**3. Economic-Financial Feasibility Procedure**

The objective of this procedure is to forecast the eventual profitability of the investment as regards both the project itself and the stakeholders. This will allow those involved to decide whether or not the project is financially viable. The proposed model, which is shown in Figure 11, has the following stages [19,46]: (i) the LCC of the project is studied and the annual sales estimated; (ii) the financing structure of the model is determined; (iii) the forecast income statement, forecast balance and forecast sources and application of funds for the lifespan of the project are defined; (iv) the cost–benefit analysis is obtained, which is done by utilizing the forecast cash-flows of the project, along with the forecast sources and application funds; (v) the most important financial rations of the model are studied, and (vi) a sensitivity analysis is carried out in order to detect possible business risks. The following subsections deal briefly with this.

**Figure 11.** Economic-financial model for gravity-based tidal energy projects.
