Letter of Interest to Purchase Private Currency Exchange

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Letter of Interest to Purchase Private Currency Exchange Powered By Docstoc
					PROJECT IDENTIFICATION
Project name:          Nam Pia Hydropower Project                                     Project type:
                       Lam Son Construction and Trading Company Limited
Owner:                 (recently changed to: Lam Son Trading and Construction Joint Calculation updated:
                       Stock Company)
CDM developed by: Energy and Environment Consultant Company Limited


Demonstration and Assessment of Prior Consideration of the CDM
A. Project Activity Start Date:
The start date is considered to be the date on which the project participant has committed to expenditures related to the imple
example, the start date can be the date on which contracts have been signed for equipment or construction/operation services

The project activity start date:   31-Aug-2007

Defined as the date on which: contracts have been signed for supply of mechanical and
                              hydraulic equipment and technical services

B. Prpject Implementation and CDM timeline - List of Events

         Project implementation timeline                Consideration of the CDM timeline

I. Legal & administrative formality to be
considered as the project owner
Finalising Investment project report (Feasibility
Study)
Approving Environmental Impact Assessment (EIA)
report by Son La Department of Natural Reources
and Environment
                                                    Submitting by the project sponsor
                                                    Document to request Provincial People's
                                                    Committee to verify and support for the
                                                    CDM project submission to the DNA
                                                    Submitting Document verifying and support
                                                    the CDM development by People's
                                                    Committee to DNA
                                                    Signing the CDM development and
                                                    registration contract with the CDM
                                                    consultant (CDM consultancy contract)
                                                    The Project Design Document (PDD)
                                                    started to develop

                                                    Submitting CDM project proposal to
                                                    members of Vietnam National Steering
                                                    Committee for UNFCCC and Kyoto Protocol
                                                    by DNA

                                                    Meeting to defend for CDM project at
                                                    DNA/Vietnam National Steering Committee
                                                    for UNFCCC and Kyoto Protocol
Obtaining Negoatiation report on the purchase of
the power with EVN
                                                        Issuing the LOA

                                                        Obtaining the Letter      of   Interest   in
                                                        purchasing CERs
Validating Basic design      of   the    project   by
Department of Industry



Issuing Certificate of Investment by Provicial
People’s Committee



II. Activities/ Procedures to be allowed to start
the project activity


                                                        Signing the termsheet for the sale of CERs




Signing Credit contract
Date of making the investment decision




Signing Contract for supplying mechanical
equipment and technical services - Starting date of
the project activity


Signing Contract for producing/supplying
hydrologic equipment and penstock



Signing Construction Contract


                                                        ERPA signed
        Project type:                           Hydro power

        Calculation updated:




tion of the CDM

s committed to expenditures related to the implementation or related to the construction of the project activity. For
for equipment or construction/operation services required for the project activity




                                            Document No and issued by
                              Time                                                             Note
                                            /Contract No and signed with



                                            Carried out by Vinaconex 36
                             January 2006
                                            Investment and Consultancy JSC
                                          No 26/QD-STNMT issued by Son
                         24 February 2006 La   Department     of  Natural
                                          Resources and Environment


                             13 June 2006 No 10/CV-LS



                                            No 1260/UBND issued by Son La
                             23 June 2006
                                            People's Committee


                                          No /HD-CDM signed with Energy
                             29 June 2006 and     Environment Consultant
                                          Limited



                                            No 3345/BTNMT-HTQT issued by
                            9 August 2006
                                            DNA



                        10 September 2006

                                                                               Agreed on feed-in price and
                        28 September 2006 Signed with EVN
                                                                               connection and metering points
                    No 02/2008/DMHCC-BCD issued
15 December 2006
                    by Vietnam DNA
                    Issued by the Kansai Electric
                    Power Co., Inc
                    No 394/BC-SCN issued by Son La
                    Department of Industry


                                                 Project      owner    title  officially
                    No 24121000007 issued by Son
 26 February 2007                                established (The investor was
                    La People's Committee
                                                 officially endorsed as project owner)




