POWER PLANTS IN BANGLADESH

REPRESENTED BY:Contact information:

Mr Christopher Hess-WęgrzeckiM: +48 790 644 717 (English&German) E: office@hessbusinessconsulting.infoSkype: hess-chris www.hessbusinessconsulting.info

General InformationThe Corporation is implementing a three 108 MW HFO(Heavy Fuel Oil) Fired Power Plants in Bangladesh based on proven Germany's technology (MAN Generators). The Corporation has guaranteed Purchase Agreement for 15 years at fixed rate signed by the Government. Moreover, the Purchase Agreement between the Government and the Corporation commit the Government to pay a monthly capacity payment even in no power purchase. Capacity payment is adequate to service debt.

Working CapitalRevolving loan of $ 20 M will be needed during operational period as working capital finance from commercial lenders to purchase imported fuel. The fuel payment will be made by Government every 45 days.

Loan SecurityProject's assets and land can be mortgaged. The Government's payment can be made directly to Lender or associated financial institution with Lender.

Structure of Investment Outlays

Owner's Equity:-Land and Land Development $ 15.31 M-Local Assets $ 13 M Debt Financing:- Cost of Imported Plant, Installation & Errection (EPC Cost) $ 67.87 M including IDCP (Intrest During Construction Period)--------------------------------------------------------------------------------------- Total Project Cost $ 96.18 M

Analysis of Project Profitability

Average Operating Profit to Revenue 14.5%Return on Investment (Project ROI) 17.4%Internal Rate of Return (IRR) 16.5%Net Present Value (NPV) $100.6 MProfitability Index (PI) 2.05Payback Period 6.202 YearsAverage 15 years DSCR 2.64

Tax Free-ZoneThe Corporation is to be established under Economic Zone and it is tax exempted up to 10 (Ten) years from the date of commencement of commercial operation.

There is no cost of CO2 emissions as it is below normal range.

Working Capital Finance Requirement

Revolving loan of USD 20.00 million will be needed during operational period as workingcapital finance from commercial lenders.

14.460%6.202 Years

16.467%USD 100.664

17.435%2.058

Average Operating Profit to RevenuePayback PeriodInternal Rate of Return (IRR)Net Present Value (NPV) in millionsReturn on Investment (Project ROI)Profitability Index (PI)Average 15 years DSCR 2.645

Ratio

Projected Balance Sheet in USD million

Year‐0 Year‐1 Year‐2 Year‐3 Year‐4 Year‐5 Year‐6 Year‐7 Year‐8 Year‐9 Year‐10 Year‐11 Year‐12 Year‐13 Year‐14 Year‐15

        13.718         15.090         16.599         18.259         20.084         22.093         24.302         26.732         29.406         32.346         35.581         39.139         43.053         47.358         52.094         57.303

          1.594           1.594           1.594           1.594           1.594           1.594           1.594           1.594           1.594           1.594           1.594           1.594           1.594           1.594           1.594           1.594

AssetsNon ‐ Current Assets Land CostLand Development Cost Ammortization                

‐         (0.072)          (0.145)          (0.217)          (0.290)          (0.362)          (0.435)          (0.507)          (0.580)          (0.652)          (0.725)          (0.797)          (0.870)          (0.942)          (1.015)          (1.087)

          1.594           1.522           1.449           1.377           1.305           1.232           1.160           1.087           1.015           0.942           0.870           0.797           0.725           0.652           0.580           0.507

        79.470         79.470         79.470         79.470         79.470         79.470         79.470         79.470         79.470         79.470         79.470         79.470         79.470         79.470         79.470         79.470

               ‐

         (2.940)          (5.879)          (8.819)        (11.758)        (14.698)        (17.637)        (20.577)        (23.516)        (26.456)        (29.395)        (32.335)        (35.274)        (38.214)        (41.154)        (44.093)

Property, Plant & Equipment : At Cost Accumulated Depreciation

Net Property, Plant & Equipment         79.470         76.530         73.591         70.651         67.712         64.772         61.833         58.893         55.954         53.014         50.075         47.135         44.195         41.256         38.316         35.377

