Feed-in Tariff Calculation Models for sale – biomass, cogen, mini-hydro, wind, solar and ocean thermal energy conversion (OTEC)

May 1st, 2010 Posted in Uncategorized

Feed-in Tariff Calculation Models for sale – biomass, cogen, mini-hydro, wind, solar and ocean thermal energy conversion (OTEC)

A project finance model for calculating feed-in tariff to be paid to renewable energy developers to recover their cost of capital, generation cost and provide for reasonable profit using the DCF IRR method has been prepared for the National Renewable Energy Board (NREB) of the Philippines.

Thus, given the renewable energy (RE) capacity expansion plan (capacity, generation), an estimate on the annual budget to be paid to RE developers could be prepared.

The FiT model calculates the first year tariff and the levelized selling price (tariff), levelized cost of energy and generation (LCOE), and levelized profit, which is similar to the proforma income statement presentation.

The user simply updates an input sheet to enter the case input data and converges the model by pressing a macro that will vary the first year tariff so that the interplay of revenue (FiT) less generation costs (fixed O&M, variable O&M, fuels and lubes, regulatory costs, depreciation, interest on loan) will result in an equity discounted cash flow internal rate of return (equity DCF IRR) equal to the minimum investor returns.

Interested consultants, regulators, project developers may request for demo (protected) excel copies for their appreciation of the inputs, calculation procedures, reports, graphics and summaries, and once they are convinced that it is useful, they may place an order at the ENERGY DATA page of this blog, and remit payment via PayPal for the desired model.

Alternatively, you may place an order via email and I will provide you with my bank details to remit the payment via wire transfer. Once confirmed that my PayPal or local bank account has received payment, I will then email two (2) excel (in xls format) file copies for your file.

Regards,

Marcial Ocampo

Energy Technology Selection and Business Development Consultant

mars_ocampo@yahoo.com

energydataexpert@gmail.com

——— SAMPLE REPORT SHEET

Executive Summary				National Renewable Energy Board
BIOMASS PLANT				Feed-in Tariff (FiT) Calculation Procedure

