GHG Reduction Projects: Renewable Energy Sources and Energy Efficiency, Slides of Technology

Download GHG Reduction Projects: Renewable Energy Sources and Energy Efficiency and more Slides Technology in PDF only on Docsity! THE Louis Berger Group, rc 2300 N Sksn. N W Wohngeo. DC 20037 USA The Lou& Berger Group, Inc Contract No. 386-C-00-00-00058-00 Sandeep Tandon, CTO weeding out projects that are not sustainable envimnmentalty and techno economically. Since most of the GHG emissions result from u s of e w groented by burning fossil fuels rich in carbon content, the choice of projects includes mainly. non-fossil fuel based renewable energy sources, technobes reducing e n q ~ consumption through process and end-use efiiiiency impro-t md pmjects capturing/reducing GHG emissions from urban activities like solid waste m a m p m n t and transportation. These projects can bmadly be classifid as Ckan Energy Projects. At the outset it was decided to diversify the portfolio of projects so as lo cover as many sectors and types of projects as possible. Given the time conmaints unda GEP- CCS, other facets chat were considered imponant were: adbanced sege of development. projects hat meet fast hacking critexia being developed u n k che climate negotiations, the clarity in deciding the origin of the GHG abate men^ and least risk to the investors. It was decided h a t the projects in che mmpon seaor shall be identified and short listed after the demo project under that actitity is fuuiized. Interactions with Fund Manegers GEPCCS is interacting very closely with several financial institutions in India un&r the capacity building activities. These cot-n providing training to the FI onici.15 for analyzing clean energy pmjects and also reviewing the portfolios of major Indian Fls. In addition, GEPCCS staff has been interacting closely with some of the Fls. whiih have been financing energy efficiency and renewable energy projects. In particular. GEPCCS has had several interactions with ICICI, IDFC, IREDA, SIDBI, I U F S and banks like State Bank of India. In cooperation with ICICI. GEPCCS organid a w,orksbop with key industrial clients of IClCl to pmbide them more information on climate change mitigation potential of C E h and about TA Lhat GEPCCS can offer them. GEPCCS has also been proxiding guidance to Fls for underscanding crikal aspects of CEPs while they appraise such projects. GEPCCS has also established contacts with key international W i n g agencies hat could be prospective sources of funding the identified projects. Tkis is crucial sinre. GEPCCS project does not have an internal funding source to serd fuvorr me selected pmjects. Beside the conventional banking finance bodies. these include funds'olpanizations chat may be interested in en\iro-tally suminable in\pmmnc pmjects either as pure return yield or in the form of emission reductions. Approach I Melhodology for Project Devdopment The GEPCCS RFF' states that selected projects should be at an advanced arp of development. where he promofem are most likely to be commitlrd to the pmjat. It w* therefore, decided to interact with promoters whose projects ha\* reached stage of detailed project report (DPR) prepatation. GEPCCS technical as&ance (TA) would concentrate on ideotihing the GHG reduction potenm and advising on structuring of chc projects so as to sbengt lm Ihem for enhanced finanr potential from domestic or international sources In consultation with L'SAID it was a p e d h a t CLM 3: Project Development and Financing Task ?C- Identification of Ten Projecrs end Preparation of h u m e n a two of the projects would receive detailed analysis to identify porntip1 value of carbon offsets that they generate. The DPRs or Techno Economic Feasibility Reports (TEFR) am documcon &at describe the technical, f i c i a l , marlre1 and coniractual parametem of the poposed pmject. The elaborateness of the document depends mainly upon size of pmjm and its technical dimensions. This document is very essential for approaching the funding insritutions and even sbategic investors as they evahte their i n ~ a m m l risks and returns on the basis of the information contained in DPR. Typicdh-. the quality and size of DPRs is variable from pmject to project In order to make concise quality information on h e projects available to Fls and investon a Worlrshect *as developed. The \vorksheel essentially s)mthcsizrs crucial project informah in a form digestible by domestic and international finance and in\.estmenc inVres6. As a marketing tool the worksheet helps stimulate initial interest on the put of pmpective funding and investment institutions, while brin*g oul UK GHG mitigating natwe of the pmjects. Invesbnent in projecls can also be in the form of Equipment F i like leasing or lines of credit, for which an elaborate DPR is seldom prepad. Thcreforc, the worksheet also contains information ncedcd for equipment f-e or leasing interests to analyze pmject feasibility. The worLsbeet was prepared uith inputs from and consulmtion uith domestidinternational f m i a l institutions, US consulting firmr an emission brokerage firm and USAID. The DPR worksbeet covers all the major points in a DPR. the financials and profitability analysis, risk analysis and the assessment of GHG emission reductions from the project. The ten initial projects are prrsenred in h e form of this worksheel. CLIN 3: Project Development and Financing Task ?C: Identification ofTen Projects and Preparation of Documents BOXl: GEP-CCS CRmfU.4 FOR D E \ U O M \ T O F C L U Y ENERGY PROILCIS(CEP) GEPCCS pm* Tcchntal h r t u r e to cl- pgru to ~ B n t f y rhnr GHG (i mhamx~ pambal and to ponhm thein to domahc'mtanunul lnveam GEPCCS pgctr druld b\r mci9mb* nd clarly idenhfmble GHG mnmaD rcduct~m a h l d l a d to a ~ a d v r c orGHG enuwm h harld srp)o? a technology opom that a bntcr lh thc tunnus as uaul oplons In lsrm of GHG cmlmmr (I c m f r r anp conannplm) cmplo)ed in lnchr Bnnd mtma ofidmtifyng clan porcu am lllllspcd b c h pown'steam fmm h @ s c a ahcr agn rcs~dues, Sd.r The& d i m temp-a~urr awlppltcatlom Sdu PY-mull ' d u r n nzc smnm. Wi b y J m - p c r gtnua~tm fmm mull dvnjna ofthcn\crrypc, m E r r g - h t S W makac grncraum frun lamnillbnnchmam - bmcd b phu fa pouagnmtlm a a h c r a p p l ~ ~ a l ~ a r ~ lnhrmulaMctopwrUrmul~mou E . n g E- lnpmuam ~uh-cs: Wmtc M m n y - W M R fmm mndmal llw gzus a u-rrtor?ta f a FU g c m - a m a lbsrnl applmtlarr. R w v a t b . a d i.odmiutb. (RBM) of h e d d pJun p*n& KO orpar cflicron. mhtsrml p ~ e s r effic~~lh-y nnprmrmnls ma~nl) m thc hcttlsry s)stan tuI a h m poccss in IIK k q GEP€CS pnaxaox ace1 nc Fucl &chins S\wtchmg fmn a GHG c m ~ u t m in ta t re hrl such a coal to a laser GHG ~cnau or lltc rmnl gas. rcplscmcnt of f m l bawd fuels w l m a b k hrls htc a l s fmn pluur a ~ o f a c P ~ Srnll and hfcdium size i.c. nmutllily projecu (disXnbutcd gemsaim p c f d h d k b n l milem MIDI blrto i 25 MW. ba- bpvd cognmtim with a m parurc > 65 h. The n u ~ m \- m --I a flu,&. [Howma. this is subm lo thc mcds of W i n g raata] A d d i t 1 4 sct d m t m a In dm tcspm16 thr snze defined fa ha track projects at h: C T c c M ~ S o u r ~ Rcfcr US t c c h n d ~ Houcwr. thcrc IS m resncnm lnnorol\r t c d d o p o f qprocho rc prRncd Hounrr, -vm techndwa warld nu be cms~dcrcd due to h ~ & a techdog\ nsk Cb N thc techndogy wondm w ~ d Should have 4--m &taken (c.g pnvn pumbasm) a should have popr cremt ohnrcmcn b an al pava gaIuating fa @d ruppiy. a P o u a Purchmr A&7UmcnI wh popcr nsk miugrrm opmr hadd k kn p l x c . t n ~ o f s u p p l y o f ~ w l s a n d a h c r v n x s p o p c r ~ l i k FSA hauldbcmpbrr. F. h t & g G E P C C S n n c a m d a p g c l t w ~ ~ - t o ~ r r a s ' t n l p x c h c c C r P p m c b o s ~ ~ ~ m m ~ e r r u v b a n r a n d ~ p n n a ~ ~ n i h e f m n o f l a u a ~ l ~ m o f & ~ m t h r d d t k pgn Thc pqms h i d bc bcylng &e pnf- t m i x s r n llLc I R R ~ b w t oc to msn cmwdennm b j lodm mtFwm I C L N 3 Project De\eloprnent and F w n c t n g 6 Task 3C ldenttficmron of Ten Pmjeca and Prrparat~on of Documents At the outset, GEPCCS and DA conveyed the mcenainties and the limitations in p m ~ i d i g TA to the developers of these and all the other projects under consideration due to the uncertainties and changing Nles of market for carbon invesrmenn The project developers expressed their plans lo cake up the projects imspecti\z of the potential for obtaining carbon investments. The DPR worksheets and DPR documents for these pmjects are enclosed. GEPCCS conducted basic GHG analyses of eight of the abovementioned projects. More rigorous GHG analyvs were