You should also look at the X:R ratios, and the %R.
The impedance determines the current under short circuit conditions. The resistance may predominate under load conditions.
With differing impedances (and differing resistances), the sum of the transformer currents can be expected to exceed the load current. (Differing current phase angles).
With differing impedances the transformers will not share the load proportionately. The transformer with the higher impedance will take a lesser share of the load.
You are probably safe, but be aware that when the three existing transformers are 100% loaded, the new transformer will be less than 100% loaded. Taking a holistic view, you have 40 MVA x 3 = 120 MVA and need more capacity. The new transformer may be re-rated to 10.8%Z.
125 MVA x (10.8%/12%) = 112.5 MVA. Your application is on the conservative side of the equation.
The transformer being added is large compared to the existing transformers and the per unit impedance is slightly greater.
Had the situation been reversed and you were to consider adding a smaller transformer of lesser per unit impedance, you could actually reduce the safe capacity of the combination rather than increase the capacity. The smaller transformer could be 100% loaded while the larger transformers were at less than 100% load.
You should be aware that the statement that transformers of equal per unit impedances will share the load in proportion to their respective capacities is based on the assumption that the X:R ratios are equal. This is often the case with the sizes of transformers that are normally called upon to work in parallel.
You are effectively adding 112.5 MVA to an existing 120 MVA of capacity. You are almost doubling your capacity. You should be safe.
If you were going to apply a load in the order of 230MVA to the combination it would be prudent to calculate the current sharing based on the X:R ratios and the actual X and R of the transformers combined with the power factor of the load (which is based on the X and R of the load).
Bill
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"Why not the best?"
Jimmy Carter