Investors’ Returns:		NPV-FC		Generation and Sales:
	Equity IRR (% p.a.)	16.00%		Capacity Factor (% of rated)	85.62%
	Payback Period (years)	6.10		Days per year	365
				Hours per day	24
Uses and Sources of Funds During Construction:		000 US$	$ / kW	Gross Generation (MWh/year)	101,254
				Power Plant Own Use (%)	10.000%
Uses of Funds:					10,125
				Net Generation (MWh/year)	91,129
	Initial investment in land (10 PhP/sqm) x (10,000 sqm/ha)	57.45	$4	Transmission Line Loss assumed (%)	3.000%
					2,734
	Freight on Board = FOB USA = $/kW	16,447.26	$1,218	Net Sales (MWh/year)	88,395
	Ocean Freight = FRT = 5% x FOB	822.36
	Insurance = INS = 1% x FOB	164.47		Transmission Line:
	Cargo, Insurance & Freight = CIF = FOB + FRT + INS	17,434.09		Line Voltage	69	kV
	Value Added Tax = VAT = 12% x CIF	2,092.09		Power	13,500	kW
	Customs Duty = (CIF + VAT) x (% Duty) x (1 + % VAT)	0.00		Length	10.000	km
	Duty-Paid Landed Cost = DPLC = CIF + VAT + Duty	19,526.18		Power Factor	0.850	lag
	Local Freight Cost = LFC = 3% x CIF	523.02		No. of Circuit	3
	Delivered Cost at Site = DCS = DPLC + LFC	20,049.21		Transmission Line Loss calculated (%)	0.307%
	Installation Cost = IC = 5% x FOB	822.36		Cost per km:	2,000,000	PhP
	Transmission line cost 69 kV (2,000,000 PhP/km) = T/L	425.53			42,553	$
	Total EPC = DCS + IC + T/L	21,297.10		Capital and O&M Cost Assumptions:
	Contingency (10%) = EPC x 10%	2,129.71		Cost per kW FOB USA ($/kW)	1,218
	Documentary Stamps (1%) = EPC x 1% = DS	212.97		Variable O&M ($/kWh):	0.00520	Year 1
	Total Fixed Assets (EPC + Contingency + DS)	23,639.78	$1,751	Purchase of chemical materials (100%)		203.58	000 US$
				Utilities (fuel, lubes, electricity, water) (150%)		305.37	000 US$
	Capitalized Expenses:			Fixed O&M ($/kW/year)	0.430
	Development costs (developer, modeler)	118.49		Maintenance of the installation (100%)		1,814.06	000 US$
	Other Costs including taxes, contingencies	0.00		Personnel expense (100%)		1,814.06	000 US$
	Carbon Emission Registration & Consultancy	35.00		Land lease, rent (60%)		1,088.44	000 US$
	Initial investment in capitalized expenses	153.49	$11	Taxes, Insurance, services, and others (40%)		725.63	000 US$
				Transport (20%)		362.81	000 US$
	Working Capital:			DSRF Expense		4.71	000 US$
			months	Regulatory Costs:
	Working capital (adjustment to meet DSCR = 1.1)	0.00		Special Privilege Tax – 2%		195.60	000 US$
	Expenses from biomass purchase	1,208.10	2	Special Realty Tax – 2.5%		430.51	000 US$
	Purchase of chemical materials (100%)	33.93	2	DOE 1-94 : 0.01 PhP/kWh sales		18.81	000 US$
	Utilities (fuel, lubes, electricity, water) (150%)	76.34	3	Debt Service Reserve Fund:
	Maintenance of the installation (100%)	453.52	3	Months of debt service	6
	Personnel expense (100%)	453.52	3	DSRF Income -interest on Foreign Currency Deposit	4.0%
	Land lease, rent (60%)	90.70	1	Withholding Tax on Foreign Currency Deposit	7.5%
	Taxes, Insurance, services, and others (40%)	60.47	1	DSRF Expense	0.30%
	Transport (20%)	30.23	1	Taxes and Regulatory Costs:
	Total Working Capital	2,406.81	$178	Special Privilege Tax – 2%	1.00%
				Special Realty Tax – 2.5%	1.50%
	Interest During Construction:			DOE 1-94 : 0.01 PhP/kWh sales	0.01
	Dev’t fees (developer, loan arranger)	131.29		Corporate income tax rate (% of taxable income)	10%
	Front end fees (modeler, loan arranger)	131.29		Income tax holiday (ITH), years	7
	Commitment fees (bank)	131.29		Profit Sharing, % of IAT	0.00%
	Interest During Construction (bank) – 18 months	3,938.63		Social Benefit Fund – Host Community, PhP/month	0
	Total Legal & Financing Fees and IDC	4,332.49	$321	Working Capital Needs:	months
				Cash needed for operations (+)	3.00
	Total Uses of Fund, ’000 US$	30,590.01	$2,266	Customers / Receivables (+)	1.00
				Stocks / Inventory (+)	2.00
				Suppliers / Payables (-)	1.00
Sources of Fund:
				Exchange Rate and Escalation:	0	No Escalation
	% to be financed by capital	9,177.00	30.00%	Exchage Rate, PhP / US$	47.00	0.00%	depreciation
	% to be financed by non refundable subsidy	0.00	0.00%	RP CPI (Local)		5.00%	local escalation
	% to be financed by debt	21,413.01	70.00%	US CPI (Foreign)		2.50%	foreign escalation
	Total Sources of Fund, ’000 US$	30,590.01	100.00%	First Year Tariff (PhP/kWh)	10.4000	0.00%	tariff escalation
				Variable O&M:	weight	0.00%	variable escalation
	Weighted Average Cost of Capital (WACC):	Returns		% Local (30%)	50.00%	5.00%
	Equity	16.00%	30.00%	% Foreign (70%)	50.00%	2.50%
	Subsidy	0.00%	0.00%	Fixed O&M:	weight	0.00%	fixed escalation
	Debt	10.00%	70.00%	% Local (70%)	50.00%	5.00%
	WACC	11.80%		% Foreign (30%)	50.00%	2.50%

