Market Value Added

Dear all,

I am confused with the discount rate to be used in Market Value Added Calculation
We have NPV = MVA = Sum (EP/(1+WACC)^t)
As I understand that EP for period t = NOPATt - $WACCt

Since EP has considered the WACC cost (both borrowing cost and equity cost). WHy we have to discount with WACC

Anyone help me?