                    Signed with The Kansai Electric
      7 May 2007
                    Power Co.,Inc

                                              According to Decision 30/2006/QD-
                                              BCN, Article 7.2: "A project owner
                                              is allowed to start the project only
                                              when at least the approval for
                 Contract No 02/2007/NHNoSla-
     10 May 2007                              starting the project activity is made
                 TNHH XD & TM Lam Son
                                              and sufficient investment cost for
                                              the project is arranged"  The
                                              project shall be started only when
                                              the credit contract is available

                    Contract No 01 LS-TH signed with
 31 August 2007     Thai Hao Technical, Technology
                    Import-Export Com Ltd, China


                    Contract No NP-02/HD/LAMSON -
 5 October 2007     MEGASTAR        signed    with
                    MEGASTAR Com Ltr.,

                    Contract No 05/HDKT signed with
18 November 2007
                    Kim Chat Private Company
contracts have been signed for supply of mechanical and hydraulic equipment and technical services


contracts have been signed for construction of main works
contracts have been signed for credit (loan)
Certificate of Investment have been issued
ydraulic equipment and technical services
Investment schedule
                          Year            -5.0           -4.0                 -3.0            -2.0              -1.0
                           %             0.00%          0.00%               10.00%        45.00%              45.00%
                       Billion VND   0           0.00               30.50            137.25          137.25



Average electricity price
1. Nam Pia hydropower project                             603 VND/kWh
Investment cost
I. Capacity and outputs
 1. Gross electricity capacity                   15.00 MW
 2. Annual electricity outputs                   61.32 GWh
 3. Operating time                              4,088.0 hours
 4. Starting date of operation      Month            6
                                     Year        2009


I.1. Insert total investment cost
 1. Total investment cost                   305,000,000 1000 VND
Nam Pia
      15.00
      61.32
      4,088
          6
      2009




305,000,000
Insert specific costs
Insert total investment cost
Month   Year
 1        2006
 2        2007
 3        2008
 4        2009
 5        2010
 6        2011
 8        2013
 9        2014
Assumption
  Currency selecttion & exchange rate

  1. Local currency                                                      VND
  2. Currency exchange rate between VND and USD                        16,047 VND/USD
  3. Currency exchange rate between VND and EUR                        22,000 VND/EUR


  Country selection and economic rates
  1. Discount rate                                                       10%


  Tax
  1. Resources tax (per turnover)                                         2%                            Based on Circular No 05/2006/TT-BTC issued by Ministry of Finan
  2. Cost for using water resources from irrigation reservoirs            0%
  3. Enterprise revenue tax                    Start operation year             End operation year
     3.1. During the first period                                 1     0.0% 4                          Based on Government Decision No 24/2007/NĐ-CP issued on 1
                                                                                                        Article 35 - Item 5
     3.2. During the second period                                5     5.0% 13
     3.3. During the third period                                14    10.0% 15
     3.4. During the period of fourth period                     16    28.0% 35
    3.5. Average enterprise revenue tax during the lifetime            17.86%


I. Technical parameters

1. Gross electricity capacity                                            15.0 MW               Operation time                   4088.0 hours
2. Annual electricity outputs                                           61.32 GWh                    Load factor                   46.7 %
3. Area of the reservoir                                                  14 ha                 Power density                   107.14 W/m2
4. Parasitic and loss load                                              1.2%
5. Preparation period                                                     0.5 year                      Based on the Feasibility Study
6. Construction period                                                    2.0 year
7. Starting date of construction                            Month          6      Year          2007
8. Starting date of operation                                     ''       6         ''         2009
II. Investment cost
1. Total investment cost                                           305,000,000 1000 VND
                                                                       1,267.1 USD/kW
2. Financial project lifetime                                              35 year        Based on Decision 709/QD-NLDK issued on 13 April 2004


III. Financial plan
1. Equity                                                               30.0%                                 91,500,000 1000 VND
2. Loan                                                                 70.0%                                213,500,000 1000 VND
   2.1. Loan1
       + Loan rate                                                      70.0%                                213,500,000 1000 VND
       + Interest                                                      13.50%
   2.2. Loan 2
       + Loan rate                                                       0.0%                                           0 1000 VND
       + Interest                                                        0.0%
   2.3. Repayment period without the construction period                   10 year


