Slide transcript
PORTFOLIO DSCR HOLDS ABOVE 1.30X FLOOR ACROSS THE FULL CBG PRICE BAND (USD 9-15)
PD Pasarjaya (base Proj IRR 30.9%)
Bandung (base Proj IRR 25.1%)
Lampung Selatan (base Proj IRR 22.5%)
PORTFOLIO READ-THROUGH
Portfolio min DSCR: 3.60x (USD 15) → 2.90x (USD 13) → 2.19x (USD 11) → 1.49x (USD 9). Covenant floor (1.30x) holds at every price down to USD 9 — robust to a 40% gas-price haircut. Lamsel is the marginal SPV at deep downside (1.08x at USD 9). Optional pre-close levers: contractual price floor at USD 11/MMBTU in the PGN/Pertamina offtake; PMK 115/2021 VAT exemption (~1 pt Eq IRR uplift, USD 1.2M lower peak equity).
Project IRR / Min DSCR at USD 9 / 11 / 13 / 15 per MMBTU. Carbon revenue = 10% × CBG sales (moves with gas price).