conducted for two projects. A note on the basis of GHG Analysis is p e n in Box 2. Developments on Market Based Mechanisms Under UNFCCC ARe have been mixed developments on the intematiml climate change rm. While the successive meetings of C o n f m e of P& (COP) in Bonn and Marrakech have resulted in a broad agreement over ~ k s for and operabbrulhh of the marlret based mechanisms for qualifying and bading GHG emission &tkms, due to the US decision not supporting Kyoto mechanisms and the allomanx of sinks and pollution rights for the "hot air" from fonner Soviet Union countria. che povntial market for and hence the value of emission reductions has been dnsrically redud. Therefore, the invesbnent potential in GHG mitigation projects in &doping countries has dropped significantly. In addition. as a project of USAID, GEPCCS is not m a position to offer TA for preparing projects for benefits under Kyoto mechanisms. In view of this, the main avenue for funding for the projects could be conventional domestic and international funds, and socially and enrironmenrally responsible investors. Capacity Building Apad From identification of projects and providig them technical askmnce. tbc other major objective of GEP-CCS is lo build capacity of the climate change ccnvrs. Guidance was proded to DA for this purpose. Cll has txprrsred that it is not interested in participating in the project development component of GEPCCS. DA being a non-governmental owanintion does not have project d e \ - e k p ~ ~ ~ ~ background. GEP-CCS provided vital inpuu to the stafi of DA to asses project promoter capabilities, credit worthiiss and to analyze projects horn .a tec- fmancial feanbility stand point. Each of the projects idcntifd and developed by hem has passed through three main gages including initial screening, pc-feasibility and detailed pmjat review. Thus. DA as a climate change center is in a baM position ro identify sustainable GHG mitigating projau. rate the project promotas' capabilik and assess the GHG reduction pountial of such projects. The capacity building hs helped DA build its project development capacity, which will be key to its long term sustainability. This capacity building activity included: Numerous one to one discussions with the DA slafT Wrinen technical comments on projects CLM 3: Project Development and Financing Task 3C: Identification of Ten Projecls and Reparation of Documents Grcmhunc Gas Pdlulan Pw'011im Rojm (Iinutc Ovnpr Suppkmcnt .4 ~Ci41DD:Indio Pmjmr inplpmcnltd t?. rhr Lmis B e ~ e r Gmup. IK Use of international consultants to provide p i d a m e Supporting the project developers' workhop organized by DA Guiding in selected meetings w i t h the project deve lops - Guidance in analysis of the company l i i nc i ak Guidance in analysis of the cnrrial project agreements such as power purchise agreements, fuel suppty agreemenu Guidance in the process of preparation of business plans Assistance using computational tools developed under GEPCCS Assistance in identifzation of major data sources. web s i l a and GO1 documents. Analysis and modcling of the GHG issesmwnt b a d on documents such as IPCC guide book: and Training to DA staff at the Financial institutions mining pmgrm Ned Steps The project development activity has achieved a significanl mikston in tht it ins been able to generate a wide spread intenst among the indum).. consulting organizations, fmancial institutions and GO1 in promoting clean a r r g ~ . projecn. T k steady stream of enquiries that GEPCCS has bsm receiving off late is an indication that the stakeholders in the process do see value in developing GHG emission reduction projects. The need for funding these projects would keep incmsing. As the availability of f a c i n g is becoming diffcult there would be need for additional mechanisms for financing these projects. In vievi of this, GEPCCS shall: Discuss the funding aspects with several Indian and US based institattiom iht invest in clean e n e r a projects for pure I ~ I U I n S Continue with TA to the project developers as inlrrface between them and the funding institutions to facilitate finance Identify new funding sources as they emerge (inkrested in l n d i i projects) Follow up with GO1 instilutions (h-MES,hJOEF) to M e t project p a d d i o for visibility Document experiences in GHG mitiption project development pmn to disseminate them to other devc lops for replication Continue working with DA to help facilitate dri i n t a a c t h s with Fls and ~ ~ v W R Monitor international climate change regime devekpmcok CLIN 3: Pmject Development and Financing Task 3C: Identification of Ten Projects and Preparation of Documents u I *L IY u bii sl YI a 4B ili (I, a Y L Y Y 5 I Bo?c 2: BASIS O F M E GHC ANALYSIS I GEPCCS has used the i m d m t d i n g of baselk as it pcvlik in du ininKmPtirml clmplc change arena For projects that sell pos-er to ihe smo utilities, the rooposltion of ponw available in the grid has prov~ded a benchmark for the baseline. Based on he powa M\rd by a ronnmxr in the slate where the proja f d power emission hclors lnve been dcranmrd The calculations of the baseline emissioo factors have been ramod w bavd on dam on p o u u supply availabk in the cwunon dcmam like CEA, .Annual Repon of SEBs published o-eq >rar by the Planning Conrmission and that from the P0ww.d. It is wonh to note lbal interregional power oansfns among the five geographral of lndu excepting Oaosfer for he Eastern to Northem region are neglipjle. Thus he becomes the pmject bamdary for the projects feeding power to grid. The p e r rscl\rd by consume^^ in a state cwaprisff that generated in their own slate. hat purchased fmm odrr s tam in the same region and ha^ imported Fmn contiplous reg~ons. which also iocluda parer gemrated by public scctor power generating c-ia. maioly N a d Thmnl Poan Corporation Ltd., Nabonal Hy'dmelccbic Power Corporation Lrd., and Nuclear b u Coqmabon Ltd. The 'Annual Rcpon on Working of SEBs" published by the Phnnmg I . . I Commsslon, GO1 gives d e d s of each of k. GEPCCS analyzed the dam on gcnaa11011 by ! various state and cenml p e r a t k g units for the last h\-o y r u s and n d c d at ihe conparitim 01 power in he respective states. The Intcrgovemmental Panel on Climate Cbanp (IPCC) constiMed by ptia uodcr LXFCCC had published rcpolts on emission factm from all mcmbn countries f a various fuel f a d nab in thme countries. GEPCCS used k bas.? values expressed m tons of C d m m T r i l l i Joules (1C.71). For Indian non-coking coals used for power gemration the emission G r t a a quoted in UNEPIOECD/lEAIIPCC 1995 is 26.2 KnJ. To simplify calculations. it anr asund hu sources other than thermal power. i.e. hydroclec& and nuclear do not ro(1rnbw to GHG emission Thus. the weighted alprage emissioo &ton for various aavs in which the GEPCCS +a are b a t e d were calculated. S k c bavlioe mekddogirs consider business a usual situation as cllrrcnlIy pmailing projects condition. lbae uc adequate IO judg d~ auk ion &tiom that the proposd project would n c h i e . It w d be possible to f a s a t sninim faftors for chae wotes taxd on exining ca-aparitk as well as plamrd crpattfy dditnn in tbmnal, hydel, nuclear and Mha VWCFS and projedom of naiLbtCty of mcsC oea. plan& F a projects that replace senices of an OR grid opcr;uh like PV based lighting r)acm replacing krmwne the cakulatiom are maightforuvd CLIN 3: Project Development and F i m i n g Task 3C: Identification ofTen Projects and Fkpia t ion of Documents S ~ c n m A: CLEAN ENERGY ANDGHC MITIGATIcW E q u ~ r n e m FINAWE 1. Contact laformation for the Prospective B o m r I Address 1 1 I Citv State. Rovim I Contact Name Contact Phom Contact FAX I Has Arm w e d operating profits AND mt i n c m during each of l a 1 2 I ycan? I i 1 / 1 Contact EMAIL 3. Borrower's Financial History (lut tbrtc F I I Years) i 1 EBIDT EBIDTmotd laomc i i i 2. Availability of Financial Information on Borrorvcr Credit Rating by Lead FIlBank DepreciatiodAmoitization Expense Interest Expmse Current maturity of LTD 4. Background information on all used and unused short and long-term debt i Abont the Eqnipmca~cebnology: Larga clean energy or GHG mitigating projects I (Project Fi-) may involve more than one typc of cnvirwmartal squipnent Complete sections A 5 throueh A 10 for each piece of relevant GHG mitigating I equipment. I 5. Description of technology/scrvice to be psrcbrred i 6. DMriptiom of the GEG mitigathg potemli8i.l of tbe tecL.d.