Net Fixed Assets         94.782         93.142         91.639         90.287         89.101         88.097         87.294         86.713         86.374         86.302         86.525         87.071         87.973         89.266         90.990         93.187

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

Intangible Assets Unallocated Expenditure Total Intangible Assets                

‐               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

Total Non‐Current Assets         94.782         93.142         91.639         90.287         89.101         88.097         87.294         86.713         86.374         86.302         86.525         87.071         87.973         89.266         90.990         93.187

Current Assets

Accounts Receivable                ‐

          6.409           6.580           6.756           6.939           7.126           7.320           7.518           7.723           7.933           8.150           8.374           8.604           8.839           9.081           9.336

Margin for PSD           0.209                ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐

               ‐Cash & Bank Balances                

‐        12.194         23.207         28.501         33.697         37.321         46.343         48.634         60.634         61.140         69.429         89.701       100.801       115.970       136.141       153.360

Total Current Assets           0.209         18.602         29.787         35.257         40.636         44.447         53.663         56.152         68.357         69.073         77.578         98.075       109.404       124.809       145.222       162.696

Total Assets         94.992       111.744       121.426       125.544       129.737       132.545       140.957       142.865       154.731       155.376       164.103       185.146       197.377       214.075       236.212       255.883

Equity and Liabilities

        27.120         27.120         27.120         27.120         27.120         27.120         27.120         27.120         27.120         27.120         27.120         27.120         27.120         27.120         27.120         27.120

               ‐

          1.372           2.881           4.541           6.367           8.375         10.584         13.014         15.688         18.628         21.863         25.421         29.335         33.640         38.376         43.585

               ‐

          9.714         17.080         24.935         33.512         42.824         52.915         63.800         75.526         88.112       101.572       115.888       130.733       145.898       161.382       177.240

Shareholders' Equity Share Capital

Revaluation Reserve of Land Retained Earnings

Total Equity         27.120         38.206         47.081         56.596         66.998         78.319         90.619       103.934       118.334       133.860       150.555       168.429       187.188       206.658       226.878       247.946

        10.625         10.090           9.114           8.078           6.979           5.812           4.574           3.260           1.865           0.384          (0.000)                ‐

               ‐

               ‐

               ‐

               ‐        57.246         58.105         59.474         54.137         48.473         42.462         36.081         29.310         22.122         14.494           6.397          (0.000)                

‐               ‐

               ‐

               ‐

LiabilitiesNon ‐ Current Liabilities Foreign Loan ‐ 01

Foreign Loan ‐ 02

Total Non‐Current Liabilities         67.871         68.195         68.588         62.216         55.452         48.274         40.655         32.569         23.987         14.878           6.397          (0.000)               ‐

              ‐

              ‐

              ‐

               ‐

          5.344           5.758           6.733           7.286           5.952           9.683           6.361         12.410           6.638           7.151         16.717         10.189           7.416           9.333           7.937

Current Liabilities Accounts Payable & Accruals Total Current Liabilities               

‐          5.344           5.758           6.733           7.286           5.952           9.683           6.361         12.410           6.638           7.151         16.717         10.189           7.416           9.333           7.937

Total Liabilities         67.871         73.539         74.345         68.948         62.738         54.226         50.338         38.930         36.396         21.516         13.548         16.717         10.189           7.416           9.333           7.937

Total Equity and Liabilities         94.992       111.744       121.426       125.544       129.737       132.545       140.957       142.865       154.731       155.376       164.103       185.146       197.377       214.075       236.212       255.883

ParticularsAmount in USD (m)

Projected Income Statement in USD million

Year-1 Year-2 Year-3 Year-4 Year-5 Year-6 Year-7 Year-8 Year-9 Year-10 Year-11 Year-12 Year-13 Year-14 Year-15 TotalParticulars

