Slide transcript
ALL 3 SPVs CLEAR THE 15% / 20% TARGETS · PASARJAYA NOW STRONGEST WITH ANIMAL CO-DIGESTION
CLEARANCE OVER TARGETS
| SPV | Project IRR | vs 15% | Equity IRR | vs 20% |
|---|---|---|---|---|
| PD Pasarjaya | 30.9% | +15.9 pp | 65.6% | +45.6 pp |
| Bandung | 25.1% | +10.1 pp | 52.7% | +32.7 pp |
| Lamsel | 22.5% | +7.5 pp | 46.6% | +26.6 pp |
| Portfolio | 26.2% | +11.2 pp | 55.9% | +35.9 pp |
READ-THROUGH
All three SPVs now include animal co-digestion (75 tpd at Pasarjaya and Bandung, 100 tpd at Lamsel). Pasarjaya is the strongest SPV at base case — animal co-digestion eliminated the v02 binding-constraint problem. Bandung tipping share calibrated to 20% (USD 5/tonne to SPV; 80% retained by Kota Bandung to fund the in-kind MRF). Lamsel is the marginal SPV but well above both targets. Portfolio min DSCR 3.60x — 2.8x the covenant floor.
Project IRR target 15% · Equity IRR target 20% · DSCR floor 1.30x. Source: per-SPV FM workbooks.