This MLP papercraft is the Princess Luna, based on the anime My Little Pony Friendship is Magic, the paper craft was designed by Znegil. The finished model is 127 cm tall, that is 50 inches, or 4 feet 2 inches. It is made out of 70 pages of 300 g/m2 paper, the paper was a little bigger then A3 format.[via Znegil]
Princess Luna, briefly appearing as Nightmare Moon or Night Mare Moon, is a Pegasus unicorn pony, the younger sister of Princess Celestia, and the main antagonist of the first two episodes of My Little Pony Friendship is Magic as Nightmare Moon. Luna is restored back to her former self through the magic of the Elements of Harmony and returns to rule Equestria alongside her older sister.
The word "Luna" means "moon" in Latin. The Friendship is Magic book, which comes with one of the gift sets of the toys, refers to her as Selena, "selene" meaning "moon" in Greek. More specifically, Luna is the Latin name for the Greek moon goddess Selene, who is the daughter of Hyperion and Theia in Greek mythology. In the European French dub, Nightmare Moon is named La Jument Séléniaque, loosely translated as "the mare Selene" or "the Selene Mare". Her title in Twilight's book in Friendship is Magic, part 1, "Mare in the Moon", is a play on the mythic story Man in the Moon.
Princess Luna's appearance has changed in subsequent appearances after Mare in the Moon. Her body is a darker shade of blue, and her mane is partially translucent and it ripples and sparkles like Celestia's. Her old design is still used in the promotional online game Canterlot Castle, and her old mane is partly visible in some of the shots in Luna Eclipsed. Lauren Faust has stated that when Luna is fully grown, she will not look like Nightmare Moon.
A pony based on Luna's design is used in Sweet and Elite. One of the show's layout artists suggested that the tall, slender build may have been used to give the pony a supermodel-like appearance. [Source: wikia]
You can download this paper craft template here: My Little Pony - Princess Luna (127cm Tall) Free Papercraft Download