Operating Revenuea) Capacity Charge         14.201         14.621         15.056       15.521       15.988       16.487       16.989       17.525        18.065        18.624       19.221       19.824       20.432       21.062       21.773       265.389

b) Fuel Charges (Energy Charges)         60.646         62.162         63.716       65.309       66.942       68.616       70.331       72.089        73.891        75.739       77.632       79.573       81.562       83.601       85.691    1,087.503

c) O&M Charges (Energy Charges)            2.057            2.178            2.305          2.440          2.583          2.734          2.894          3.064           3.243           3.433          3.634          3.846          4.071          4.310          4.562           47.353

        76.904         78.961         81.078       83.271       85.513       87.837       90.214       92.678        95.199        97.795     100.487     103.243     106.065     108.973     112.026    1,400.245Total Tariff

Other Income (If any)                ‐                ‐                ‐              ‐              ‐              ‐              ‐              ‐               ‐               ‐              ‐              ‐              ‐              ‐              ‐                 ‐

Total inflow         76.904         78.961         81.078       83.271       85.513       87.837       90.214       92.678        95.199        97.795     100.487     103.243     106.065     108.973     112.026    1,400.245

       (59.243)        (60.724)        (62.242)      (63.799)      (65.393)      (67.028)      (68.704)      (70.422)       (72.182)       (73.987)      (75.836)      (77.732)      (79.676)      (81.667)      (83.709)   (1,062.346)

         (0.617)          (0.650)          (0.686)        (0.723)        (0.763)        (0.806)        (0.852)        (0.900)         (0.952)         (1.006)        (1.065)        (1.127)        (1.194)        (1.264)        (1.340)        (13.945)

Operating ExpensesFuel Cost

Fixed O&M Expenses

Variable O&M Expenses          (2.825)          (3.059)          (3.309)        (3.577)        (3.865)        (4.172)        (4.502)        (4.854)         (5.231)         (5.634)        (6.065)        (6.526)        (7.019)        (7.545)        (8.108)        (76.292)

Total Expenses        (62.685)        (64.433)        (66.237)      (68.099)      (70.022)      (72.007)      (74.057)      (76.176)       (78.365)       (80.627)      (82.967)      (85.386)      (87.888)      (90.477)      (93.156)   (1,152.583)

        14.219         14.528         14.841       15.171       15.492       15.830       16.157       16.502        16.834        17.168       17.520       17.857       18.177       18.496       18.870       247.662

         (3.012)          (3.012)          (3.012)        (3.012)        (3.012)        (3.012)        (3.012)        (3.012)         (3.012)         (3.012)        (3.012)        (3.012)        (3.012)        (3.012)        (3.012)        (45.180)

EBITD

Less : Depreciation

EBIT  / Operating Income         11.207         11.516         11.829       12.159       12.480       12.818       13.145       13.490        13.822        14.156       14.508       14.845       15.165       15.484       15.858       202.482

         (0.634)          (0.584)          (0.524)        (0.460)        (0.393)        (0.321)        (0.245)        (0.165)         (0.079)         (0.006)              ‐              ‐              ‐              ‐              ‐           (3.411)

         (0.859)          (3.566)          (3.450)        (3.122)        (2.775)        (2.406)        (2.014)        (1.599)         (1.158)         (0.690)        (0.193)              ‐              ‐              ‐              ‐        (21.831)

Less : Interest (Foreign Loan ‐ 01)

Less : Interest (Foreign Loan ‐ 02)

Total Interest          (1.493)          (4.149)          (3.974)        (3.583)        (3.168)        (2.727)        (2.260)        (1.763)         (1.237)         (0.695)        (0.193)              ‐              ‐              ‐              ‐        (25.242)

EBT           9.714           7.367           7.855         8.577         9.312       10.091       10.885       11.726        12.585        13.460       14.316       14.845       15.165       15.484       15.858       177.240

Less : Income Tax                ‐                ‐                ‐              ‐              ‐              ‐              ‐              ‐               ‐               ‐              ‐              ‐              ‐              ‐              ‐                 ‐

EAT           9.714           7.367           7.855         8.577         9.312       10.091       10.885       11.726        12.585       13.460       14.316       14.845       15.165       15.484       15.858       177.240