	Loan:			Fuel & Lubes Properties:	Btu/lb	kg/L	% fuel blend
	Interest rate of debt, % p.a.	10.00%		Low Sulfur Fuel Oil (LSFO – 1% S) – boiler fuel	18,400	0.9659	0.00%
	Loan term, years	12		Biomass (Solid Waste, Woodwaste, Landfill Gas, Biogas)	4,000		100.00%
	Grace period (construction period), months	18.00		Lube Oil		0.8500	100.00%
				Fuel & Lubes Costs & Escalation:	PhP/L
	Rated Capacity:			Low Sulfur Fuel Oil (LSFO – 1% S) – boiler fuel	27.11	0.00%	diesel escalation
	Unit Capacity (MW/unit)	13.500		Biomass (Solid Waste, Woodwaste, Landfill Gas, Biogas)	2.00	0.00%	bunker escalation
	No. of Units	1		Lube Oil	174.85	0.00%	lube escalation
	Total Gross Installed Capacity (MW)	13.500		Plant Heat Rate and Lube Oil Rate:
	Plant Own Use (MW)	1.350	10.00%	Diesel Engine Heat Rate (Btu/kWh gross)	14,835	23.00%	thermal efficiency
	Net Capacity (MW)	12.150		Lube Oil Consumption Rate (g/kWh)	0.2535	not used


	Name	BIOMASS PLANT			National Renewable Energy Board
		(C) Copyright 2009 by Marcial T. Ocampo (November 2009)			Feed-in Tariff (FiT) Calculation Procedure
		WITH INCENTIVES UNDER RE LAW
	TO ORDER:	http://energytechnologyexpert.com/energy-technology-finance-models/

——— SAMPLE INPUT SHEET

Instructions for Running this Project Finance Model (by Marcial T. Ocampo) – US Dollar Model						Licensed for:	National Renewable Energy Board
Enter the required data starting from the first step to the last step, then converge the model by pressing ctrl + e							press ctrl + e to converge model (DCF IRR)

0)	1	Select DCF IRR (1) or RORB (0)					Blue cells are input fields for updating
	1	Include Carbon Emission Credits (1), no CER (0)	10	years			These cells are case switches
	0	Include Depreciation (1), no depreciation (0)

1)	3	Define the NPV and return IRR to be used (1-3).
	0	NPV-ROI	return on investment (100% equity, 0% debt) – project cost versus cash flow
	0	NPV-ROE	return on equity (say 30% equity, 70% debt) – equity portion of project cost versus cash flow
	1	NPV-FC	return on equity (say 30% equity, 70% debt) – equity portion of project cost versus dividends flow (free cash) – default

	47.00	Exchage Rate, PhP / US$
2)	5.00%	RP CPI (Local)	Philippine escalation rate, % p.a.
	2.50%	US CPI (Foreign)	US escalation rate, % p.a.

3)	2010	Define the end of construction period (year 0).	It assumes everything has been constructed and finished at the end of this year (0) and will operate on following year (1).

4)		Rated Capacity and Losses	Unit Capacity	No. of Units
	13.500	Rated Capacity (RC), MW	13.500	1		88695	MWh	13.5	MW
	10.00%	Power Plant Own Use				0.75	6570
	3.00%	Transmission Line Losses (10 km line)	Select red cells below for T/L losses

		Transmission Line Losses
		Line Voltage	69	kV		km	1.609
		Power	13,500	kW		mile	1
		Length	10.00	km		feet	5280
		Power Factor	0.85	lag
		Total Line Current	132.894	A		resistivity of Al	20	17.002	ohm-cmil/ft
		Line Current/Circuit	44.298	A			25	17.345	ohm-cmil/ft
		No. of Circuit	3

		Transmission Line							Cost of T/L	Cost of T/L	With 50%
	Used	Conductor Type	Ampacity	Resistance (ohms/mile)			Loss (3-phase)*		$ / km	PhP / km	allowance
		ACSR (MCM)	A	25 deg.C	50 deg.C	90 deg.C	kW	%
	0	336	530	0.278	0.306	0.351	99.68	0.738%	$25,532	1,200,000	1.11%
	0	795	900	0.119	0.138	0.168	47.71	0.353%	$29,787	1,400,000	0.53%
		AAC (MCM)	A	20 deg.C	25 deg.C	90 deg.C	kW
	0	336	495	0.267	0.273	0.343	97.36	0.721%	$34,043	1,600,000	1.08%
	1	789	855	0.114	0.116	0.146	41.46	0.307%	$42,553	2,000,000	0.46%
		USED						0.307%	$42,553	2,000,000	0.46%