IV. Products Revenue

1. Electricity price without VAT                                          603 VND/kWh
   Electricity price with VAT                  VAT rate: 10%              663 ''                                     4.13 Cent/kWh
2. CO2 emission
   + CO2 price                                                          21.00 EUR/tCO2                           462,000 VND/tCO2
   + CO2 emission factor                                                562.9 gCO2/kWh


V. Operating cost
1. Operating & maintenance cost per year                   1.20%     3,660,000 1000 VND   Based on Decision 709/QD-NLDK issued on 13 April 2004
2. Insurance cost                                          0.00%            0 1000 VND
2. Other operating cost per year                                            0 1000 VND
3. Total operating and maintenance cost per year                     3,660,000 1000 VND


VI. Depreciation
1. Depreciation period of the plant                                        20 years       Prevailing common practice period for industrial investment projec
Weighed Average Financial Discounting Rate of C
1. Total amount of investment                                    305,000,000
2. Equity
  2.1. Amount                                                     91,500,000
  2.2. Expected return on equity rate for investors in Vietnam       21.80%
3. Loan
  3.1. Local bank
  + Amount                                                       213,500,000
  + Interest rate                                                     13.5%
  3.2. Foreign bank
  + Amount                                                                0
  + Interest rate                                                     0.00%
4. Average enterprise revenue tax during the lifetime                17.86%


5. Weighed Average Financial Discounting Rate of Capital           14.30%
ting Rate of Capital - If
     1000 VND
                "To reflect the rate on return on equity in Vietnam from an investor’s point of view, we have used the rate
                Associates Inc., c/o Morningstar Inc., a leading provider of independent investment research in the United S
     1000 VND   international markets. In the report “International Costs of Capital Perspectives Report 2006”, Ibbotson As
                Morningstar Inc. displays the costs of capital for Vietnam . In total the report gives 12 different values for
                different calculation methods and investors background). In the following we have chosen the lowest va
                values given in the report (21.8 %) as the general expected rate on return on equity for investors in Vietnam."
                Source: Ibbotson Associates Inc., c/o Morningstar Inc.: International Cost of Capital Perspectives Report 20
                updated annually. The cost of equity is calculated using the country risk rating model. Further information
     1000 VND   http://corporate.morningstar.com/ib/asp/subject.aspx?xmlfile=1423.xml

                Based on the Credit Letter of Agreement No 504/NHNo Sla-TD dated 24 June 2006 issued by the Bank fo
                Rural Development of Vietnam, Son La Branch

     1000 VND
Capital - If
"To reflect the rate on return on equity in Vietnam from an investor’s point of view, we have used the rate given by Ibbotson
Associates Inc., c/o Morningstar Inc., a leading provider of independent investment research in the United States and in major
international markets. In the report “International Costs of Capital Perspectives Report 2006”, Ibbotson Associates Inc., c/o
Morningstar Inc. displays the costs of capital for Vietnam . In total the report gives 12 different values for Vietnam (due to
different calculation methods and investors background). In the following we have chosen the lowest value among all 12
values given in the report (21.8 %) as the general expected rate on return on equity for investors in Vietnam."
Source: Ibbotson Associates Inc., c/o Morningstar Inc.: International Cost of Capital Perspectives Report 2006. This report is
updated annually. The cost of equity is calculated using the country risk rating model. Further information can be found at:
http://corporate.morningstar.com/ib/asp/subject.aspx?xmlfile=1423.xml

Based on the Credit Letter of Agreement No 504/NHNo Sla-TD dated 24 June 2006 issued by the Bank for Agriculture and
Rural Development of Vietnam, Son La Branch
Cash flow analysis
                          Currency : billion VND                                              Construction period
              Without revenue from CER                                                Year        0           0
               during       21.00     year                                   Operating year      -4.0         -3


