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Ocean Thermal Energy Conversion (OTEC) Model – avail of 50% discount now

August 4th, 2011 Posted in Uncategorized

Ocean Thermal Energy Conversion (OTEC) Model- avail of 50% discount now

As promised in my previous blog, I will now deal with the cost of renewable energy technologies (feed-in-tariff). I will be making a special offer for the purchase of the following RE technologies:

1) Biomass Power Model (Direct Combustion, Cogeneration, Gasification of MSW)

2) Mini-Hydro Power Model

3) Ocean Thermal Energy Conversion (OTEC) Model

4) Solar PV Power Model

5) Wind Power Model

6) Renewable Energy Resource Assessment Model (Wind, Solar PV, Mini-Hydro) – Converts wind speed measurement, solar radiation and rainfall data into hourly power output, annual power generation and annual capacity factor)

The Ocean Thermal Energy Conversion (OTEC) Model is a project finance model for calculating the feed-in-tariff to be paid to all biomass energy developers and generators. It will be paid by the TRANSCO operator now NGCP (National Grid Corporation of the Philippines) who in turn collects the entire amount from all end-users and private generators of electricity in the country.

The Renewable Charge (RC) is like the Universal Levy that is calculated by dividing the total renewable energy payment to developers and generators by the total electricity sales in the country, thus spreading the burden uniformly thru all citizens, including all tax payers and non-tax payers and foreigners who are using electricity in the country.

Because of its universal application, the burden is small and equally shared by all citizens and foreigners alike, making a modest contribution to promoting renewable energy use, sustainable development by using inexhaustible renewable energy to conserve and prolong the lifetimes of fossil fuels (oil, coal, natural gas, LNG).

My model for feed-in-tariff (FiT) calculation has input and assumptions and result summary sheet that is easy to understand. It also has other worksheets for construction period and operating period calculations of capital cost, generation, revenues and operating costs. Standard financial reports are then prepared for income statement, balance sheet, cash flow statement and calculation of equity IRR and project IRR.

The special price of the Ocean Thermal FIT Model is US$1,200 with sample data and simple instructions.

To purchase, you may send payment thru PayPal by clicking the DONATE button in this blog found at the lower right hand side, or confirm your order via email and I will email back to you my bank account where you can remit payment via bank/wire transfer.

The control panel of the model is shown below:

———– price at 50% discount – US$600

 

 

Project Site Name & Location

Zambales

Renewable Energy Source

Ocean Thermal

Hours per Year

8760

   
Timing  
  Construction Period (from FC) (months)

12

  Operating Period (Yrs from COD)

20

  Yrs from base year CPI & Forex (2009) for FIT

3

  Yrs from base year CPI (2011) for CAPEX

1

  Yrs from base year CPI (2011) for OPEX

2

   
Construction Sources and Uses of Funds, $000  
  Uses of Fund:  
    EPC (Equipment, Balance of Plant, Transport, Access Roads)

$180,687

    Transmission Line Interconnection Facility

$875

    Sub-Station Facility

$1,941

    Development & Other Costs

$4,189

    Construction Contingency

$14,216

    Value Added Tax

$17,687

    Financing Costs

$11,119

    Initial Working Capital

$1,835

  Total Uses of Fund

$232,548

   
  Sources of Fund:  
    Debt

$162,784

    Equity

$69,765

  Total Sources of Fund

$232,548

   
  Construction Unit Costs (US$/kW):  
    EPC Cost

$11,293

    Plant Cost (Excluding VAT, Financing, Working Capital)

$12,619

    All-in Project Cost

$14,534

   
   
Model Check:  
Balance Sheet

OK

Foreign Debt Amorization

OK

Local Debt Amortization

OK

Depreciation

OK

Sources and Uses of Funds

OK

Debt-to-Equity Ratio

OK

   
Base Years  
  Base year CPI & Forex for FiT

2009

  Base year CPI for CAPEX

2011

  Base year CPI for OPEX

2011

   
Commercial Operating Date

2012

   

 

 

 

 

Technical and EPC Assumptions    
Unit Capacity of Plant (MW/unit)

16.000

 
No. of Units (unit)

1.0

 
Gross Installed Capacity (MW)

16.00

 
     
Plant Availability Factor, %

96.90%

 
Guaranteed Efficiency Factor, %

95.00%

 
Allowance for losses & own use, %

36.00%

 
Net Capacity Factor after losses & own use, %

58.91%

 
Net Electrical Output (MWh in 1st Year)