               ‐            9.714         17.080       24.935       33.512       42.824       52.915       63.800        75.526       88.112     101.572     115.888     130.733     145.898     161.382                 ‐Last Year's Retained Earnings

Retained Earnings           9.714         17.080         24.935       33.512       42.824       52.915       63.800       75.526        88.112      101.572     115.888     130.733     145.898     161.382     177.240       177.240

Projected Cash Flow Statement in USD Million`

Year‐0 Year‐1 Year‐2 Year‐3 Year‐4 Year‐5 Year‐6 Year‐7 Year‐8 Year‐9 Year‐10 Year‐11 Year‐12 Year‐13 Year‐14 Year‐15 Total

               ‐

Cash Flow from Operating Activities

Received from PDB

Less : Payment for O & M Expenses                ‐

     70.495      78.790      80.901      83.088      85.326      87.643      90.016      92.472      94.989      97.579    100.263    103.014    105.830    108.731    111.772      1,390.910

   (57.341)    (64.020)    (65.262)    (67.546)    (71.356)    (68.275)    (77.379)    (70.127)    (84.136)    (80.114)    (73.401)    (91.914)    (90.661)    (88.560)     (94.552)    (1,144.646)

Cash Flow from Operating Activities                ‐      13.154      14.770      15.639      15.542      13.970      19.368      12.637      22.345      10.853      17.465      26.862      11.100      15.169      20.171       17.219         246.264

      (66.470)            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐             ‐            ‐            ‐             ‐          (66.470)

      (12.536)            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐             ‐          (12.536)

         (0.209)        0.209            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐             ‐  ‐

Cash Flow from Investing Activities

Payment to EPC Contractor

Payment for Local Fixed Assets

Margin Performance Security Deposit

Cash Flow from Investing Activities       (79.215)        0.209            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐             ‐          (79.006)

        11.808            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐            ‐             ‐           11.808

        10.161       (1.170)       (1.560)       (1.560)       (1.560)       (1.560)       (1.560)       (1.560)       (1.560)       (1.560)       (0.390)            ‐            ‐            ‐            ‐             ‐           (3.875)

Cash Flow from Financing Activities

Sponsors' Equity

Foreign Loan Installment ‐ 01

Foreign Loan Installment ‐ 02         57.246            ‐            ‐            ‐             ‐          (21.831)

        79.215

           ‐       (2.197)       (8.786)       (8.786)       (8.786)       (8.786)       (8.786)       (8.786)       (8.786)       (8.786)       (6.590)

     (1.170)      (3.756)    (10.346)    (10.346)    (10.346)    (10.346)    (10.346)    (10.346)    (10.346)      (9.176)      (6.590)            ‐            ‐            ‐             ‐          (13.898)

               ‐      12.194      11.014        5.293        5.196        3.625        9.022        2.291      11.999        0.507        8.288      20.272      11.100      15.169      20.171       17.219         153.360

               ‐            ‐      12.194      23.207      28.501      33.697      37.321      46.343      48.634      60.634      61.140      69.429      89.701    100.801    115.970    136.141                ‐

Net Cash Flow

Beginning Cash Balance

Ending Cash Balance                ‐      12.194      23.207      28.501      33.697      37.321      46.343      48.634      60.634      61.140      69.429      89.701   100.801   115.970   136.141    153.360         153.360

ParticularsAmonut in USD (mn)

Details of Local Expenditure

Company formation, Consultancy, Permits, Financing Fees etc.

           0.50         0.01

           0.13       0.002

           1.60       0.021

           2.60       0.033

           0.03       0.000

           0.10       0.001

           0.91       0.012

           0.10       0.001

           0.25       0.003

           0.25       0.003

           0.25       0.003

           0.25       0.003

           0.08       0.001

           0.15       0.002

           0.13       0.002

Legal & Consultancy fees regarding Company formation & others

NOC from Environment

IEE (Initial Environmental Examination Report)

EIA (Environmental Impact Assessment Report)

Local Government (Union Parishads / Paurashava)

RAJUK Permission

BERC License

Dhaka WASA for Deep Tube well

NBR Permission for exemption from Duties and VAT on Imported Plant

NBR Permission for exemption from taxation on its income including all withholding taxes related di Statutory notification that the Lenders will be exempted from taxation on their income in Banglades Approval for construction of shoreline work, jetty, intake and outfall structures of once through coo NOC to build an exhaust stack and bypass stack at the site.