I. Revenues of operation, tỷ VND
  I.1. Electricity
      I.1.1. Capacity, MW
      I.1.2. Gross electricity generation, kWh
      I.1.3. Net electricity generation, kWh
      I.1.4. Electricity export revenue, billion VND
  I.2. CO2 emission reduction
      I.2.1. Project emission, tCO2
      I.2.2. Total leakage emission
      I.2.3. Baseline emission, tCO2
      I.2.4. Total emission reduction amount, tCO2
      I.2.5. Revenue from emission reduction, billion VND
  I.3. Total revenues


II. Costs of operation
 II.1. Operating and maintenance cost (O&M)
 II.2. Taxes relating to the operation
      II.2.1. Resource tax rate
            Resource tax
      II.2.2. Tax rate for for using water resources from irrigation reservoirs
            Tax for for using water resources from irrigation reservoirs
 II.3. Total operation costs


III. Cash flow calculations
III.1. Cash flow from operations
III.2. Depreciation of the plant
III.3. Operating profit before tax
III.4. Income tax rate
      Income tax
III.5. Income after tax
III.6. Depreciation of the plant
III.7. Net operating cash flow
III.8. Total investment cost                                                   0.00   0.00
III.9. Net cash flow before debt service                                       0.00   0.00
IV. Investment performance
IV.1. Net cash flow before debt service                                        0.00   0.00
     IV.1.1. Discounted net cash flow before debt service                      0.00   0.00
     IV.1.2. Discounted cumulative net cash flow before debt service   Guess   0.00   0.00
     IV.1.3. Post-tax nominal project Internal Rate of Return (IRR)    10%                   9.91%
              Operation period
1    2    3         4               5           6            7
-2   -1   0         1               2           3            4




                 15.00            15.00       15.00        15.00
               61,320,000    61,320,000     61,320,000   61,320,000
               60,584,160    60,584,160     60,584,160   60,584,160
                 40.19            40.19       40.19        40.19


                   0.0             0.0         0.0          0.0
                   0.0             0.0         0.0          0.0
                34,102.8         34,102.8    34,102.8     34,102.8
                34,102.8         34,102.8    34,102.8     34,102.8
                  0.00             0.00        0.00         0.00
                 40.19            40.19       40.19        40.19




                  3.66             3.66        3.66         3.66


                  2.0%            2.0%        2.0%         2.0%
                  0.8              0.8         0.8          0.8
                  0.0%            0.0%        0.0%         0.0%
                  0.0              0.0         0.0          0.0
                  4.51             4.51        4.51         4.51




                 35.68            35.68       35.68        35.68
                 (15.25)         (15.25)     (15.25)      (15.25)
                 20.43            20.43       20.43        20.43
                  0.0%            0.0%        0.0%         0.0%
                  0.0              0.0         0.0          0.0
                 20.43            20.43       20.43        20.43
                                 15.25      15.25      15.25      15.25
                                35.68      35.68      35.68      35.68
(30.50)   (137.25)   (137.25)
(30.50)   (137.25)   (137.25)   35.68      35.68      35.68      35.68


(30.50)   (137.25)   (137.25)   35.68      35.68      35.68      35.68
(36.91)   (150.98)   (137.25)   32.43      29.49      26.80      24.37
(36.91)   (187.88)   (325.13)   (292.70)   (263.21)   (236.41)   (212.04)
  9.91%
    8            9           10           11           12           13           14
    5            6            7            8            9           10           11




  15.00        15.00        15.00        15.00        15.00        15.00        15.00
61,320,000   61,320,000   61,320,000   61,320,000   61,320,000   61,320,000   61,320,000
60,584,160   60,584,160   60,584,160   60,584,160   60,584,160   60,584,160   60,584,160
  40.19        40.19        40.19        40.19        40.19        40.19        40.19


   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
 34,102.8     34,102.8     34,102.8     34,102.8     34,102.8     34,102.8     34,102.8
 34,102.8     34,102.8     34,102.8     34,102.8     34,102.8     34,102.8     34,102.8
   0.00         0.00         0.00         0.00         0.00         0.00         0.00
  40.19        40.19        40.19        40.19        40.19        40.19        40.19