82,574

 
Plant Degration, % p.a. (1-20 Yrs)

0.20%

 
   

% LC

Equipment Cost ex BOP, Transport ($000/MW)

$7,819.00

0.0%

Insurance, Ocean Freight, Local Transport

10.0%

100.0%

Balance of Plant (BOP), % of Equipment Cost

31.0%

66.0%

Transmission Line Distance (km)

10.00

 
T/L Cost per km, 69 kV ($000/km)

$84.09

100.0%

Switchyard & Transformers ($000)

$1,866.67

100.0%

Access Roads ($000/km)

$50.00

100.0%

Distance of Access Road (km)

10.00

 
Dev’t & Other Costs (land, permits, etc) (% of EPC)

2.0%

100.0%

VAT on importation (70% recoverable)

12%

100.0%

Initial Working Capital (% of EPC)

1.00%

100.0%

Contingency (% of Total Cost)

7.5%

75.0%

     
Operating Assumptions  

Equitty IRR

  Feed-in-Tariff (PhP/kWh)

17.65

15.3%

  Duration of FiT (Yrs)

20

Project IRR

  Tariff post FiT period (PhP/kWh)

7.00

12.9%

  FiT using Asset Base Methodology (PhP/kWh)

18.97

 
  Annual CER Volume (tCO2e/year) and $/tCO2e                -  

$5.00

     
  O&M Cost ($000/unit/year)

$53.33

 
  Spare Parts, Tools & Equipment ($000/MW/yr)

$13.33

 
  O&M + Spares as % of EPC, T/L, S/S

3.52%

 
  Refurbishment Cost (% of EPC)

0%

 
  Timing of Refurbishment (Year from COD)

0

 
  G&A ($000/year)

$600

 
  Fuel Cost (switch for Biomass: 1=yes, 0=no)

0

 
    Average Fuel Cost (PhP/mt)                -    
    Fuel Rate (kWh/mt)                -    
    Average Fuel Consumption (mt/year)                  -  
    Average Unit Cost of Fuel (PhP/kWh)               -     
     
  Days Receivable & Payable

30

30

  VAT Recovery

70%

 
  Timing of VAT recovery (Yrs after COD)

5

 
     

 

 

 

Debt and Equity Assumptions  
Local/Foreign Capital Mix:  
  Local Capital

34.3%

  Foreign Capital

65.7%

   
Debt:  
  Local & Foreign Upfront & Financing Fees

2.00%

  Local & Foreign Commitment Fees

0.50%

  Local All-in Interest Rate excluding tax

10.00%

  Local Debt Payment Period (from end of GP) (Yrs)

10

  Foreign All-in Interest Rate excluding tax

8.00%

  Foreign Debt Payment Period (from end of GP) (Yrs)

10

  Local and Foreign Grace Period from COD (months)

6

  Local and Foreign debt Service Reserve (months)

6

  Debt Ratio

70%

  Total Local Debt ($000) – 30%

$9,946

  Total Foreign Debt ($000) – 70%

$152,838

    Total Debt Amount ($000)

$162,784

   
Equity:  
  Equity Ratio

30%

  Equit Investment

$69,765

  Cost of Equity (Onshore Equity IRR) – Nominal

15.3%

  Cost of Equity (Onshore Equity IRR) – Real

10.8%

   
WACC pre-tax

10.8%

WACC after-tax

9.7%

   
Tax Assumptions  
  Income Tax Holiday (Yrs)

7

  Income Tax Rate % (after ITH)

10%

  Property tax (from COD)

1.5%

  Property tax valuation rate (% of NBV)

80%

  Local Business Tax

1.0%

  Government Share (from COD)

0.0%

  ER 1-94 Contribution (PhP/kWh)

0.01

  Withholding Tax on Interest (Foreign Currency) – WHT

10%

  Gross Receipts Tax on Interest (Local Currency) – GRT

5%

   
Economic Assumptions  
  Base Foreign Exchange Rate (PhP/US$) – 2009

47.8125

  Forward Fixed Exchange Rate (2011)

44.0000

  Base Local CPI – 2009

160.00

  Annual Local CPI

4.0%

  Annual US CPI

2.0%

  Annual Peso Depreciation Rate

2.0%

   
  ———–  

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