3 SPV identity + all financial metrics across CBG USD 9 / 11 / 13 / 15 per MMBTU · 22-yr senior bond at 7.0% post-COD
| SPV CHARACTERISTICS | PDPasarjaya (PT WSU) | Bandung (PT JBN) | Lamsel (PT GVN) |
|---|
| MRF tier | None | Full (in-kind) | Light (in CAPEX) |
| MSW intake (tpd) | 350 | 700 | 500 |
| MSW organic purity (%) | 90% | 50% | 50% |
| MSW organic (tpd) | 315 | 350 | 250 |
| Animal feedstock (tpd) | 75 | 75 | 100 |
| Animal % of total organic | 19.2% | 17.6% | 28.6% |
| Total organic (tpd) | 390 | 425 | 350 |
| Total CAPEX (USD M) | 11.00 | 15.00 | 14.00 |
| Steady-state annual OPEX (USD M) | 1.93 | 3.08 | 2.75 |
| Steady-state annual Revenue @ USD15 (USD M) | 6.33 | 7.85 | 6.70 |
| CLIMATE IMPACT (steady-state / yr) | PDPasarjaya | Bandung | Lamsel | Portfolio |
|---|
| CBG output (MMBTU / yr) | 383,928 | 405,778 | 405,778 | 1,195,483 |
| Methane avoided (tCH4 / yr) | 7,118 | 7,756 | 6,388 | 21,261 |
| CO2e avoided (tCO2e / yr, LFG + LPG displ.) | 223,362 | 242,617 | 204,292 | 670,272 |
| Melon 3 kg LPG cylinders displaced (# / yr) | 2,559,521 | 2,705,185 | 2,705,185 | 7,969,890 |
| Cars off the road equivalent (# / yr) | 48,557 | 52,743 | 44,411 | 145,711 |
| PDPasarjaya (PT WSU) | | | | |
|---|
| CBG price → | USD 9 | USD 11 | USD 13 | USD 15 |
| Total Rev 22-yr ops (USD M) | 83.20 | 101.69 | 120.17 | 138.66 |
| Total CFADS 22-yr ops (USD M) | 36.99 | 52.32 | 67.65 | 82.98 |
| Loan principal at COD (USD M) | 8.31 | 8.31 | 8.31 | 8.31 |
| Total interest paid life (USD M) | 8.83 | 8.83 | 8.83 | 8.83 |
| Project IRR | 13.6% | 19.8% | 25.5% | 30.9% |
| Equity IRR | 24.5% | 40.1% | 53.6% | 65.6% |
| Min DSCR (ops) | 2.10x | 2.99x | 3.86x | 4.74x |
| Project NPV @ 10% (USD M) | 2.78 | 8.06 | 13.35 | 18.64 |
| Bandung (PT JBN) | | | | |
|---|
| CBG price → | USD 9 | USD 11 | USD 13 | USD 15 |
| Total Rev 22-yr ops (USD M) | 113.10 | 132.64 | 152.18 | 171.72 |
| Total CFADS 22-yr ops (USD M) | 42.11 | 58.31 | 74.51 | 90.71 |
| Loan principal at COD (USD M) | 11.33 | 11.33 | 11.33 | 11.33 |
| Total interest paid life (USD M) | 12.04 | 12.04 | 12.04 | 12.04 |
| Project IRR | 10.9% | 16.0% | 20.7% | 25.1% |
| Equity IRR | 17.5% | 30.8% | 42.3% | 52.7% |
| Min DSCR (ops) | 1.71x | 2.44x | 3.12x | 3.80x |
| Project NPV @ 10% (USD M) | 0.92 | 6.51 | 12.10 | 17.69 |
| Lamsel (PT GVN) | | | | |
|---|
| CBG price → | USD 9 | USD 11 | USD 13 | USD 15 |
| Total Rev 22-yr ops (USD M) | 87.93 | 107.47 | 127.01 | 146.55 |
| Total CFADS 22-yr ops (USD M) | 26.97 | 43.19 | 59.39 | 75.59 |
| Loan principal at COD (USD M) | 10.58 | 10.58 | 10.58 | 10.58 |
| Total interest paid life (USD M) | 11.24 | 11.24 | 11.24 | 11.24 |
| Project IRR | 6.2% | 12.3% | 17.6% | 22.5% |
| Equity IRR | 3.0% | 21.1% | 34.7% | 46.6% |
| Min DSCR (ops) | 1.08x | 1.90x | 2.66x | 3.39x |
| Project NPV @ 10% (USD M) | -3.40 | 2.20 | 7.79 | 13.38 |