   3.66         3.66         3.66         3.66         3.66         3.66         3.66


  2.0%         2.0%         2.0%         2.0%         2.0%         2.0%         2.0%
   0.8          0.8          0.8          0.8          0.8          0.8          0.8
  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
   4.51         4.51         4.51         4.51         4.51         4.51         4.51




  35.68        35.68        35.68        35.68        35.68        35.68        35.68
 (15.25)      (15.25)      (15.25)      (15.25)      (15.25)      (15.25)      (15.25)
  20.43        20.43        20.43        20.43        20.43        20.43        20.43
  5.0%         5.0%         5.0%         5.0%         5.0%         5.0%         5.0%
  (1.0)        (1.0)        (1.0)        (1.0)        (1.0)        (1.0)        (1.0)
  19.41        19.41        19.41        19.41        19.41        19.41        19.41
 15.25      15.25      15.25      15.25      15.25      15.25     15.25
34.66      34.66      34.66      34.66      34.66      34.66      34.66


34.66      34.66      34.66      34.66      34.66      34.66      34.66


34.66      34.66      34.66      34.66      34.66      34.66      34.66
21.52      19.56      17.78      16.17      14.70      13.36      12.15
(190.52)   (170.96)   (153.17)   (137.01)   (122.31)   (108.95)   (96.80)
   15           16           17           18           19           20           21
   12           13           14           15           16           17           18




  15.00        15.00        15.00        15.00        15.00        15.00        15.00
61,320,000   61,320,000   61,320,000   61,320,000   61,320,000   61,320,000   61,320,000
60,584,160   60,584,160   60,584,160   60,584,160   60,584,160   60,584,160   60,584,160
  40.19        40.19        40.19        40.19        40.19        40.19        40.19


   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
 34,102.8     34,102.8     34,102.8     34,102.8     34,102.8     34,102.8     34,102.8
 34,102.8     34,102.8     34,102.8     34,102.8     34,102.8     34,102.8     34,102.8
   0.00         0.00         0.00         0.00         0.00         0.00         0.00
  40.19        40.19        40.19        40.19        40.19        40.19        40.19




   3.66         3.66         3.66         3.66         3.66         3.66         3.66


  2.0%         2.0%         2.0%         2.0%         2.0%         2.0%         2.0%
   0.8          0.8          0.8          0.8          0.8          0.8          0.8
  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
   4.51         4.51         4.51         4.51         4.51         4.51         4.51




  35.68        35.68        35.68        35.68        35.68        35.68        35.68
 (15.25)      (15.25)      (15.25)      (15.25)      (15.25)      (15.25)      (15.25)
  20.43        20.43        20.43        20.43        20.43        20.43        20.43
  5.0%         5.0%         10.0%        10.0%        28.0%        28.0%        28.0%
  (1.0)        (1.0)        (2.0)        (2.0)        (5.7)        (5.7)        (5.7)
  19.41        19.41        18.38        18.38        14.71        14.71        14.71
15.25     15.25     15.25     15.25     15.25     15.25     15.25
34.66     34.66     33.63     33.63     29.96     29.96     29.96


34.66     34.66     33.63     33.63     29.96     29.96     29.96


34.66     34.66     33.63     33.63     29.96     29.96     29.96
11.04     10.04     8.86      8.05      6.52      5.93      5.39
(85.76)   (75.72)   (66.86)   (58.81)   (52.29)   (46.36)   (40.98)
   22           23           24           25           26           27           28
   19           20           21           22           23           24           25




  15.00        15.00        15.00        15.00        15.00        15.00        15.00
61,320,000   61,320,000   61,320,000   61,320,000   61,320,000   61,320,000   61,320,000
60,584,160   60,584,160   60,584,160   60,584,160   60,584,160   60,584,160   60,584,160
  40.19        40.19        40.19        40.19        40.19        40.19        40.19