(T I I I The project envisages setting up two sets of mini hykoclstric power plant of 10 M\V each. The technology used is primarily based on divesion of tailrace sheam of chc lvga hydroelectric power plant -. As such it does not d t in -rod i n w o n of rimstlaud. This fcahue bdps in genaating power in an cn~inmmentally friendly marma. In India, a large proportion ofpowa is generated by tbamai plants burning the coal available in cclltnl India The pmpoJed pmjat enables swiCcbing to renewable energy source in a sustainable way. 2. Project Costs Plant &Machinery 2,755.00 25.58 4 Land & Building 85.00 0.79 4 Civil, detailed Eng. 5,365.00 49.82 4 Evacuation of Power 139.00 1.29 4 Preliminary & Preoperative 700.00 6.50 Expenses pp 4 : Working Capital Margin - ! 1 I: 4 Escalation during Construction -- I 4 ( Contingencies 400.00 3.71 I 4 Interest during Construction 1204.00 11.18 i 4 Finance Charges i 121.00 1.12 4 Total Project Cost 10769.00 1 -1 3. Proposed Means of Financing 4 Total Equity Portion 3,231 30% 4 Total Project Cost 10.769 4. Committed Financing (if any) a. Committed Debt Providers Canara Bank 15% in negotiations HUDCO 15% in negotiations I I I I IDBI 1 15% I in negotiations InvGfasent ls b. Committed Equity Providers Hen DFC IDB] uc MS KSK Energy Ventures 5._(a) Estimates of Profitability (For Generation at 113 MU) Revenue from p: RRB ee | [XE [es [yd [vs [vrs ener ae Revenue from power sale 4135.80 4339.20 4553.90 5017.20 5265.80 $525.70 Other revenue 0 0 0 9 Fuel cost 0 9 0 9 161.53 203.48 219.76 237.34 256.33 53.84 67.83 73.25 FAL 85.44 19.74 | 19.74 19.74 19.74 19.74 3900.69 4488.85 4704.45 4929.61 $164.19 noe 435.63 435.63 435.63 435.63 435.63, 1130.71 726,89 565.36 403.83 242.30 2334.35 3326.33 | 3703.46 | 4090.15 | 4486.26 0 a o Oo 0 | 2334.35 3326.33 ___ [370346 [a0oo1s [4486.26 2116.71 2650.95 3026.47 3411.58 3806.14 2116.71 8981.94 12008,41 15419.99 19226.13 Other revenue _L | Fuel cost 0 0 | O&M Cost 298.98 348.73 | Administrative Cost 99.66 116.24 Selling Cost 19.74 19.74- PBIDT : 5672.32, 5911.08 | Depreciation 4345 429.04 Interest on Term, _ 0 G 5237.81 | 5516.49 | 5482.04 Oo. jo. | 1918.72 | . _| 4891.65: “(5516.49 3563.32 Net Cash Flow Year Wise | 4210.00 |S ‘1 59009.26 [3998.39 Net Cash Flow Cum 23436. 3496491 | 38963.30 Sa ee see eee woe & i a f 0 Term l o m G * ~ 4 r z Taxes- Dividend 'L Total Application . 1096.77 43.82. _ Net Surphw. . ~ . 4230.5 1 5628.5L~ IRR DSCR - - Av DSCR 6. (b) Projected Cash Flow (For Ccncration at 102.1 2) Inc. in Equity capital Inc. in imn loam Inc. in bank bonowinp Tohl M u m Dividmd Total Appllcatlon Sources of Funds PAT Ine. in Equi ital Inc. in term loans Tuc. in bank borro Total sources tien of funds ital inc. in Current Assets Term loan nt Taxes Dividend Fotal ication Net TRR DSCR. Av DSCR. 4333.50 435.63 0 o a 4769.13 Q 36.07 1956.36 9 Q 1092.43 3676.70 Ald tk 4651.38 434.51 0 0 9 $085.89 0 39.08 o 0 Q 4 0 Q $329.72, 0 40.37 a 0 0 (40.37 $289.35, 3163.06 429.04 0 0 6 3592.10 | o -6.02 6 1918.72 o ee 19127 1679.40 7. Stator oIFisance Negotiations Are ycu in negotiations with any prorpcctive debt providers? If y a , pkwspccify and daborate on expected time fnme. Rojendmlopa i s m n=gotiaticms with lnframucrurc Dcvclopmnt Finance Co. Ltd., m the following rams: 3 years morataium paiod interest rate @ IS% p.a. and repayment pcriod of 10 yars (includmg moratorium pmod). Do yon plan to submit this project to a private v ~ t a r c a~piW 6m of an international qn i ty organization (cg. REEF)? l l y a iden* spccifiw h a d and elaborate on negotiations -No- Do yon plan to submit this project to an mtecaatiollal lcxkr for arbom cfnbiom I rednctions (cg. Oregon Climate Trost)? If yes, p k spai ly tender and c k s h g i date for sobmission. -No- 13. Project Details existing equipment? 4 4 4 4 I I 4 I State Elechicity Board? I Kamataka Power Transmission Cop, Ltd. (erstwhile I I 4 I Type of Fuel? 1 Hydro Is GHG mitigatinn achieved by Process Improvement or Clean Energy Generation? S~ze of Project o? Project Location? City. Province Off or on-grid? I - 1 Kamtaka Electnclty Board) 4 ( Technology? I M~nr-hydel - A, I I I I 1, 14. Feasibility Details I : @ 1 % Clean Energy Generation 20 MW Sharavathy River, near Sharavathy Generating Station in Shimoga Dishict, Sagar Taluk, Kamalaka State. On-g~id I I 4 I Source of fuel supply? 1 Sharavathy River 1 prepared independenby? ( and Estimate - of Cost", kbmary ZOO1 r d What firm prepared the I Consulting Engineering Services (India) Ltd. I. m I i ! .li I t ! . l i 15. Background on the Power Pnrcbase Agreement (if Applicable) ~ e a s i b i l i t ~ ~ t u d y ? List address and contact details 57 Nehm Place (5" ~ l i o r ) New Delhi, Mia 110 019 Karnataka Powu Tmwaiskm Corpmrion Ltlnid(KPTCL) I 16 oetoba 1999 Upon c-1 of cmmurcul opmh ofthe plant 10 yam after ofconmrcid 4 J 4 opaation of thc plant I 4 What is thc initial purchase price? 2.87 M W H f a bnsc yar 1999-zoo0 4 What is the annual % kmcasc in purchase 5% price? \I ; Can the project sell power directly to major -No- ! ccmsumers? (Ya or No) 4 : What are the securities provided f a the Lena ofcredit from Bank revenues? Have the domestic tardm approved thcsc mechanisms? Arc any special clauses. or provisions of relevance to thc investors? 4 What are ihc tams of Payment to the Wtth~n 15 days of rrc+ip of nriffmwict, project developm? Any specid cia- of bPflred by irrcMable -lviog - of relevance to the invators/lmdm? Havc tk d o m t i c lendm ppproved the payment C d i t tcrms? 4 , What arc the major po\isicms (event Provided m PPA definitions, treatment of thc oll l im. etc.) of the Force Majeurr c l a w ? 4 What is the method of faation of larifi(two PPA. p v i d c s for f i r i m of tariff. pcrnlas part, availability ctc.)? Are here any provisions for dconcd gencrating/perultia? cte. What is the lrahncnt for infirm powa? 4 Have the provisions for change in law. Still in the process ofsnutiny tcmnation, liquihtbd damages, cte. bceo approved by exist& l ~ i n v m o r s ? 4 Would thc SWgamating ulility .slml a -No- sham in the ovmuship of carbon OR-? 1 Name of state electxicity board or primary PPA sigrmt~ry? hat date ws the PPA n~ When docs it mter into force? 4 What is ihc length of the PPA? (Years) 16. Other Agreements (where applicable) 1 4 I Fuel supply agreement signed? I I I 4 I Water/utility supply agreement signed? / d a 4 Shareholder's agreement been entered n/a into between existing equity holders? 4 Special provisions of above d a f | Competition? Gap between power generation and demand is increasing. Checklists were adapted from a variety of sources including Natsource, LLC 1. GHG Mitigation Applicability Macro Checklist I Yes I NO I I I I I Does project genentc real, measurable, long-tm additional and verifiable 1 4 I I cuuss~uru tcduct~ons vtr-bvns current baselme altrrnanvcc9 \I I Arc thcrc suslalnablc dcvclopment b e n c h such as ~ncreasrd cmploymcnl I I I J I Has the project received host country approval? I and protecting biodiversity? I I J I is the project sustainable withour ODA from Annex El Countries? - - , . . I I I --under15 ktlot-02E ful rrn~ssyuus rcducbons from pr?ccss chan~es I I *Fast track IS ideal, but non fast-track projects wrll st111 be constdered. 4 I I I Describe the baseline scenario: Karnataka has just over 4000 MW of installed generation capacity with a mix of 34:66 thermalhydro. On the base of actual generation 1 this ratio was 5050 in the year 2000-01. However, the state is in deficit and imports 1 ' I J 4 power from other states in the Southern Regional Load Despatch Center (SRLDC) and 1 ' Does project meet size d e f ~ h o n for Bonn Fast Track CD41*? -under 15 MW for renewable projects --under <I5 eieawatthourdvear ravines for enerev efficiencv vroiects from the central power Public Sector Undertakings(PSU), viz. National Thermal Power I a Corporation Ltd. (NTPC), National Hydroelectric Power Corporation Ltd. W C ) and I = Nuclear Power Corporation Ltd. (NPC) to the extent of about 535/iof its consumption. I Both of these compose higher thermal power supply CPSUs (86:5:9 including nuclear ' $ I I 9%) and southern states (72:28). With a result the overall mix in the consumption by I r Karnataka is 63~37 thermafiydro. The emission intensity of the southern grid at this mix I > is 17tCnJ. 2. Emission Reduction Calculations, Monitoring and Verification Checklist J Does the project rnvolve a discrete reduction of emissions? Have the emissions reductions been estimated with an accepted methodology? Has a monitoring methodology been established? Yes 4 4 NO 4 Has a third party verifier been contnctcd to verify actual emissions 4 reductions and sustainable dcvelopmnt gains? Has clear ownership of emissions reductions been determined and 4 documcnled? 3. Carbon accounting details Parameter Particulars 1 Baseline rnekhodology Refer to the note 2 3 4 Generation level Baseline Emissions TCOZ per m u m Project Emissions TC02 Emission reductions TCOZ per m u m (2-3) above 1 1 3 M U j 102MU 95.703 / 86.489 0 i 0 95.703 ' 86.489 1. Contad Inlorrmtion for the Prospective Borrower Name of Company Globe C o g a ~ n b m Power Lmted AddFess 20lRO2 T. V. lndustnal Estate, Wodi C~ty, State, R o m e e Mumbai, Maharashhq M a C011pu.t Name An11 Bhenu, Fmance Managa I Contact Phone +91 22 4% 4767 ( Contact FAX / 49841% Conlsct EMAIL 2. Availability of ff imcial lnfornution on Borrower ( Audlud fmanc~als bang prunded to LBG W A n g t o n ? 1 ] Was I-m in same gcncral llnc of bus~nes for last 3 ycm? i I 1 I Has firm reported operating profits AND net Income during each of Ian 2 ! I I years? ! I 3. Borrower's Financial History (last three F b A Y a n ) DckEqlury ram F u c d Arvi Cowage Ram Interest E v e Current maturity of LTD 4. Background information on ail used and unused sbort and long-term debt About the Equipwa~ecLnobgy: Lnrga clean caagy or GHG mitigatmg pmjab (RojeaFinsnce)mayimrOIvemorcd~~onetypeof ' 1 QWw- Complete sections A 5 thrwzh A 10 for eacb p i c a of relevant GHG mitigating equipment. 5. Description of tecbndogylscnkc to be p m r r l d L 6. Dauiptk. of t i e GBG mitigating potat id of tLe t d m d q y ~~ ~ -- - The Proposed project would utilize bagasse as fuel for mot part of tbe ye~r. Bagasse is an agm residue that is genaated sustainably in s u p cane production of sugar. Thus, it is a renewable E S J ~ of enagy and does wt lead to additional anision of carbon dioxide TheCompmywillprocurrLPgasse f r o m t h e h o s t ~ m i U llrdabeproposd merit with them during the season. During the off-season puicd, the company Wl utilize bagasc mved by hmrporating cmrgy e5cicocy in tbc mill. pr& fium other mills nearby and also on ocher biomass arh as trash arid atha cmp residues. In ocha words the company shall make effolts to nm the power p h t on renearable fuels for mmt part of the year. The project developers enlisted a consulting firm to perform a technology feasibility study of the different technology options. The firm advised that "double extraction cum condensing turbine" to provide sugar process steam and"in-house" and "exportable" power during the cane season would be the optimum option for GCPL. The turbine could then be used as "straight through condensing turbine" during the off-season (non-crushing season) and not generate any hackpressure steam. -- .~- ~- ~ y. - ~ - ~~-~ ~~ - The project developers propose that the 45 MW cogeneration power plant will mainly utilize bagasse, cane trash and other agro residues during the season (approximately 240 days) and for off-season period of 90 days. However, to meet any contingency in meeting availability requirements under the PPA, andlor availability of these residues (possibility of which is very remote), during the 90 days of off-season, they propose to rely on imported coal. 2. Project Costs 4 I Plant & hIacbinery I I I I 1,000,000,000 1 $21,739,130 1 55.2% I I I I 4 I Civii Works 175,000,000 1 $3,804,347 1 9.Ph I I I I 1 1 4 I Total Project Cost I I I 1,810,000,000 1 $39,347,826 1 100% 4 I Misc. Fixed Assets 4 .\I I 3. Proposed Means of Financing i I I I 4 ( Total Equity Portion 1 I 450,000,000 1 $9,782,608 1 24.8% 90,000,000 Preliminary & Preoperative Expenses Centingencies 1 4 1 Total Subsidy I I I I 81,000,000 ! f 1,760,869 1 4.5% 4 1 Working Capital Margin I I I 4 I Total Project Cost I 1,810,000,000 1 $39,347,826 1 100% $1,956,521 300,000,000 161,000,000 4.9% 44,000,000 / ' $956.521 2.4% $6,521,739 $3,500,000 16.6% 8.9% Govanm~lt of Kamataka providing a Ib 405 Lax gnnt GOK has policy tba~ cogeneration powa is eligible for RS 25 Lr/MW of arporuble surplus. I ' DPR, Scchba 142.2 IOECD~~VCS & Gram, Page 123 Associates (Trimbak) I Subtotal 230,000,000 S 5.000.000 SI.IIX Ours~d~s 220,000,000 S 4.782608 48 89% ~ o t d Equity 4S0.000.000 S 9,782,608 IOOM)S( MNES Capital 8 1 .000,000 Subsidy S 1,521,739 S 880,434 MS.Dcwsn& Associates (Globe) IS 55% 900K 70,000,000 Govt of Kamataka 40,500,000 5. Estimates of Profitability (rupees lakhs) = a dae eee yn ‘¥r3 ; € ode Revenue from power sale 6868.25 8578.78 [8944.72 | 9391.95 | 9861.55 | 10354.63 | 1087236 _| 11415.98 | Other revenue 9 0 0 0. {0 0 0 0 Fuel Raw Material 1392.06 1959.28 | 205725 | 2160.41 “| 2268.12 [238152 | 2500.60 | 2625.63 [OSM Cost 627.60 710.00 | 744,72 Tez 4__ | Sage [865.92 912.79 963.37 ‘Admin/selling cost 113.14 130.63 | 140.49 iste _[ 162.73 _| 175.23 [188.91 __| 203.70 PRIDT 4535.45 5718.89 | 6002.26 | 6298.54 [6608.24 "| 6931.90 | 7270.06 | 7623.28 | Depreciation 1279.92 | 1279.92 | 1279.92] 1279.92 | 1279.92 | 1279.92 | 1279.92 interest Termloan 1510.82 _| 1286.99 | 1083.17_“{'s39.34 [61552 | 391.69 | 167.87 ‘Wording Capital Laan [278.37 7) 293.07" 306.57 321.78 | 337.76 354,54 372.16 PBT 2309.68 2786.06 3273.81 3773.37 A285.18 4809.71 5347.43 LProviston for Tax 3173.23 208.95 245,54 283.00 321,39 360.73 401.06 PAT . 2136.45 2577.18 3028.27 3490.36 3963.79. 4448.98 4946.37 Dividend (%) 25% 30% 30% 30% 30%. 30% 30% Dividend (inel.tax at 10%) 1237.50 [1485.00 | 1485.00 | 1485.00 [1485.00 [1485.00 | 1485.00 Net Cash Flow g98.55 | 1092.11 [1543.27 | 2005.36 | 2478.79 [2963.98 | 3461.37 I J I Contact EMAIL I ti-.vmln*.in I . 9. Pmjed Mmagement T a m I 1 4 I Mr. Vincct Agrawal I Director I .I 4 d I 1 4 I Mr. m a y Jain / Director Addlrs - Cify.Statc.RoVirre C4mtactN.m~ I I 201, T.V. Industrial Estate W d i . M U - 400 025 Mr. VX. Apnwal. Chirmm 4 I Mr. M.S. Dcwm Dirata I I I 4 Mr. S.B. Jijina Dkclor 11. Project Promoter Rekvrnt Experience: Briefly describe the relevant e d e n c e , if any, possessed by the project promoter. Has the promoter developed similar projects? This is the first tangible investment by both Mssrs. AgrawabadDewminthe pomrsec;os. - While both project promoters have other business interests, they do not have a proven track record in energy production in general, or co-generation in specific. According to the DPR, Globe Cogeneration has signed a Project Development Agreement (PDA) with two other sugar mills for co-generation projects. These include: MIS Ajinkyatara SSKL, Satara, Maharashtra (30MW Plant); and MIS Hirenyakeshi SSKN, Sankeshwar, Kamataka (45 MW Plant). GCPL has already obtained all the approvals for the project and is engaged in implementation of the same. They have retained service of MIS Development Consulting Ltd., as affiliate of Kuljian Corporation of Philadelphia, US as its engineers cum consultant. DCLpossesses experience in power consultancy over 50 years and has a strength of 900 persons in India. 12. Special Purpose Vehicle Contact Information (If applicable): 4 Address 201, T.V. lndusfrial Estate 4 City, State, Province Worli, Mumbai - 400 025 4 Contact Name Mr. V.K. Agrawal, Chairman 4 Contact Phone 91-224964767 4 Contact FAX 91-224984154 4 Contact EMAIL tnmbak@born3.vsnl.net.in 4 Names and shares of the V.K. Agrawal & Assoc~ates ( %) promoters M.S. Dewan & Associates ( %) 4 Is a Shareholding agreement Under formulation in "lacs ~ I 1 J I M e l d project or I New construction of co-g@on p l d at aistiag I I I 1 involves existing equipment? I sugar mill site - - -- I i I I \I I Is GHG mitigation achieved 1 Clean Energy M i o n aad offsa ofbtscliac leaking methane) 4 ' S u c O f p r o " l O ? 45 MW 4 hject Loeation? City. Sankeshwar, Belgaum. Kvaatalra province 4 Offor on-grid? ' On-grid 4 State Electricity Board? Karnvaka Power Transmission Corpontioa Limited 4 Technology? Double extraction, condensing turbine pmviding botb process steam and Tn house" and " e k pouu." 4 Type of Fuel? In-season (240 davs): Sugar Caoe Bagasse off-season 190 dam): P d bagme. caac trash, olba biomass and imported coal, if required 4 Source of fuel supply? In season: SHSSKN will supply all mill-paa;lred bagasse to GCPL co-gcn plan^ Offstason: Saved bagasse by SHSSKN, bagme fmm near by mills and cane basb fmm SHSSKN fannus 14. Feasibility Details I 4 I Was Feasibility Study 4 prepared independently? What firm prepared the Feasibility Study? List address and contact details 1 A technical consulting firm India has a stable f m c i a l and legal system as established market practices/institutions. sound financial health, KPTCL is relatively in sound position. Karnataka Govt. has undertaken a reform based assistance program with WFC which is workforce make construction easier. 4 Management? Medium Project developers have no previous experience in co- gemration/energy development 4 Enforceability of Low Not a major area of concern especially in view of the Contracts? WFC program. 4 Competition? Ldw Kamataka state needs power to keep the growth rate i hence the state is likely to need all the power generated by the RE based projects. In addition the excess power can be easily exported to other states in the common Southern region grid. The laws of India like Companies Act, SEBl Act pcnnit various modes of offloading equity stake. 17. Quantify and Describe Risks '3 m ~ ! I I I I I I 1& For risks klntUicd in scakP 14, d&an ~ t h / C o v a q c -m ' I I 4 ' Regulatory? - \I Cmmct/a,untn party - J Consmrtlon? - J Technology? - I I I \I i Management? ~ y h s t p ~ o i n t c d o r p e r i m c c d f r n n i r p o ) m ~ q ! F ~ , t h c C ~ v ~ b e a p p o i n t i n g ~ p u s a m c l 1 i - : for opentioq 4 nnnagcmcm of mC p j m t .' , 4 Enforceability of - j - . , ! Conaacts? . . J I Competition? - : ' ; 4 Exit? I - Checklists were adapted from a variety of sources including Natsource, LU3: 1 . . GHG MitigationMacro Checklist J I Does project generate real, measurable, long-term, additional and Yes I I verifiable emissions reductions vis-i-vis current baseline I I I No I I and protecting biodiversity? 1 I I alternatives?. I 1 Docs the project rely on ODA from Annex B Coun~es? 1 . 1 1 I Are &re sustainabk development benefik such as increased employmnt 4 I --under 15 MW for renewables projects I I I Has the project received host country approval? Does project meet size d e f ~ t i o n for Bonn Fast Track CDM? 1 --under <I5 gigawanhdyear savings for energy efficiency projects I I I 4 I I --under15 kilotolrnes CO2E for emissions reductions from process changes I I I Baseline Scenario: Karnataka has just over 4000 MW of installed generation capacity with a mix of 34:66 themahydro.. On the base of actual generation this ratio was 5050 in the year 2000-01. However, the state is in deficit and imports power from other states in the Southern Grid (SRLDC) and from the central power PSUs, viz. NTPC, NHPC and NF'C to the extent of about 53% of its consumption. Both of these compose higher thermal power supply CPSUs (86:S:Y including nuclear 9%) and southern states (72:28). With a result the overall mix 'in the consumption by Karnataka is 63:37 thermalhydro. The emission intensity of the southem grid at this mix is 17 tC/TJ. Assuming that the project uses bagasse for generating entire power in season and purchased bagasse and other agro residues like cane trash to the extent of 90% during off- season, the total export of power attributable to these agro residues, which is the clean (GHG abating) power source this amounts to 222 MU. This power is equivalent to a carbon reduction potential of 150,535 tC02 per annum at the above emission intensity. TABLE OF CONTENTS Instructions . .- I. Coiiincflhfo~niXliori lor the Proswetive Borrower ....... : ............................................................... 3 - ~ 2. Availability of Financial Information on Borrowe 3 ................................................................. 3. Borrower's Financial History (last three Fiscal Years) 3 ............................... 4. Background information on all used and unused short and long-termdebt 4 ............................................ S E C ~ O N A: CLEAN ENERGY AND GHG MITIGA~ON EQUIPMENT RNANCE 5 ......................................................................... 5. Description of technology/service to he purchased 5 .................................................... 6. Description of the GHG mitigating potential of the technology 5 7. About the Business Negotiations 8. Contact Information on the Manufac 9. About the Trade Financing (For Equ .................................................................. 10. Has a domestic or overseas lender been identified? 6 .................................... SECTION B: PROJECT FINANCE FOR CLEAN ENERGY AND GHG MITIGATION ..7 ....................................................................................... 1. Executive Summarv: Proiect at a Glance 7 6. Projected Cash FI 7. Status of Finance Negotiations .................................................................................................... I2 8. Project Promoter Contact Infornutio 2 9. Projort Management Team 3 10. Project Promoter Finan 3 11. Project Promoter Relevant Experience: 4 12. Special Purpose Vehicle Contact Information: ......................................................................... 14 13. Project Detn' 5 14. Feasibility D 5 6 16. Other Agreements 7 8 18. MitigalionlCoverage measures 9 SECTIONC: CARBON CO>IPONENT I I 2. Emission Reduction Calculations, Monitoring and Verificalion Checklist ..2l 3. Carbon accounting details .............................................................................................................. 22 1. collha hrolnntb. for tk PrqKdm BWFower 2. AvrJhbibty of Fhuehl Informdm OB Borrower L - Of-S%!?!Y - Asia B~wnergy (Mil) Ltd. Aud~kd fmmcul statnrrnts avulablc f a I d 3 fisai yun? Was fmn m ram gmeral line of bumrcss f a last 3 y e a d Has firm reported opaamg profils AND mt mcomc dunng each of *st 2 yeprs? J 4 I Admes City, State, Rwine CmhciNun Colltact Phom Contact FAX Cmbct EMAIL 4 4 8 2 4 ~ x k e Ngh R o . 4 Kiipauk Qmyi, T d Ndu +si 44 641 1362,642 8992 +9144 641 1788 I -.vsnlnctio i Interest Expcusc Ovrrcnt mnhuity of LTD 4. Background information on all used and unused short and long-term debt SecncmB: PitcmcrFm*Nct~oaCwnE~cymCBCMmc*ncm r - _ N-T: p O W a ~ d 1 6 t orgmic fstiliza poductioa Eium Lu&mw MSW Projcd Promoter. Asia Bioeagy India Limited (ABIL) Spechl Pllrpose Vchkk: Ycs - ABIL, a special purpose vchick ccmpsny rct up by Wan Engiams India Ltd.. poposa to sa up a 5 MW powa -on p b t using b i gcmmd by ~ o f M ~ S o l i d W p d C ( h 4 . S ~ b ~ p p ~ b y t b C ~ w ~ N i (Lucknow Municipal Corpontion). The plant leads 10 up* mahtne tht would otherwise have brm emiaad bad thc MSW brm dumped on open dumpsiks as is practiced in all the Indian cities. The project shaU save st a danonsmtkm project to iUustraIe the use of dvaaced annerobic digestioa tccbaobgy lo enham the biodegdatiw process. The gas .Aa cleaning shll be 6red m a to gmualc powa for atport to the UP Powa Corporstion's grid The paas would llsorcsnhmpmdudionofn@kmriebwgmicmmurc,whkbcasubrdrurc e b a a i a l f c r t i l i z a s f o r ~ f n i i & , p l a n m i o m . D d ~ ' I b c p o j c a awarded to ABIL tmda a competitive bidding proas, costs rbouc Its 740 million ABIL is a Special P~uposc Vehicle company promoted by Eatan E q k u s India Ud. Mfs Entac GmbH. Austria, is providing the d i c digestioo tecltnobgy. The project is being irnplancntcd through EPC conad to smnl rcputcd i o k n d o d SndIadiancompanics. ABlL appmaebal IDFC for loan for the project. IDFC has a missioa of amomgig environmentally safer tccbologies for thc pmjects hndcd by &an IDFC a d The Louis Berger Gmup, Inc. tbe conhador for USAIWIndia GEPCCS pjed idcntificd this project as a possible -v to dawastnre the idmtitidoo of GHG anissiw duction and ie possiik use. .Ibe pmjd dam&nes m ' ' l a d social sustainability as it kds to nduction of a major bePW d mdbmc (a rmpr GHG) emision hazard It leads to anploymart -tier to the local popuhtioa. It atso helps tbe local rag pickas (scavcngas of vahtal itans like paper. plztics md rags) to colkct these it- in a safe way that helps in recycling of tbcs hemP. The project has thrre major sbums of GHG mitigation (i) McthDe clptrnad from tbe MSW, (ii) reduction in the emission of carbon dioxide from tbc coal firad p o w sIa!i0115 m Nolthem Iadia; and (iii) Partial q lacmmt of use of cbcmial fatilhns like urea, DAP which an manufachlnd m GHG mrcmin proca~a. The atmnt Bay .of disposal of MSW in India is pdomkmtty dumping m the opm This leads to methane emissions through the de-gradation of volatile organics and also to pollution of the ground water b y A k leachate generated _on tbe dum?sitrs. The power supply in India in general and in the northern region in particular is dominated by thermal sources mainly coal fired power stations. The output of the project would replace this carbon intensive power source thereby lead to reduction in carbon dioxide emission. Similarly, the organic manure will replace the chemical fertilizers thereby reduce the C02 that would have been generated in the manufacture. ABU shall set up measurement and verification systems to monitor and control the GHG reductions. The project risks have been identified and mechanisms to mitigate/wver them have been set in. Major project agreements like power purchase agreement, waste supply agreement etc. have been signed and approved by the funding agencies. Thus, overall the project offers an attmctive opportunity for investment by investors especially the carbon investors. 2. Project Costs Equivalent to Rs. 276.32 d o n @ Rs. 44.66 per US S. Total wst Rs. 739.60 d o n 3. Proposed Means of Finaocimg # Including MNES subsidy of Rs. I50 Million I I 4. Committed Financing a a. Committed Debt Providers I Total E q m l Q Portks' Total Deferred Credit I I I , b. Committed Equity Providnr (I Total lease I000 135 1 1 I Total 739.60 1 100.00 350 00 4732 JEL. 30.00 I5 ENTEC 27.00 13.5 11460 1 1550 IDFC lnvestmcnt Funds Total 25.00 I 1 12.5 68.00 34 I 200.00 100 1 I 7. Status of Finance Negotiations Are yon in negotiations with any prospective debt providers? If ya , please specify and elaborate on apEti5d time frame: lle~:The company is negotiating a lwdn fmm IDFC and LIC for a part of lhe project cost. IDFC is in an advanced stage of appraisal and is likely to approve the project soon. The current thrust is on validating the contracts for sale of organic manure. PPA has been signed with UPSEB as also the contract with Luchow MC has been siened. Do yon plan to submit this project to a private venture capital firm o r an international equity organization (e.g. REEF)? If yes identify specific fund and elaborate on negotiations. No. This has not been planned. Do yen plan to submit this project to an international tender for carbon emissions rednetions (cg. Oregon Climate Trust)? If yes, please specify tender and closing date for submission. Promoters are interested in availing financdmvestments in lieu of the carbon offsets from the project. IDFC, the main lender has also evinced interest in structuring this ~roiect with carbon offset. It is in contact with PCF and mav like to prepare the pmject for their consideration at an appropriate stage. IDFC in consultation with ABIL has approached LBG for t ~ h ~ c a l assistance on estimating GHG reduction Potential. 8. Proiect Promoter contact Information I J I Citv. State. Province I Chennai. Tamil Nadu India 1 , .I I d I Contact Name I Mr. Raguraian, Diector 4 J 4 - . Contact Phone ContactFAX Contact EMAlL +9144 641 1362 /91 44 642 8992 +9144 641 1788 enkem99@md3.vsnl.net.in 9. Project Mu-t Team I 4 1 Mr. Rajndnn Raja Eagimm I I I I \I / Mr. N. Ragbmnjan 1 Advisor - Digdor Tccbwbgy I ! I I 10. Project Promoter FSmmcial Aktory 4 I Mr. Ravi Sbamkar I I I Book value of fum? E k e h i d Emgiam ~l 'CSeIVCS.ndarrp l I lS laSt3 years? / What is c m t b u s i i ? I Consultancy and Turnkey am- in thc na of nry I I ! 1 for a vanen. of mdusblal clTluents like nanucrpal sewage, 1 tPrmay C m r . sugar mils, d~dk ry spcnt wash. taek. I ' coffet, phms food mdumKs rrM. ~ mechanical cngg indumia. Enkcm has also esmblishul municipal wata supply plan& w g sIatioa Uc. fhe project is a divahificatioll of their sav*a m hc oa of solid waste b a m m t . The kbaoiogy tic-up wih a recognind supplia would be m b c m g their capability. WRm is also executing s+vcnl anlcrs for biogas plants from emueats from turanes, pothies c*. ?%is p'q& has good mgia with their ovarfl bushes plm. 11. Project Promoter Rekvant Experience: Briefly descri i the relevant exvaiawx, if any, possessed by the project promoter. Has the promoter developed similar projects? 1 EnLem Enginan Pvt Ltd.- The company has executed over 200 plants all over Indra with capacities ranging from l W to 40,000 m3Iday for a value of US 5 7 - 8 million in the last5 years. Entec GmBH, Austria, the technology provider is promoted by Rund Stahl Bau GmbH Austria a manufacturer ofchemical readors. Entec has developed the anaerobic digestion systems for solid and liquid waste capable of handling up to 12% solid content. They have established ovcr 50 plants world over for a variely of substrates. lnmvative Ummlttechnik GesmBH (IUT) have vast experience in design of MSW trcahncnt projccu. The major area of their focus is MSW segregation plants. They have designed plants with handling capacity of 300.000 tonslyear, which is similar to the proposed planL I IEL, Singapore shall be the supplier ofthe entire power plant includmg the gas engine and waste heat barcd power plant. IEL has a wide experience in manufacme, erection and operation of these system and have 1 executcd many such projects world over. 1 - . COEA - ODyx France a subsidiary of Vivendi would be the O&M con@actor. CGEA's m o v e r in the waste ntvlagemnt bralness is over US $3.6 &1. They are operating ovcr 50 solid waste management projects of various types wrld over. I 12. Special Purpose Vehicle Contact Information: / / Salient terns - . I .. . t I Organic Manure Purchase M a fmn the @ eaate nceiwd. To b; amvatcd in10 an v t in due I Waterhtility supply agreement signed? 1 Lsad krse rgmmcnt I I I Shareholder's agreement been entered / Bemg formulated. / ) info between existing equity holdus? 1 L 1 / Special provisions of above N A v 17. Quantify and Describe Risks I I . I I M low except for the sale of manure, because it is not I Risks Market? widely promoted to the fanners yet. I Country/Sovereign? I LOW I India has stable legal system and has by and large I I I I I following the legal process. Contracts have been Low to High Law I I I I honored and businesses of the mulhnationals have Description The comnod~t~cs produced by the project power and orgunic manure are in deficit. Therefore, market risks flourished. Thus, the sovereign risk is minimal. / 1 Regulatory? 1 Low I The W state has a functional electricity regulatory I 1 I comsslon The PPA has a legal valldlty Also. tile I proposed project act~vliy has overall support ofthe I local/state/cenh;ll govt. support 1 Conh-act~counter party Low The PPA and the waste supply agreements have been I I i 1 entered into. These agreements are sound and fair. The I i other contractual structure is also established and is I I I i 1 robust Although, UPPCL is not in good financial I I 1 / heal* this project bas a special status and is also 1 1 I contractors. They have earlier e x p e n c e lo scnmg up I i such projects. The materials to be used an standard I Thus, construction 1s not llkely to pose major 1 small in size. As such, no contract related problem are i expected. Constmction? I Low The promoters have gathered strong EPC and other I i challenges. Technology? I Medium I I I I I I i Management? Low i ! The technology providers have set up similar facilities elxwherc in the world. The promoters have experience in working with other effluent treatment projects in India. Combined, their sbcngths are suflicient to address any technology related issues. The promoters have a very lean and efficient management, which is evident From a large number of projects they have implemented in a short span of ; ' t i m . In addition, they can draw any necessary ' --.*,.--a *,.. ,-A;" -7 A.,?-;" I k very low. Alro rbc omaU ll ortlc MSW ~ ~ ~ u * ~ [ r i r b o * c r m C h n I i I E m a ~ o r a 3 9 m i l l i o r r l ~ m d M S 7 U d a i l y ] Exit? J L D ~ I ~ o ~ b ~ ~ r m ) y i . t b c p o ~ c r r o r ~ t k C o n ~ c a m r a parry PPA bu k s i p 4 and nlidatrd by I& UPERC. Cmsmction? No nnja mL. i I I I 1 M&? h h y I S o ~ e r g n " 1 Regulatory7 1 RmDvn have merrcd kaa from a &a gudcn fa p l n s m g tbemhrepmducwDofcbcnn~~~~ Thsnpoposcdsk 1 I ~ e d r m o a p u o p n a ~ ~ f a n * o ~ ~ e t k ~ closm ptCr place I I The PPA hrr been wcuntmcd mb admaarl paymmr t mccholnnr ourrly. Exrow a d Sure GovaamcP Gwankc Ir l l t o m p D L r e s u b ~ m w a n p n ~ c e p s d ~ m m n No n n p nsk 3. Carbon accounting details 1 Parameter ( Particulars 1 1 Baseline methodology 1 For methane abatement open dumping as practiced today For Power supply to grid Power mix in the Northern region and For fertilizer supplement- Emission from manufacture of Gmnbauu Cu Pollatbn hevatlo- Chng S m AUSAIDfln& pmjtxr inplanguad b: The Lo& Gmop. Imr. C M Safdarjuug Development Arri Near Delhi 110016 ~- ........... -. . . ...... ............................................................................... Acknowledgement & Lhscla~mer 1 3 .......................................................................................................... Executive Summary 4 ............................ .......................................................... 1. Background of the project 1 5 ................................... 2. GHG emission reduction objectives of the proposed project 8 a. Clean Technology nature ...................................................................................... 8 b. Sustainable Development objectiveslaspects ....................................................... 8 ........................................ c. Host wunny Government (GOI) objectivedapprovals 9 3. Busincss as usual or Baseline identification ........................................................... 10 a. Project boundary ................................................................................................. 10 b. Relevant baseline methodologylscenarios .......................................................... 10 c. Time dimensions of the baseline ......................................................................... 12 d. Annual /periodic estimations ............................................................................ 12 . . . . e. Baseline case emiss~ons esttmatlon .................................................................... 13 4. GHG mitigation potential of the project ................................................................. 15 . . ..................................................................................... 5. Momtonng & Verification 17 a. M&V philosophy ................................................................................................ 17 b. M&V system specification ........................................................................... 17 c. Hardware needs ................................................................................................... 18 d. M&V protocol ..................................................................................................... 18 e. Agencies to certify annual M&V .............................. . ................................... 18 f. M&V Cost estimates ........................................................................................... 18 6. Estimation of cost of carbon reductions ................................................................. 20 7. Risk assessment and mitigation mechanisms ......................................................... 21 1. Bukgmud of Ibeprojed Ash BMcmgy hub Iimikd (ABIL), a NW Rnport VeWk (SPV) c o m p m y p o m o b d b Y ~ ~ E n L c m ~ P v t ~ ~ ) . ( B a m d , p o p o a r tosctnpaprojSttogc~auc5.1 M W p o w a ( w ) m d 7 5 T P D ~ M . r m r 6um the municipal solid waste (MSW) to be supplied by tbe LuehDw hbnkip- .~ colponti011 (LMC), Luflcnow. U r n R.desh (UP). Luelmoar, tbe c3pihl of mc r9r ofUParitba~latio11ofMMd3mill i0.ge0~~&b.bwt ISOOTompadty ~ D ) o f s o l i d ~ o f t h i s . b o u t ~ % i r w ~ L M C b z r g r e e d t o q l y 300 ' I P D o f t h c M S W t o h e U B o r t b e a b o v e p u r p o s t b a c ~ ~ ~ d intbeagrumcnt ABlLsh.u~tcthcbiaLgndrbk111lflafromthcMSWmdpmarmc9mt ~ g b ~ i d i ~ m s p c c i ~ d c s i ~ r a a a ~ t o g a n m a b i o g a r i c b m m ~ m t m t . ' l b i s g . s s h ) l k ~ ~ & u e ~ i n g . s ~ m ~ t e e ~ c p o . u e r . I l b e w r n c h a t c o a t . i n c d m m C ~ g n a f r o m ~ ~ sball be m v a c d for gcocntion of additional e k h i c poam. Aftu maring Ibt auxiliary pow germation, ABIL shall wpolt powa to the grid of W P o w Corporati011 Ud (UPPCL), originally known as W Smtc W t y Boud (UPSEB). ABIL's contracted capeeity to UPPn is stated at 5.1 MW. Afta the ~ t i o n a n d ~ ~ ~ ) v u y o f t b e b i o g a s , t h e r m v i n i n g ~ sb.llbcdriedmdsold a s a b a c ( a i n f r c e c e m a n u r r r i f b i n ~ l h i s ~ s b . l l k s u i t a b k m agricultunland ~ g / p l a n t l t i o n p u r p o a c a ~ 0 r g . n i C r m n m ~ l u l d b e availabletotbeateat of75TPDfromthepmjaX T h p t D t s b d l b e ~ f o r 23 horn a day for about 324 days m a yeu and thus amiable to thc atcnr of 85% A flow char^ of tbe plant is given in Figure 1 . ABlL has m t d into a 30-yar p o w purchrc agmamt (PPA) with UPSEB oo July 31, 1998 [-able for a fintbn puiod of 30 yars] and a Waste Supply apecment with LMC on Fekuary 14,1997 l)so f a an eqd tenn. It bas fcaiwd a letter of intent for p h a s e of organic manm from a tea cshIe, wbicb is to be oonverted in a five-par agmmcnt for 2500 Tois pa month of bio hi of rpeciiic cbanctaistics. Thccostofpmpoad is csfinvtcd q Rr 760 millicn (iadodiog foreiga nurmcycxpcmcsofU $581 m i h m @ R s 43.5prUSS),arhichispopmcdto be financed by equity of Rs. 244 million, and deb of Rg 366 m i TbeN a W B i o e e n g Board of Ministry of NoaCmvmtid Eaagy Souros (MNES) of Govanmmt of bdi. (GOI) hr .ecepcsd tbe pjm u a "N.tioarl Dcmomartia~ Fmjea". MNES brr agreed to povidc a subsidy of Rr 150 miboa m per tbe scheme in view of the GHG rni&ting lnhne of the popd md m ability a ~ t e g m a r ~ o f m c r g y h t u ~ e t o ~ F i l a m ~ Background ofthe project Figure 1 : Procss Flows The primary Indian lender to the project appointed M/S Emst & Young (EsrY) an international consulting of repute for conducting Techno-economic review of the project. E&Y conducted a careful review of the project documents, made a site visit and had discussions with concerned authorities for an independent assessment as also conducted some experiments with the MSW. Key conclusions of their report are as follows: 3mm YSW . The guarantees provided by LMC are enforceable and protect the project promoters from variations in waste quality 5.1 MW MSW biornethanation mrn power plmt for Lucknow Block Dhgrsrn . h e treatment system as proposed shouldbe able to handle the MSW and generste power and biofertiiizer ? MSW Receiving Station Biogas Cleaning Unit - f 5.1 MW Power Generation plant b - Segregation Unit Organic Matter Preparation plant +. A Power Mechanical Digester Pulper Non Biodegradable Matter disposal TO l rndflll T v - Rejects Organic manure processing 71 TPD Manwe Background of the project © The biogas generation and the associated power generation would be close to design figures (lowez by about 2.5% than the design figures) + The project risks are adequately covered to the maximum extent possible Business m Usual or Bmeline LIouijication 3. Business aa usnd or Baseline identification The c-t practice of management of MSW in India comprises collection of the garbage and dumping it at specified sites within the city limits. These sites are generally unused land in the outskirts of the cities, which have large pits. These sites enable a large storage of solid waste therefore a larger life. The 300 class I cities covering a population of 250 million generate about 39 million tons of MSW every day. Only a few of these cities have initiated ways of treating their solid waste, which mainly resort to cornposting and land filling. The W government, with h4NES assistance conducted a survey of waste generation and collection in the state's ten major municipalities. This has resulted in identification of the present project as a showcase to other municipalities. The current practice of solid waste management in the city of Lucknow (which represents a general Indian city) is dumping in open area at various sites. a h j e d boundary The project shall encompass the city of Lucknow kom where the city garbage is collected, which was dumped otherwise on open sites. The project boundary for the first stream of GHG reduction viz. methane is the boundary of city of Lucknow. As the power is fed in the grid, which connects the city with UP state, which in turn, is well integrated with the Northem Regional grid becomes the boundary for the power supply. The ovaall grid in India is divided in five main geographic regions (NOpfh West, South, East and the North-East). Thwe region come under individual Regional Load Despatch Centers (RLDCs), which are represented by Regional Electricity Boards formed under the Indian Electricity Act, 1948. The power transfers within the RLDCs is common. The RLDCs in turn are being connected through inter regional bulk power transmission lines. However, this process of formation of a National Grid is yet to take place (At present only 3 inter regional bulk transmission lines have been functional). Thus, the RLDCs should generally be considered as independent power centers. In this case the Northern Regional Load Despatch center (NRLDC), which consists of the states of Jammu & Kashmir, Punjab, Himachal Radesh, Haryana, Rajasthan and Uttar Pradesh and the UT of Chandigarh is considered as the project's boundary. The organic manure pvoiddsubstitutes the use of chemical fertilizers like urea, DAP etc. the manufacturing process of these chemicals leads to emission of CO2 and other GHGs. For the p u p s c of this stream of GHG reduction, it would be essential to include the fer t i l i i manufacturing plants in the project boundary. Although it would be desirous to include all these, it would be practical to consider average plants of these two and accord due weightage proportional to the consumption (by the intended users). b. Relevant basdine methodology/~enahs (3 For methane rewvery: The proposed project -tially is fim of its kind, capturing methane from the biodegradable material of the MSW. If the material were dumped in the 3pen as is practiced today, these would degrade in aerobic conditions. The biological processes are shown to follow a bell Tnns&datik-rmrairlintbcWfQms&ricbb* st a slow rate .ad is r c l u d m thc almqhae. Cuborr fmcljmd in tbc biodcgdable matter of thc d i d would degrade over a long period The proposed pcaxss enables faacr digdon of majority of cubooaoauc material in gas. Thenfore, the baselm for this smam of duct ion is tbc total cmissicm of mcbnc tha wuld occur from tbc wid MSW hnm the Lucknow city. ~ o w c v e r , sins thc pmposed project would apmrr medune . re.duaionaspertheprocnsdcsigDcdbyENIFC,thc~arcdrrtioo~ resnictcd to this mount.] .. (ii) For power export to grid: Thc powu gcnuatim is using a gas @ r against tbe n d Rmkioe cyck or gas Wi. This is M imawivc appmach. The projat would feed .bout 5000 kW worth of pow in thc gnd O ~ U P ow- ~.irpAtioo ~ l d (UPPCLA srhish is .n & of ti*. 