5)		Capacity Factor (365 days, 5 year cycle)		1	2	3	4	5	Average
	42	Planned Overhaul, days (6 wks)						42
	14	Regular Maintenance, days (2 wks)		14	14	14	14
	0.10%	Economic S/D, % of CD		0.365	0.365	0.365	0.365	0.365
	0.50%	Deactivated S/D – External, % of CD		1.825	1.825	1.825	1.825	1.825
	8.00%	Forced Outage – Internal, % of CD		29.2	29.2	29.2	29.2	29.2
	98.16%	Load Factor, % of DC		45.39	45.39	45.39	45.39	73.39	50.99	vary load factor to hit 75%
	85.62%	Capacity Factor, % of RC		319.61	319.61	319.61	319.61	291.61	314.01
		CD = Calendar Days (365 days per year)		88.78%	88.78%	88.78%	88.78%	81.00%	87.23%
		RC = Rated Capacity, MW		98.16%	98.16%	98.16%	98.16%	98.16%	98.16%
		DC = Dependable Capacity, MW (after degradation)		87.15%	87.15%	87.15%	87.15%	79.51%	85.62%

6)		Define overhaul cycle and capacity degradation
	0.50%	Normal, % p.a.	normal degradation rate
	-2.00%	Overhaul, % p.a.	degradation recovered after overhaul
	5	Overhaul Cycle, yr	overhaul cycle
	80.00%	Recovery, %	fraction of normal degradation recovered during overhaul

7)		Define overhaul cycle and heat rate degradation
	0.50%	Normal, % p.a.	normal degradation rate
	-2.00%	Overhaul, % p.a.	degradation recovered after overhaul
	5	Overhaul Cycle, yr	overhaul cycle
	80.00%	Recovery, %	fraction of normal degradation recovered during overhaul

8)	3	Plant Heat Rate (enter type of engine, 1-3)	1=CCGT	2=Diesel	3=Thermal
GT		Gas Turbine Output (1 / 3)	33.33%	40.00%
ST		Steam Turbine Input (2 / 3)	66.67%
BE		Boiler Efficiency at 1% cont. BD	85.00%		73.60%	vary this entry to hit 23%
STE		Steam Turbine Efficiency	40.00%		35.00%
ME		Mechanical Drive / Clutch Efficiency	99.00%	97.00%	95.00%
GE		Generator Efficiency	98.00%	96.00%	94.00%
OE	23.00%	Overall Efficiency=(GT+STBESTE)MEGE	54.33%	37.25%	23.00%
		Plant Heat Rate at 100% eff. (3600 / 1.05506), Btu/kWh	3412.12822
PHR		Plant Heat Rate, Btu / kWh = 3412/ OE	6,280	9,160	14,835
			0	0	1


9)		Define fuel properties	GHV, Btu/lb	NHV, Btu/lb	GHV / NHV	kg / Liter	Btu/liter	Reference	$/MMBtu	PhP / liter 2009
	0.00%	Natural Gas (Malampaya Gas) – main fuel	22,129	20,249	1.093	2009	$GJ	8.628	9.10	405.52	PhP/GJ
	0.00%	Diesel Oil – backup fuel (gas pipeline downtime)	19,650	18,453	1.065	0.8448	36,597	46.44	20.35	35.00	PhP/liter
	0.00%	Low Sulfur Fuel Oil (LSFO – 1% S) – boiler fuel	18,400	17,449	1.055	0.9659	39,181	35.97	14.72	27.11	PhP/liter
	0.00%	Bunker Fuel Oil (BFO – 3% S) – boiler fuel	19,670	18,565	1.060	0.8916	38,664	34.84	14.45	26.26	PhP/liter
	0.00%	Coal (Lignite, Bituminous, Anthracite) – thermal	10,000	9,475	1.055			$85.00	3.86	4.00	PhP/kg
	100.00%	Biomass (Solid Waste, Woodwaste, Landfill Gas, Biogas)	4,000	3,463	1.155			7.38%	4.83	2.00	PhP/kg
		Lube Oil				0.8500		232.00		174.85	PhP/liter
			3600	kJ/kWh		2.2046	lb/kg		1.05506	kJ/Btu
						1000	kg/MT
10)		Lube Oil Consumption
	0.50%	Normal, % p.a.	normal degradation rate
	-2.00%	Overhaul, % p.a.	degradation recovered after overhaul
	5	Overhaul Cycle, yr	overhaul cycle
	80.00%	Recovery, %	fraction of normal degradation recovered during overhaul
	0.254	Ideal Lube Oil Consumption, g/kWh