Approval of installations for boilers at the Facility

storage of petroleum products at or proximate to the Facility

Permission for fire safety and protection            0.12       0.002

           7.43         0.10

Pre ‐ Operative Expenses

           0.75         0.01

           2.25         0.03

           0.90         0.01

           7.50         0.10

           0.23         0.00

           0.75         0.01

           0.75         0.01

           3.00         0.04

           1.50         0.02

           0.45       0.006

           4.50         0.06

           0.15       0.002

         30.20         0.39

         78.75         1.01

         24.20         0.31

           2.25         0.03

           0.90         0.01

Entertainment

Motor Car Lease Rent ( 2 Cars)

Fuel & lubricant cost  and R&M of vehicles (2 Cars)

Salary & Related Cost

Conveyance bill

Photocopy, printing  and stationeries

Gift & donations including Calender etc

Electricity  (site for EPC support) & site office

Security bill and expenses

Repairs & maintenance ‐ office

Tours and Travellings including  Hotel (Local and Oversease)

Postage & courier including Comunication Expenses

PG commission & VAT

LC Commission and VAT

Marine & EAR insurance

Office rent

Repairs & maintenance ‐ site office

Micsellenious exp            3.00         0.04

         162.03             2.08

BDT (mn) USD (mn)

BDT (mn) USD (mn)

Project Management , Feasibility Study, Financing Fees etc.

           5.00       0.064

           5.00       0.064

           0.50       0.006

           0.50       0.006

           0.10       0.001

           0.25       0.003

Project Management Consultanct (PMC) and Owners' Engineering (O.E)

Legal, Custom Clearance, Loan arrangement & financing fees etc.

Feasibility Study, Financial Model, Project Profile, Information Memorandum etc.

Documents Preparatioin

PPA, IA Review & Nagotiation

Credit Rating Fees

Consultancy fees for share Premium            0.50       0.006

         11.85         0.15

BDT (mn) USD (mn)

       132.80         1.70

             ‐            ‐

             ‐            ‐

         50.00         0.64

         60.00         0.77

             ‐            ‐

           1.20         0.02

       136.80         1.75

Local Logistics & Transportation

Cast In Situ Piling

Pile / BG Foundation

Transmission Line Setup

Bay Extension

Jetty Construction

Utilities for site works

Mobilization of O&M for Comissioning

Fuel and others related oil for test run        195.54         2.51

       743.59         9.53

Contingency

Contingency          30.00       0.385

         30.00         0.38

Transmission line, Civil works, O&M mobilization and Initial start‐up cost etc.BDT (mn) USD (mn)

BDT (mn) USD (mn)

Operation and Maintenance Cost

Particulars Year‐1 Year‐2 Year‐3 Year‐4 Year‐5 Year‐6 Year‐7 Year‐8

8343 8343 8343 8343 8343 8343 8343 8343 8343 8343 8343 8343 8343 8343 8343

9.37 9.37 9.37 9.37 9.37 9.37 9.37 9.37 9.37 9.37 9.37 9.37 9.37 9.37 9.37

          7.817           7.817           7.817           7.817           7.817           7.817           7.817           7.817           7.817           7.817           7.817           7.817           7.817           7.817           7.817

Fuel Payment Calculation ‐ From BPDB

Heat Rate (KJ/KWh) ‐ as per PPA

HFO Price (USD/GJ) ‐ as per LOI

Fuel Cost (USC/KWh)

TOTAL FUEL COST (USD millions) ‐ BPDB           60.65           62.16           63.72           65.31           66.94           68.62           70.33           72.09           73.89           75.74           77.63           79.57           81.56           83.60           85.69