   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
 34,102.8     34,102.8     34,102.8     34,102.8     34,102.8     34,102.8     34,102.8
 34,102.8     34,102.8     34,102.8     34,102.8     34,102.8     34,102.8     34,102.8
   0.00         0.00         0.00         0.00         0.00         0.00         0.00
  40.19        40.19        40.19        40.19        40.19        40.19        40.19




   3.66         3.66         3.66         3.66         3.66         3.66         3.66


  2.0%         2.0%         2.0%         2.0%         2.0%         2.0%         2.0%
   0.8          0.8          0.8          0.8          0.8          0.8          0.8
  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
   4.51         4.51         4.51         4.51         4.51         4.51         4.51




  35.68        35.68        35.68        35.68        35.68        35.68        35.68
 (15.25)      (15.25)       0.00         0.00         0.00         0.00         0.00
  20.43        20.43        35.68        35.68        35.68        35.68        35.68
  28.0%        28.0%        28.0%        28.0%        28.0%        28.0%        28.0%
  (5.7)        (5.7)        (10.0)       (10.0)       (10.0)       (10.0)       (10.0)
  14.71        14.71        25.69        25.69        25.69        25.69        25.69
15.25     15.25      0.00      0.00      0.00      0.00      0.00
29.96     29.96     25.69     25.69     25.69     25.69     25.69


29.96     29.96     25.69     25.69     25.69     25.69     25.69


29.96     29.96     25.69     25.69     25.69     25.69     25.69
4.90      4.45      3.47      3.16      2.87      2.61      2.37
(36.08)   (31.62)   (28.15)   (25.00)   (22.13)   (19.52)   (17.15)
   29           30           31           32           33           34           35
   26           27           28           29           30           31           32




  15.00        15.00        15.00        15.00        15.00        15.00        15.00
61,320,000   61,320,000   61,320,000   61,320,000   61,320,000   61,320,000   61,320,000
60,584,160   60,584,160   60,584,160   60,584,160   60,584,160   60,584,160   60,584,160
  40.19        40.19        40.19        40.19        40.19        40.19        40.19


   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
 34,102.8     34,102.8     34,102.8     34,102.8     34,102.8     34,102.8     34,102.8
 34,102.8     34,102.8     34,102.8     34,102.8     34,102.8     34,102.8     34,102.8
   0.00         0.00         0.00         0.00         0.00         0.00         0.00
  40.19        40.19        40.19        40.19        40.19        40.19        40.19




   3.66         3.66         3.66         3.66         3.66         3.66         3.66


  2.0%         2.0%         2.0%         2.0%         2.0%         2.0%         2.0%
   0.8          0.8          0.8          0.8          0.8          0.8          0.8
  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
   4.51         4.51         4.51         4.51         4.51         4.51         4.51




  35.68        35.68        35.68        35.68        35.68        35.68        35.68
  0.00         0.00         0.00         0.00         0.00         0.00         0.00
  35.68        35.68        35.68        35.68        35.68        35.68        35.68
  28.0%        28.0%        28.0%        28.0%        28.0%        28.0%        28.0%
  (10.0)       (10.0)       (10.0)       (10.0)       (10.0)       (10.0)       (10.0)
  25.69        25.69        25.69        25.69        25.69        25.69        25.69
 0.00      0.00      0.00     0.00     0.00     0.00     0.00
25.69     25.69     25.69     25.69    25.69    25.69    25.69


25.69     25.69     25.69     25.69    25.69    25.69    25.69


25.69     25.69     25.69     25.69    25.69    25.69    25.69
2.16      1.96      1.78      1.62     1.47     1.34     1.22
(14.99)   (13.03)   (11.25)   (9.63)   (8.16)   (6.82)   (5.61)
   36           37           38         39     40     41     42
   33           34           35         36     37     38     39




  15.00        15.00        15.00      0.00   0.00   0.00   0.00
61,320,000   61,320,000   61,320,000    0      0      0      0
60,584,160   60,584,160   60,584,160    0      0      0      0
  40.19        40.19        40.19      0.00   0.00   0.00   0.00