11)	0	Escalate fuel, lubes, tariff and O&M costs? (1=yes, 0=no)	Used
	3.00%	Natural Gas (Malampaya Gas) – main fuel	0.00%
	3.50%	Diesel Oil – backup fuel (gas pipeline downtime)	0.00%
	2.50%	Low Sulfur Fuel Oil (LSFO – 1% S) – boiler fuel	0.00%	biomass price is tied-up to LSFO price
	2.00%	Bunker Fuel Oil (BFO – 3% S) – boiler fuel	0.00%
	2.00%	Coal (Lignite, Bituminous, Anthracite) – thermal	0.00%
	2.50%	Biomass (Solid Waste, Woodwaste, Landfill Gas, Biogas)	0.00%
	5.00%	Lube Oil	0.00%


12)	% p.a.	Escalation rates for tariff and O&M costs	Used	Foreign (US)	US CPI	Local (RP)	RP CPI
	3.75%	Purchase of chemical materials (100%)	0.00%	50.00%	2.50%	50.00%	5.00%	variable O&M
	3.75%	Utilities (fuel, lubes, electricity, water) (150%)	0.00%	50.00%	2.50%	50.00%	5.00%	variable O&M
	3.75%	Maintenance of the installation (100%)	0.00%	50.00%	2.50%	50.00%	5.00%	fixed O&M
	3.75%	Personnel expense (100%)	0.00%	50.00%	2.50%	50.00%	5.00%	fixed O&M
	3.75%	Land lease, rent (60%)	0.00%	50.00%	2.50%	50.00%	5.00%	fixed O&M
	3.75%	Taxes, Insurance, services, and others (40%)	0.00%	50.00%	2.50%	50.00%	5.00%	fixed O&M
	3.75%	Transport (20%)	0.00%	50.00%	2.50%	50.00%	5.00%	fixed O&M

13)		Define electricity sales & revenues	Factor	Adjustment
	70.00%	Electricity sales to DU, MWh	1.000	0.00%	discount price to direct customers (e.g. -10%)
	20.00%	Electricity sales to NPC, MWh	1.000	0.00%	reference price to national grid (e.g. 0%)
	10.00%	Electricity sales to WESM, MWh	1.000	0.00%	wholesale spot market price (e.g. +15%)
	100.00%	Total must add to 100%

	000 US$	Byproduct Sales	PhP/year	Escalation
	0	Initial amount of sales of by-products, ’000 US$	0	0.00%
	0	Other operating income from the plant, ’000 US$	0	0.00%
						for cogen only		for biomass
14)	months	Define working capital for initial project cost (months)	000 $/year	Working Capital		PSMA		Paul Breeze
	2	Expenses from biomass purchase	7,249	1,208
	2	Purchase of chemical materials (100%)	204	34	variable O&M	0.700	PhP/kWh	0.00520	$/kWh
	3	Utilities (fuel, lubes, electricity, water) (150%)	305	76
	3	Maintenance of the installation (100%)	1,814	454	fixed O&M	0.846	PhP/kWh	0.4300	$/kW/year
	3	Personnel expense (100%)	1,814	454
	1	Land lease, rent (60%)	1,088	91		land lease from NorthWind
	1	Taxes, Insurance, services, and others (40%)	726	60	ha	PhP	PhP/yr	$/yr
	1	Transport (20%)	363	30	100	7,500	750,000	15,957
		Total working capital	13,563	2,407