HFO Cost Calculation ‐ Variable Cost

8150 8150 8150 8150 8150 8150 8150 8150 8150 8150 8150 8150 8150 8150 8150

9.37 9.37 9.37 9.37 9.37 9.37 9.37 9.37 9.37 9.37 9.37 9.37 9.37 9.37 9.37

          7.637           7.637           7.637           7.637           7.637           7.637           7.637           7.637           7.637           7.637           7.637           7.637           7.637           7.637           7.637

Heat Rate (KJ/KWh) ‐ as per EPC Contract

HFO Price (USD/GJ) ‐ as per LOI

Actual HFO Cost  (USC/KWh)

TOTAL HFO COST (USD millions)           59.24           60.72           62.24           63.80           65.39           67.03           68.70           70.42           72.18           73.99           75.84           77.73           79.68           81.67           83.71

Fixed O&M

          0.305           0.324           0.345           0.368           0.392           0.417           0.444           0.473           0.504           0.537           0.572           0.609           0.648           0.690           0.735

          0.204           0.217           0.231           0.246           0.262           0.279           0.297           0.317           0.337           0.359           0.382           0.407           0.434           0.462           0.492

          0.100           0.100           0.100           0.100           0.100           0.100           0.100           0.100           0.100           0.100           0.100           0.100           0.100           0.100           0.100

          0.007           0.007           0.007           0.007           0.007           0.007           0.007           0.007           0.007           0.007           0.007           0.007           0.007           0.007           0.007

     ‐Manpower Cost

     ‐General and Admin Expenses

     ‐Plant Insurance

     ‐Licence Renewal Fees (BERC License)

     ‐Civil Maintenance           0.002           0.002           0.003           0.003           0.003           0.003           0.003           0.004           0.004           0.004           0.004           0.005           0.005           0.005           0.006

 Total Fixed O&M           0.617           0.650           0.686           0.723           0.763           0.806           0.852           0.900           0.952           1.006           1.065           1.127           1.194           1.264           1.340

Variable O&M Cost (USD)

       ‐Var Maintenance (Spare Parts)

 Total Foreign  Var. O&M USD millions

  1,313,134   1,448,592   1,594,400   1,751,258   1,919,911   2,101,153   2,295,825   2,504,822   2,729,097   2,969,659   3,227,584   3,504,013   3,800,159   4,117,309   4,456,831

          1.313           1.449           1.594           1.751           1.920           2.101           2.296           2.505           2.729           2.970           3.228           3.504           3.800           4.117           4.457

Variable O&M Cost ‐ Local

  1,472,354   1,568,057   1,669,981   1,778,529   1,894,134   2,017,252   2,148,374   2,288,018   2,436,739   2,595,127   2,763,811   2,943,458   3,134,783   3,338,544   3,555,549

       29,110        31,002        33,017        35,164        37,449        39,883        42,476        45,237        48,177        51,309        54,644        58,196        61,978        66,007        70,297

       ‐Lube Oil

      ‐Water Treatment

      ‐others        10,334        11,006        11,721        12,483        13,294        14,159        15,079        16,059        17,103        18,215        19,399        20,659        22,002        23,432        24,956

 Total Variable (local purchase) Cost (USD)

 Total Variable (local purchase) Cost (USD Million)

  1,511,798   1,610,065   1,714,719   1,826,176   1,944,877   2,071,294   2,205,929   2,349,314   2,502,019   2,664,651   2,837,853   3,022,313   3,218,764   3,427,983   3,650,802

          1.512           1.610           1.715           1.826           1.945           2.071           2.206           2.349           2.502           2.665           2.838           3.022           3.219           3.428           3.651

TOTAL VAR. O&M COST (USD Million)             2.82           3.059           3.309           3.577           3.865           4.172           4.502           4.854           5.231           5.634           6.065           6.526           7.019           7.545           8.108

Assumption and Estimates

Technical Assumptions108 MW

108 MW

1000 MW

1000 kW

           1,000,000 kW

6 Nos

18.55 MW

111.3 MW

0 Nos

0 MW

0 MW

111.3 MW

3.3 MW

108 MW

Net Capacity as per PPA (MW)

