Ah hah. I see what you did there. Still would have thought DCF is abstract or neutral about when the actual project will take place - ie, the spreadsheet goes from Year 0 to Year 25 (irrespective of whether we start this year or next year.) Think of it this way: When you bump the project out by a year or two all the cash flows are discounted including the big capital outflows up front.
My pedantic tone was not directed at you as you clearly understand DCF, etc. More so, to encourage a bit more Google Uni for some folks who when presented with a NPV say things like: 'Yeah, but what about the capital and the interest on the loans?'
Why Far is Undervalued., page-76
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