15)		Total Regulatory Expenses
	1.00%	Special Privilege Tax – 2%	of Electricity Revenue
	1.50%	Special Realty Tax – 2.5%	of Depreciated Project Cost
	0.01	DOE 1-94 : 0.01 PhP/kWh sales	PhP/kWh sales

16)		Define corporate income tax rate and income tax holiday
	10%	Corporate income tax rate (% of taxable income)
	7	Income tax holiday (ITH), years

17)		Expenses not eligible for income tax deduction			sample data
	0.00%	Profit Sharing, % of IAT	of income after tax		5.00%	not used
	0	Social Benefit Fund – Host Community, PhP/month	per month		10,000	not used

18)		Calculation of Working Capital Needs (WCN)
	3.00	Cash needed for operations (+)	months of expenses
	1.00	Customers / Receivables (+)	months of revenue
	2.00	Stocks / Inventory (+)	months of fuel & chemicals
	1.00	Suppliers / Payables (-)	months of payables

19)	47.00	Estimate all-in capital cost						check variance	PhP/sqm	sqm/ha
	$4	Initial investment in land (10 PhP/sqm) x (10,000 sqm/ha)	$2,128	27	ha	57		-	10	10000
		Freight on Board = FOB USA = $/kW	$1,218	13.500	MW	16,447		-
		Ocean Freight = FRT = 5% x FOB	5%			822		-
		Insurance = INS = 1% x FOB	1%			164		-
		Cargo, Insurance & Freight = CIF = FOB + FRT + INS				17,434		-
		Value Added Tax = VAT = 12% x CIF	12%			2,092		-
		Customs Duty = (CIF + VAT) x (% Duty) x (1 + % VAT)	0%			0		-
		Duty-Paid Landed Cost = DPLC = CIF + VAT + Duty				19,526		-
		Local Freight Cost = LFC = 3% x CIF	3%			523		-
		Delivered Cost at Site = DCS = DPLC + LFC				20,049		-
		Installation Cost = IC = 5% x FOB	5%			822		-
		Transmission line cost 69 kV (2,000,000 PhP/km) = T/L	$42,553	10.0		425.53		-
		Total EPC = DCS + IC + T/L				21,297.10		-
		Contingency (10%) = EPC x 10%	10%			2,130		-
		Documentary Stamps (1%) = EPC x 1% = DS	1%			213		-
	$1,751	Total Fixed Assets (EPC + Contingency + DS)				23,640		-
		Depreciation term (years)	salvage value	10.00%	1,418	15	23,697	-
		Development costs (developer, modeler)		0.50%		118		-
		Other Costs including taxes, contingencies		0.00%		-		-
		Carbon Emission Registration & Consultancy				35		-
	$11	Initial investment in capitalized expenses				2,560	153	-
		Amortization term (years)	salvage value	10.00%	154	15		-
		Working Capital:						-
	0.513	Working capital (adjustments for DSCR = 1.1)	1.100	1.613		-		-
		Expenses from biomass purchase	2			1,208		-
		Purchase of chemical materials (100%)	2			34		-
		Utilities (fuel, lubes, electricity, water) (150%)	3			76		-
		Maintenance of the installation (100%)	3			454		-
		Personnel expense (100%)	3			454		-
		Land lease, rent (60%)	1			91		-
		Taxes, Insurance, services, and others (40%)	1			60		-
	$178	Transport (20%)	1		2,407	30	26,258	-
		Interest During Construction:						-
		Dev’t fees (developer, loan arranger)		0.50%		131		-
		Front end fees (modeler, loan arranger)		0.50%		131		-
	$321	Commitment fees (bank)		0.50%		131		-
		Interest During Construction (bank) – 36 months	18	10.00%		3,939	4,332	-
		Amortization term (years)	salvage value	10.00%	260	15		-
	$2,266	Total Investment (land, fixed, capitalized expenses, working capital)			30,628	30,590	-38	-
					target cost		variance
20)		Taxes, Insurances, Benefits & Regulatory Costs	based on 47.00 PhP/US$
		Real Property Tax – Land	1.60%	of land		NOTE: Differentiate between one time, cyclic (every 2 or 5 years) and recurring (annual)
		Real Property Tax – PPE	1.60%	of fixed assets		and vary the formula in the Main worksheet accordingly.
		Real Property Tax – Buildings	0.80%	of building		For simplicity in this model, they are assumed to be annual fees to be conservative.
		Land Lease & ROW	0.00	US$/MT coal
		Property Insurance – PPE	0.78%	of fixed assets
		Property Insurance – Building	0.78%	of building
		Business Interruption Insurance	0.56%	of previous year’s revenue
	of Capital	Special Education Fund – benefits to host community	1.00%	of land
	0.277%	SEC Registration & Fees	84.73	Securities & Exchange Commission (certificate of registration)
		BIR Registration & Fees	11.28	Bureau of Internal Revenue (registration of TIN, VAT)
	0.007%	DENR Permits & Fees	2.14	Department of Environment & Natural Resources (EIS, ECC)
		Discharge Fee (BOD, TSS) – DENR	0.00	water pollution discharge permit (4 wastes at 600 each)
	0.028%	EMB Permits & Fees	8.57	Environment Management Bureau (air quality)
		NWRB Permits & Fees	370.56	National Water Resources Board (water use permit)
		PNRI Permits & Fees	125.53	Philippine Nuclear Research Institute (radioactive material license)
		ERC Registration & Fess	31.91	Energy Regulatory Commission (certificate of compliance, authority to operate)
	0.015%	DOLE Permits & Fees	4.59	Department of Labor & Employment (permit to operate pressurized vessels)
		DTI Permits & Fees	0.00	Department of Trade & Industry (registration of business name, with SEC now for corporation)
	0.142%	LGU Registration & Fees	43.44	Local government units (barangay, municipal, provincial, regional)
	0.002%	NTC Registration & Fees	0.61	National Telecommunication Commission (radio station permit)
		BOC Registration & Fees	106.38	Bureau of Customs (accreditation and registration)
		PPA Registration & Fees	21.28	Philippine Port Authority (permit to operate shore line facilities)
		ATO Registration & Fees	277.66	Air Transportation Office (height clearance permit for smoke stack)
		PDEA Registration & Fees	63.83	Philippine Drug Enforcement Agency (essential chemicals commodity permit)
		BOI Registration & Fees	95.74	Board of Investment (certificate of registration)
		DOE Permits & Fees	17.02	Department of Energy (authority to import, certificate of registration)
		Local Business Taxes (1/2 of 1% of GR)	0.00%	of gross revenue
		National Franchise Taxes (1/2 of 1% of GR)	0.00%	of gross revenue
		Total Taxes, Insurances, Benefits & Regulatory Costs

