations, this is due to the results obtained at the WACC (12.35%). Recently, solar system projects have been launched in France, Switzerland and other European countries despite the fact that they do not possess many natural advantages as Africa. At first, a project equivalent would have been born with a WACC between 11 to 14% in Europe; the surplus efficiency characterized by a minimum number of hours is 500 hours which gives a better Internal rate of return (IRR). In general, this explained by the fact that Cameroon is rated at level 7 according to the country risk classification by the OECD (Organization for Economic Cooperation and Development)¹⁴, while the introduction of a risk premium changes the WACC. As a result, foreign investment clients consider that the risks of investment in Cameroon still remain very elevated.

5.1 General Conclusion:

Depending on the different questions asked and practical cases studied, this research could conclude that solar energy is a real alternative to settle the deficit in electric power in Cameroon.

However, the realization of such a project in Cameroon depends on several aspects namely: institutional, environmental, economical and financial aspects but unfortunately these aspect are characterised by lot of barriers which can hinder the installation of photovoltaic panels in Cameroon. Though a middle-class household

with the moderate income revenue can probably afford for these photovoltaic panels, obstacles such as: corruption, elevated taxation, non-controlled urbanization and pegged currency can be a barrier.

Secondly, we have simulated a case study to evaluate the feasibility of the project based on the level of profitability we expect, such a project with a level of weighted average cost of capital (WACC) is 12%, but it follows the net present value which was negative showing an insufficient level of profitability compared to the expected level of profitability.

Finally, funding for solar panels is a luxury for Cameroon therefore we are not able to afford under such conditions, nevertheless the government should be incentive based on a policy of proactive actions at reducing the cost that would be a solution. At the same, to guarantee a price paid to producers of renewable energy for a given period is a second solution. Also, it can create the mechanisms through which the state finances in cash part of the initial investment, that would be a third solution. Finally, the government can also reduce the rate of taxation imposed on photovoltaic panels producers; it can eventually establish a fixed guarantee rate to encourage solar energy investment¹⁵

'The Sun Rescues Rural Cameroonians from «Incessant Darkness» http://www.ipsnews.net/

An electrical device that converts the energy of light directly into electricity by the photovoltaic effect

Figure 5: Evolution of the demand and supply of electrical energy Source: www.camereco.com

Figure 6: Price ranges per kilowatt of the consumption of a solar equipment Source: www.agencecofin.com

Figure 7: Installation's cost of a solar systemn in a household in Cameroon Source: own representation

Cash flows	Discount factor	Interest rate	Discount cash Flow
Capital	-3'000'000		-3'000'000
Revenu N	550'000	0.909	499950
Revenu N+1	1'100'000	0.8264	909040
Revenu N+2	2'200'000	0.751	1652200
VAN	-66'099
Discount rate	12%
IRR	10.95%