Available Capacity

1 GW

1 MW

1 GW

Number of Genset (Nos)

Net Capcity Per Engine (MW)

Actual Output of 13 Nos of Genset  (a) (MW)

Number of Steam Turbine (Nos)

Net Capcity Per Steam Turbine (MW)

Actual Output of 2 Nos of Steam Turbine  (b) (MW)

Total Actual OutPut  (a+b) (MW)

Inhouse Consumption & System Loss (MW)

Net Capacity to be sold to BPDB (MW)

Initial Contract Period with BPDB 15 Years

Depreciation Assumptions

22 Years

15 Years

30.00%

0.00%

15 Years

0.00%

Estimated Useful life for Plant 

Estimated Useful life for Euipment other than Plant

Salvage Value of Plant

Salvage Value of the Equipment Other than Plant

Estimated Useful life for Other Assets

Salvage Value of Other Assets

Depreciation Method Straight Line

Tarrf Calculation Data

8343

8150

9.8857

6.9308

9.37

Guaranteed Heat Rate (kJ/kWh) (PPA, Page ‐ 123)

Actual Heat Rate (KJ/KWh) (EPC Contract)

Levelized Tarrif Charge (US Cents / kWh) (Discount Factor ‐ 12%, USD 1 = BDT 7

Levelized Tarrif Charge (BDT / kWh) (Discount Factor ‐ 12%, USD 1 = BDT 70)

HFO Price (US Dollar / GJ) ( 1 USD = BDT 70) (LOI)

Plant Factor (As LOI) 80%

Legal Matters and Assumption

0.00%

0.00%

0.00%

Import Duties for Plant & Machineries

Advance Income Tax at Import Stage

Sales Tax (VAT on Sales)

Income Tax 0.00%

Financing Assumptions

6.00%

10.0 Years

1.0 Years

4

6.00%

10.0 Years

Local Financing ‐ 01:

Local Financing Cost

Total Local Financing Tenor

Grace Period for Local Financing

No. of Quarter in a year

Local Financing ‐ 02:

Local Financing Cost

Total Local Financing Tenor

Grace Period 1.0 Years

Other Assumptions

BDT 78.00

BDT 92.00

6.50%

2.50%

RoE (1 USD)

RoE (1 EURO)

Local Inflation

USD Inflation

Increase Land Value Per Year 10.00%

Assumption for NPV Calculation

Cost of Capital (Current Bank Deposit Rate)  6.00%

Other Assumptions

24

12

30

365

720

8760

           1,000,000

 14 Months

500

           2,140,000

                27,436

 124

Total Hours in a day

Month in a Year

No. of days in a Month

No. of days in a year

Total Hours in a month

Total Hours in a year

1 Million

Number of Months to be taken for General & Admin Expenses including Bonus

Total Land in Decimals

Land Price per Decimals (BDT)

Land Price per Decimals (USD)

Land Development (BDT million)

Land Development (USD million)  1.594

ScenarioAnalysis

Base Case Scenario ‐ 01

Capacity utilization at 85%

Scenario ‐ 02

Capacity utilization at 90%

Variables

Capacity utilization 80.00% 85.00% 90.00%

Operational Data

Electricity Generation in GWh  756.86  804.17  851.47

Key figures (for the 15 years project period)

in USD million

                 1,400.25                  1,471.17

                 1,197.76                  1,268.93

 202.48  202.25

                 1,542.10

                 1,340.09

 202.01

Operating Revenue

Operating Expenses

Operating Income / EBIT (Earnings before Interests & Taxes)

EAT (Earnings after Tax)  177.24  177.00  176.77

 100.66USD             100.61USD             100.56USD           

16.467% 16.476% 16.484%

17.435% 17.418% 17.401%

Financial indicators/ratios of the project

NPV (Net Present Value) in BDT million

IRR (Internal Rate of Return)

ROI (Return on Investment)

PBP (Pay Back Period) 6.202 Years 6.190 Years 6.177 Years