When the Project Rights are of particular interest, all Capex entities can be excluded from the Asset Purchase Price (included in Asset Purchase Price = no). The Asset Purchase Price corresponds only to the Residual Capex respective to the Project Rights in this case. With assumed Project Rights of for example EUR 2'000'000, an Asset Purchase Price of EUR 2'000'000 can be entered to see the effects to the returns with these Project Rights.
The Asset Purchase Price equals the Project Rights, because all Capex entities are excluded from the Asset Purchase Price:
Except the Project Rights (Residual) all other Capex entities are excluded from the Asset Purchase Price:
With the help of a Scenario, the effects of different Project Rights to the return can be observed. With Project Rights of EUR 2'000'000, the Equity IRR is 7.6%, the Payout IRR 4.8% and the Project IRR 4.7% in this example. With Project Rights of EUR 1'400'000 the Equity IRR rises to 8.5%, the Payout IRR to 5.2% and the Project IRR to 5.2%: