geothermal power plant projects in central america - Orkustofnun
geothermal power plant projects in central america - Orkustofnun geothermal power plant projects in central america - Orkustofnun
APPENDIX A: SUMMARY OF FINANCIAL MODELRESULTTotal(Project) (Equity)Capital EquityNPV of Cash Flow 47 22 Disc Rate (MARR) 16% 20%Internal Rate of return 19.85% 23.93% Planning Horizon 32 yearsPROJECTINVESTMENTFINANCINGOPERATIONBREAKDOWNPOWER PLANTEXPLORATIONS.F. A.1 A.2 B.1 B.2 C.1 C.2 C.3Disc Rate (MARR) Year S.F. 2010 1 2 3 4 5 6 7Plant Life Time 25 Years Exploration % 50% 50%Gross Capacity 55.473 MW Drilling % 50% 50%Power Plant Type Single Flash Power Plant % 40% 40% 20%PLANExploration 100% 19 MUSD Exploration MUSD 9.6 9.6INVESTMENTDrilling 100% 43.0 MUSD Drilling MUSD 21.5 21.5Power Plant 100% 117 MUSD Power Plant MUSD 47.0 47.0 23.5Total 100% 179.7 MUSD Total Invest. MUSD 9.6 9.6 21.5 21.5 47.0 47.0 23.5Working Capital 100% 23.0 Working Capital MUSD 0.5 0.5 0.5 2.0 4.0 6.5 9.0Total Financing 100% 202.7 MUSD Total Financing MUSD 10.1 10.1 22.0 23.5 51.0 53.5 32.5 0.0MUSD 0.0 0.0 -0.3 -1.7 -3.6 -6.5 -9.2Number of Loans 3 LOAN Equity Ratio % 100% 100% 30% 30% 30% 30% 30%Loan Repay. 100% 10 10 10 10 10 10 10Minimum Cash account 0.50 MUSD Loan Interest % 100% 0.03 0.03 0.09 0.09 0.08 0.08 0.08Initial Operation Year 2017 Year Loan Fees % 100% 0.02 0.02 0.02 0.02 0.02 0.02 0.02Variable Cost 100%Fixed Cost 100% 12.2 MUSD/year Quantity MWh 100% 0 0 0 0 0 0 0 437,349Inventory Build-up 100% SALES Price USD/MWh 100% 116.0 121.8 127.9 134.3 141.0 148.0 155.5 163.2Debtors 100% 25% of turnoverCreditors 100% 15% of V. C.Dividend 100% 30% of profitDepreciation Development 100% 25%Depreciation Drilling 100% 5%Depreciation Power Plant 100% 10%Income Tax 100% 30% Variable 0.0%Variable 0.0 MUSD Fixed 15.0%Fixed 542.6 MUSD Paid Tax 18.5%Paid Tax 667.3 MUSD Loan Interes 2.2% VariableLoan Interes 81.0 MUSD Repayments 3.5%FixedRepayments 127.8 MUSD Paid Dividend 16.6%Paid Dividend 600.6 MUSD Cash Account 44.1% Paid TaxCash Account 1592.0 MUSD 100.0%Loan Interes3611.3Availability Factor 100% 0.9RepaymentsPlant Net Capacity 100% 55.0 MWPEC 100% 64.6 MUSDPaid DividendSteam Gathering 100% 279.0 USD/kWCash AccountTransmission line distance 100% 8.8 KmTransmission line cost 100% 811666.7 USD/KmExploration 100% 173.0Confirmation 100% 173.0DRILLINGAverage cost of such well 100% 3.2 MUSDAverage depth of well A 100% 1.9 KmAverage MWe per drilled km 100% 3.4 MW/KmLearning period 100% 0.5O&MO&M 100% 2.8 USD¢/kWhO&M Annual Growth 100% 4%71
APPENDIX B: INCOME STATEMENTINCOME STATEMENT2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042OPERATIONSSales 0 0 0 0 0 0 0 437,349 437,349 437,349 437,349 437,349 437,349 437,349 437,349 437,349 437,349 437,349 437,349 437,349 437,349 437,349 437,349 437,349 437,349 437,349 437,349 437,349 437,349 437,349 437,349 437,349 437,349Price 116 121.8 127.89 134.28 141 148.05 155.5 163.22 171.38 179.95 188.95 198.4 208.32 218.74 229.67 241.16 253.21 265.87 279.17 293.13 307.78 323.17 339.33 356.3 374.11 392.82 412.46 433.08 454.73 477.47 501.35 526.41 552.73Revenue 0.0 0.0 0.0 0.0 0.0 0.0 71.4 75.0 78.7 82.6 86.8 91.1 95.7 100.4 105.5 110.7 116.3 122.1 128.2 134.6 141.3 148.4 155.8 163.6 171.8 180.4 189.4 198.9 208.8 219.3 230.2 241.7Variable Cost 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Net profit contribution 0.0 0.0 0.0 0.0 0.0 0.0 71.4 75.0 78.7 82.6 86.8 91.1 95.7 100.4 105.5 110.7 116.3 122.1 128.2 134.6 141.3 148.4 155.8 163.6 171.8 180.4 189.4 198.9 208.8 219.3 230.2 241.7Fixed Cost 12.2 0.0 0.0 0.0 0.0 0.0 0.0 12.2 12.7 13.2 13.8 14.3 14.9 15.5 16.1 16.8 17.4 18.1 18.9 19.6 20.4 21.2 22.1 22.9 23.9 24.8 25.8 26.8 27.9 29.0 30.2 31.4 32.6Diverse TaxesOperating Surplus (EBITDA) 0.0 0.0 0.0 0.0 0.0 0.0 59.1 62.2 65.5 68.9 72.4 76.2 80.2 84.3 88.7 93.3 98.2 103.2 108.6 114.2 120.1 126.4 132.9 139.8 147.0 154.6 162.6 171.0 179.8 189.1 198.8 209.1Inventory Movement 0Depreciation 0.0 0.0 0.0 0.0 0.0 0.0 18.7 18.7 18.7 18.7 13.9 13.9 13.9 13.9 13.9 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 0.0 0.0 0.0 0.0 0.0 0.0Operating Gain/Loss (EBIT) 0.0 0.0 0.0 0.0 0.0 0.0 40.4 43.5 46.8 50.2 58.5 62.3 66.3 70.4 74.8 91.2 96.0 101.1 106.4 112.1 118.0 124.2 130.7 137.6 144.8 152.4 162.6 171.0 179.8 189.1 198.8 209.1Financial cost (interest of loan) 0.0 0.0 0.3 1.7 3.6 6.5 9.2 10.5 9.7 8.6 7.6 6.5 5.5 4.4 3.3 2.3 1.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Profit before Tax 0.0 0.0 -0.3 -1.7 -3.6 -6.5 -9.2 29.9 33.9 38.1 42.6 52.0 56.9 61.9 67.1 72.5 89.9 95.8 101.1 106.4 112.1 118.0 124.2 130.7 137.6 144.8 152.4 162.6 171.0 179.8 189.1 198.8 209.1Loss Transfer N/A 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Taxable Profit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29.9 33.9 38.1 42.6 52.0 56.9 61.9 67.1 72.5 89.9 95.8 101.1 106.4 112.1 118.0 124.2 130.7 137.6 144.8 152.4 162.6 171.0 179.8 189.1 198.8 209.1Income Tax 25% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7.5 8.5 9.5 10.7 13.0 14.2 15.5 16.8 18.1 22.5 24.0 25.3 26.6 28.0 29.5 31.1 32.7 34.4 36.2 38.1 40.6 42.7 45.0 47.3 49.7 52.3Profit after Tax 0.0 0.0 -0.3 -1.7 -3.6 -6.5 -9.2 22.4 25.4 28.6 32.0 39.0 42.6 46.4 50.3 54.4 67.4 71.9 75.8 79.8 84.0 88.5 93.2 98.1 103.2 108.6 114.3 121.9 128.2 134.9 141.8 149.1 156.8Dividend 30% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6.7 7.6 8.6 9.6 11.7 12.8 13.9 15.1 16.3 20.2 21.6 22.7 23.9 25.2 26.5 27.9 29.4 31.0 32.6 34.3 36.6 38.5 40.5 42.5 44.7 47.0Net Profit/Loss 0.0 0.0 -0.3 -1.7 -3.6 -6.5 -9.2 15.7 17.8 20.0 22.4 27.3 29.8 32.5 35.2 38.1 47.2 50.3 53.1 55.9 58.8 61.9 65.2 68.6 72.2 76.0 80.0 85.4 89.8 94.4 99.3 104.4 109.872
- Page 32 and 33: 9ProductionWellBoiler5Turbine~1046P
- Page 34 and 35: TABLE 3: Parameters and boundary co
- Page 36 and 37: eaches the maximum limit, and for h
- Page 38 and 39: 160180140160tc vap[i], th vap[i]120
- Page 40 and 41: average results, and combining them
- Page 42 and 43: The base cost ( ) can be calculate
- Page 44 and 45: calculation for another separator c
- Page 46 and 47: mass flow rate (kg/s) on the plant
- Page 48 and 49: Table 11 shows a summary of costs f
- Page 50 and 51: 5.6.4 Comparison of capital costs b
- Page 52 and 53: 6. FINANCIAL FEASIBILITY ASSESSMENT
- Page 54 and 55: 6.2 Model structureThe financial fe
- Page 56 and 57: CCF = EBITDA − ∆Working Capital
- Page 58 and 59: Interest on loansFleischmann (2007)
- Page 60 and 61: IRR30%25%IRR CapitalIRR Equity20%Si
- Page 62 and 63: FIGURE 42: Allocation of funds for:
- Page 64 and 65: 340IRR Free Cash Flow to Equity [ %
- Page 66 and 67: flash technology is between 0.3 and
- Page 68 and 69: Energy Price Availability Factor O&
- Page 70 and 71: FIGURE 50: Density and cumulative p
- Page 72 and 73: In Chapter 6, Figure 44 illustrated
- Page 74 and 75: The internal rate of return is offs
- Page 76 and 77: Cengel, Y. and Tuner, R., 2005: Fun
- Page 78 and 79: IEAb, 2011: Technology roadmap: Geo
- Page 80 and 81: Salmon, J., Meurice, J., Wobus, N.,
- Page 84 and 85: APPENDIX C: INVESTMENT AND FINANCIN
- Page 86 and 87: APPENDIX E: BALANCE SHEETBALANCE SH
APPENDIX A: SUMMARY OF FINANCIAL MODELRESULTTotal(Project) (Equity)Capital EquityNPV of Cash Flow 47 22 Disc Rate (MARR) 16% 20%Internal Rate of return 19.85% 23.93% Plann<strong>in</strong>g Horizon 32 yearsPROJECTINVESTMENTFINANCINGOPERATIONBREAKDOWNPOWER PLANTEXPLORATIONS.F. A.1 A.2 B.1 B.2 C.1 C.2 C.3Disc Rate (MARR) Year S.F. 2010 1 2 3 4 5 6 7Plant Life Time 25 Years Exploration % 50% 50%Gross Capacity 55.473 MW Drill<strong>in</strong>g % 50% 50%Power Plant Type S<strong>in</strong>gle Flash Power Plant % 40% 40% 20%PLANExploration 100% 19 MUSD Exploration MUSD 9.6 9.6INVESTMENTDrill<strong>in</strong>g 100% 43.0 MUSD Drill<strong>in</strong>g MUSD 21.5 21.5Power Plant 100% 117 MUSD Power Plant MUSD 47.0 47.0 23.5Total 100% 179.7 MUSD Total Invest. MUSD 9.6 9.6 21.5 21.5 47.0 47.0 23.5Work<strong>in</strong>g Capital 100% 23.0 Work<strong>in</strong>g Capital MUSD 0.5 0.5 0.5 2.0 4.0 6.5 9.0Total F<strong>in</strong>anc<strong>in</strong>g 100% 202.7 MUSD Total F<strong>in</strong>anc<strong>in</strong>g MUSD 10.1 10.1 22.0 23.5 51.0 53.5 32.5 0.0MUSD 0.0 0.0 -0.3 -1.7 -3.6 -6.5 -9.2Number of Loans 3 LOAN Equity Ratio % 100% 100% 30% 30% 30% 30% 30%Loan Repay. 100% 10 10 10 10 10 10 10M<strong>in</strong>imum Cash account 0.50 MUSD Loan Interest % 100% 0.03 0.03 0.09 0.09 0.08 0.08 0.08Initial Operation Year 2017 Year Loan Fees % 100% 0.02 0.02 0.02 0.02 0.02 0.02 0.02Variable Cost 100%Fixed Cost 100% 12.2 MUSD/year Quantity MWh 100% 0 0 0 0 0 0 0 437,349Inventory Build-up 100% SALES Price USD/MWh 100% 116.0 121.8 127.9 134.3 141.0 148.0 155.5 163.2Debtors 100% 25% of turnoverCreditors 100% 15% of V. C.Dividend 100% 30% of profitDepreciation Development 100% 25%Depreciation Drill<strong>in</strong>g 100% 5%Depreciation Power Plant 100% 10%Income Tax 100% 30% Variable 0.0%Variable 0.0 MUSD Fixed 15.0%Fixed 542.6 MUSD Paid Tax 18.5%Paid Tax 667.3 MUSD Loan Interes 2.2% VariableLoan Interes 81.0 MUSD Repayments 3.5%FixedRepayments 127.8 MUSD Paid Dividend 16.6%Paid Dividend 600.6 MUSD Cash Account 44.1% Paid TaxCash Account 1592.0 MUSD 100.0%Loan Interes3611.3Availability Factor 100% 0.9RepaymentsPlant Net Capacity 100% 55.0 MWPEC 100% 64.6 MUSDPaid DividendSteam Gather<strong>in</strong>g 100% 279.0 USD/kWCash AccountTransmission l<strong>in</strong>e distance 100% 8.8 KmTransmission l<strong>in</strong>e cost 100% 811666.7 USD/KmExploration 100% 173.0Confirmation 100% 173.0DRILLINGAverage cost of such well 100% 3.2 MUSDAverage depth of well A 100% 1.9 KmAverage MWe per drilled km 100% 3.4 MW/KmLearn<strong>in</strong>g period 100% 0.5O&MO&M 100% 2.8 USD¢/kWhO&M Annual Growth 100% 4%71
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