7he emision f&a of NRLDC would &fore k the b l i a c r ttus avuM bcthcsourrrofpowaintbcrbscaccofcbcprojcf~ A a r c f u l ~ o f t h c PCIf- of thc gIid SUggtsD lblt 00 M avenge in thc 2001 the UP grid had -81% of powa from tbarml sanaq both of UPPCL's own and pmammab fmm the uamal pow sector utilities (CPSU). About 14% wasfmmh?.drockctric-md~prrchrral6romnuchpl.nrsof CPSUr Thc thermal power mcnkmd above is mtinly 6un d iimi pl.a(r usingarbbiruminwSeo.lmiw!dinccntnlhdirTkcorlbolrrge.molmtr of ash, which kads to low cnn& cfficleocy. Indian power grid c x b i i very high lmmmkion .nd h i o n losses. AWaclgb cbc whl.l 6yrcs revealed off late ute quite high in many st.as brhdiog UP. it is p r e k b k b use the published figwe of 20% to be on a consavltive side. Since, this a grid feeding power plant with a capacity < 15 MW, it would qualify for the fast track projects as defined under the Borm agreement. The baselme is calculated h m the data on installed capacities and generation details from various sources for both UPPCL and NRLDC. The data is available h m the Planning Commission of India's Annual report of SEBs for June 2001 and Central Electricity Authority's report on NREB. The thermal plants are in majority based on pulverized coal fired technology. These plants mainly use sub-bituminous coal from the mineX-5oiid cenGl Iddia.BaS3 on the emission factors for this fuel for India as specified in the IPCC repolt and used by the World Bank GHG assessment handbook. The results are presented later. (iii) For replacement of chemical fertilizer by organic manure: The proposed plant would generate 75 TPD of organic manure. The manure &a11 replace the use of chemical fertilizers like urea, diammonium phosphate PAP), Potash and super phosphates mainly by plantations like tealcoffee gardens, horticultural use in municipal gardens etc. Since the manure has lower concentrations of N, P and K the release of these nutrients is slower than Chemical fertilizers. Based on the experience of the major users viz. the tea estates the equivalent amount of the manure to one ton of chemical fertilizer is found. Based on the specific energy consumption of urea and ammonia and the average of usage of these fertilizers in India, the weighted average emission factors of the chemical fertilizers is found out. The baseline emission reduction is the amount of emission by the equivalent amount of chemical fertilizers used. While, the manufacturing processes of chemical fertilizers also leads to emission of N20, for want of precise data these were not quantifiable and hence a-ere not accounted for in the present analysis. Here it needs to be clarified that the project generates organic manure, which replaces use of chemically manufactured fertilizers (in the same manner that the power generated replaces grid power.) therefore, these are NOT of the nature of embodied GHG emissions that the project replaces. Moreover, these reductions are measurable from the quantity of the chemical fertilizers, a product that would be used in absence of project's output the carbon emission reductions from this source should qualify for CERs. c Time dimensions ofthe baseline The hiomethanizatidn technology is being introduced for the 6rst time in the counky. There are. over 300 Class I cities in the country, which generate an estimated quantity of about 39 million tons of solid waste per year. It s expected that the use of the technology will take a long time before it becomes a common practice. Thus, the baseline is not likely to shifty during at least a decade during which the investors would buy the carbon offsets. d Annunl /periodic esbcslrmafions In view of the innovative nature of the proposed technology, it may not be necessary to revise the baseline estimate during the course of the first ten years during which investors are likely to purchase the credits. 4. GHG mltiptbm potatid of& prqtcd ~ p o j c c r h e l p s m a v o i d i n g ~ o f ~ m a i n ~ g u c o ; ~ aadenboodioxidc. I TbcpmjcctmrMcsapblrroftbemrhmcfrwtbc~dcgd.cim . ~- - ~ p o e s c e s . I f t b c ~ i s k f i m o p c l l i t ~ I d n q u i r c a l o o g t i m c f a t b c ! ~ ~ k ~ t i n t h c ~ ~ & a n l l . s t b c s o i l . a d a i r t o b r a t t h c ~ molsuks into d a mokcuks md ubnakly mdh.ae gu E & m d t i w o f l5-20~ipn&dedmbralrvariouscompkxcompoundr btbc proposed plant thc seed cuhm of mi& uses the nuhicats in Q r~ m enhance the b i i FROCCSS in akmx of air. 'Ibos, the d p n r c s s m h m d b y t b c c n z y r m t i c C a ~ b r p ( c n s t h c b i i t i 0 n pocess and nd inc yield of methn. Tbc kA over solids in tk a- arcnondcgndabkfadlpnctialpnposcs.BasedmtbcesthnBfmm k b o n m y ~ m d ~ o f m e t o c ~ ~ d o a r b c r r t b e gas gtmmtion is tstimucd to k uomd 0.86 mYtg of VOW solids (49290 m3Iday from the projst at 37' C) coDElining about 65% wchm and thc rcst carboa dioxide, moimm etc. However, as per thc tecboology nview cooducted by Emst & Young th gas gcoartioo has ban o w estimated by about 2.5%. When this is applied to the atirmtcs gas generation is likely to be - 48,055 m3lday. 'Ibu+, tbc pojea klps in capturing about 25392 m3 of m*haoe gas at Smd.rd Ttanpaame a d b u r e . 'll& w& our to 118.169 Tons pr annum of CO: (GWP of wtlmcis21) n The pmject generates a total of 5.6 MW of electric power aad a R u meeting inc plant aads qmts power worth .bout 5.1 MW. Urdu rtarmpriom of availability of 85% the poposcd project would feed 38.6 MU m ibc aue grid of UP. In the &ewx of p jea activity, this could have baen ma aim grid power. whichbasahigbhmnd power-lntim~. Tbcsakof UP g e a n t e s i t s o r v o p o w c r m d . l u , n c c i v a p o w a f r w i ~ ~ s h r r ~ r b c central power sector PSUr (V i i NTPC, NHPC, NPC etc.). B a d clil tbe scenario outlined in thc eartier &on, ibc power gagltcd by combLaioa of the methane captured wollld l a d to reduction of c d m anicsmm h thc coal fired grid p o w to thc extent of 40,375 Tom p a amum of CQ. rn ~ p r o p m t a ~ j c c t ~ c q m i c n v n v r r m l k a ~ o f 7 1 T P D . T ~ ~ manure has adequate ~IUI& of N. P md K rc by plmb epoidy Solids 70 - 75 orBania 40-50 Ni- 02 - 0.6 Pbospborus 0.8-6.8 PousSium 0.3 - 1.4 Fz Cu. 2.0 T ~ a r PH value 6.0 - 7.0 GHG mifigmion pafenr*J of fhepmject The plantations and even the other cmps p r e f ~ this type of fdl izer on account of the slow release of nutrients, wbich are absorbed pmperly by the soil and hence the plants. In addition, the manure does not allow drainage of the nutrients and also preserves the pH of the soil The organic manure generated from the project is assumed to be able to supplement the chemical fertilizers. It assumed that eacbton @.the manure should_~lace 500 kg of chemical fertilizers Therefore, the overall reduction &om the pmject's sale of 25,560 tons of organic manure per m u m works at 33,587 tons COlper mum. To summarize, the total carbon emission reductions from the project would be as given below: solid waste Power generation from 40,375 methane gas Replacement of chemical 33,587 fertilizers 192,131 Leakages Leakages are defined as net change of anthropogenic emissions occurring outside the project boundary, wh~ch are measurable and attributable to the proposed project 1 activity. The possibilities of such emissions occurring on account of this project are remote, in view of its size and its nature. Hence the leakages from this project activity are taken as nil. 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