21)		Cost of debt (loan interest)
	8.00%	Reference interest rate (Libor or other), % p.a.	12	Loan term, years
	2.00%	Spread, % p.a.	18.00	Grace period (construction period), months
	10.00%	Interest rate of debt, % p.a.	0	Loan amortization method (1 = constant principal repayment, 0 = declining balance method)

22)		Capital Structure (equity & debt)
	16.00%	% to be financed by capital	30.00%	Equity IRR
	0.00%	% to be financed by non refundable subsidy	0.00%	Subsidy
	10.00%	% to be financed by debt	70.00%	Debt Interest
		Initial amount of capital	11.80%	WACC

23)		Debt Service Reserve Fund
	6	Months of debt service
	4.00%	DSRF Income -interest on Foreign Currency Deposit
	7.50%	Withholding Tax on Foreign Currency Deposit
	0.30%	DSRF Expense – withholding tax

24)		Equity Structure (shareholder contribution)
	planned	Annual dividend payable	actual
	60.00%	Investor 1
	20.00%	Investor 2
	20.00%	Investor 3

25)		Your done. Now converge the model by pressing ctrl + e

26)		Print the reports as required


	Name	BIOMASS PLANT				National Renewable Energy Board
		(C) Copyright 2009 by Marcial T. Ocampo (November 2009)				Feed-in Tariff (FiT) Calculation Procedure
		WITH INCENTIVES UNDER RE LAW
	TO ORDER:	http://energytechnologyexpert.com/energy-technology-finance-models/

———

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