   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
 34,102.8     34,102.8     34,102.8    0.0    0.0    0.0    0.0
 34,102.8     34,102.8     34,102.8    0.0    0.0    0.0    0.0
   0.00         0.00         0.00      0.00   0.00   0.00   0.00
  40.19        40.19        40.19      0.00   0.00   0.00   0.00




   3.66         3.66         3.66      0.00   0.00   0.00   0.00


  2.0%         2.0%         2.0%       2.0%   2.0%   2.0%   2.0%
   0.8          0.8          0.8       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
   4.51         4.51         4.51      0.00   0.00   0.00   0.00




  35.68        35.68        35.68      0.00   0.00   0.00   0.00
  0.00         0.00         0.00       0.00   0.00   0.00   0.00
  35.68        35.68        35.68      0.00   0.00   0.00   0.00
  28.0%        28.0%        28.0%      0.0%   0.0%   0.0%   0.0%
  (10.0)       (10.0)       (10.0)     0.0    0.0    0.0    0.0
  25.69        25.69        25.69      0.00   0.00   0.00   0.00
0.00     0.00     0.00     0.00   0.00   0.00   0.00
25.69    25.69    25.69    0.00   0.00   0.00   0.00


25.69    25.69    25.69    0.00   0.00   0.00   0.00


25.69    25.69    25.69    0.00   0.00   0.00   0.00
1.11     1.01     0.91     0.00   0.00   0.00   0.00
(4.50)   (3.50)   (2.58)   0.00   0.00   0.00   0.00
        Logic
 43     With
 40    Without




0.00
 0
 0
0.00


0.0
0.0
0.0
0.0
0.00
0.00




0.00


2.0%
0.0
0.0%
0.0
0.00




0.00
0.00
0.00
0.0%
0.0
0.00
0.00
0.00


0.00


0.00
0.00
0.00
Sensitivity analysis
Post-tax nominal project                                                           Post-tax nominal project
Internal Rate of Return (IRR)    Electricity outputs, GWh                          Internal Rate of Return (IRR)    O&M cost, 1000 VND
Electricity price, VND                -10%              0            10%           Investment cost, 1000 VND           -10%              0             10%
                         9.91%        55.19           61.32          67.45                                  9.91%    3,294,000     3,660,000         4,026,000
   -10%                  597.0            7.50%             8.65%          9.76%        -10%          274,500,000        11.24%          11.12%           10.99%
     0                   663.3            8.67%             9.91%       11.11%           0            305,000,000        10.02%              9.91%           9.80%
    10%                  729.6            9.81%             11.13%      12.42%          10%           335,500,000         9.00%              8.89%           8.79%
Emission reduction
                        Project   Leakage                                    Emission
        Year                                      Baseline emission
                       emission   emission                                reduction, CO2
                         tCO2      tCO2      Net electricity   Emission
                                                 GWh            tCO2
2009 (Only 7 months)      0          0            35.3          19,893       19,893
2010                      0          0            60.6          34,103       34,103
2011                      0          0            60.6          34,103       34,103
2012                      0          0            60.6          34,103       34,103
2013                      0          0            60.6          34,103       34,103
2014                      0          0            60.6          34,103       34,103
2015                      0          0            60.6          34,103       34,103
2016 (Only 5 months)      0          0            25.2          14,210       14,210
        Total             0          0           424.1         238,721       238,721
       Average                                                               34,103
By 31 December 2012

       tCO2




     122,202
                Electricity generation, GWh

Nam Pia   0                 0                 0

 35.3     0.0               0.0               0.0
 60.6     0.0               0.0               0.0
 60.6     0.0               0.0               0.0
 60.6     0.0               0.0               0.0
 60.6     0.0               0.0               0.0
 60.6     0.0               0.0               0.0
 60.6     0.0               0.0               0.0
 25.2     0.0               0.0               0.0
on, GWh

          0

          0.0
          0.0
          0.0
          0.0
          0.0
          0.0
          0.0
          0.0

				
DOCUMENT INFO
Description: Letter of Interest to Purchase Private Currency Exchange document sample