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Transcript of Preparing Bankable Documents
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"The case study has been drawn up by the Development Bank of Turkey for the seminar of “Preparing Bankable Documents”, to be held in Sarejevo on 26 January 2010. It is organized by BBI and presentations are made by the Development Bank of Turkey together with PGlobal Global Advisory and Training Services Ltd."
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X ENERGY ELECTRICITY GENERATION
INDUSTRIAL & TRADING CORPORATION
XYZ HEPP INVESTMENT
APPRAISAL REPORT
PROJECT APPRAISAL DEPARTMENT
June 2009
ANKARA
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INTRODUCTION
X Energy Electricity Generation Co. (X Enerji Elektrik Üretim A.Ş.) made an application to our
bank on 10.05.2009, for USD 6.650.000 TKB-World Bank Renewable Energy Loan to be utilized for the
XYZ Hydroelectric Power Plant Project in Adana, which has 4.825 MW installed power for electricity
generation.
As a result of the appraisal made upon the said request, a loan in the amount of USD - 5,000,000
has been proposed for the project.
1. INFORMATION ABOUT THE COMPANY
1.1. Company Name: X Energy Electricity Generation Industrial & Trading Corporation (X Enerji Elektrik
Üretim San. ve Tic. A.Ş.)
1.2. Address and Tel No:
Head Office : İzmir cad. No: 35 Seyhan/ADANA
Tel : 0 312 417 9200
Fax : 0 312 417 9201
Gsm : -
1.3. Tax Office and Tax No: SEYHAN – 024 044 5550
1.4. Activity Area: Hydroelectric Power Plant – Electricity Generation
1.5. Capital Structure:
Nominal Capital : 1,300,000 TL
Capital paid in : 192,000 TL
Projected Capital Raise : 1,400,000 USD
(Approximately 2,200,000 TL)
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Shareholders
Share Amount (TL)
Share (%)
Oktay Kuçukkiremitci 312,000 24
Mustafa Simsek 312,000 24
Omur Genc 312,000 24
Faruk Sekmen 312,000 24
Emrah Ersoy 52,000 4
TOTAL 1,300,000 100
1.6. Legal Status
X Energy Electricity Generation Industrial & Trading Corporation was established by X Group on
15.05.2007.
1.7. Financial Structure:
Balance sheet as of 31.03.2009 is summarized below (TL):
Current Assets 62,511 Current Liabilities 1,726
Fixed Assets 62,711 Stockholders Equity 123,496
ASSETS 125,222 LIABILITIES 125,222
2. INFORMATION ABOUT THE PROJECT
2.1. Project Name : X Energy Electricity Generation
Corporation - XYZ Hepp
2.2. Location : Adana
2.3.Installed Power: 4.825 MW - 15,864,878 Kwh/year Electricity Generation
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2.4. Equity Ratios
Equity / Total Investment (Proposed 31.12.2011) : 27 %
Equity / Total Fixed Investment (Prop. 31.12.2011) : 31 %
2.5. Implementation Program
- Starting Date : June 2009
- Start-up Date : 30.06.2011
2.6. Document Date and Number
Incentive Certificate : 27.07.2009 - 93522
License : 20.10.2008 – EÜ/9000-24/1200
2.7. Annual Operating Income at Full Capacity : 1,320,957 USD
2.8. Annual Operating Expenses at Full Capacity : 257,165 USD
2.9. Annual Gross Cash Flow at Full Capacity : 1,063,792 USD
2.10. Employment to be Created (Proposed) : 8 Person
3. TECHNICAL EXAMINATION AND EVALUATION
3.1. SCOPE OF THE PROJECT
X Energy Electricity Generation Co. has been constructing an electric energy plant from
hydropower energy with an installed capacity of 4.852 MWm / 4.6094 MWe in Eastern Mediterranean
Region, on Seyhan river basin. Project Evaluation studies have been made to evaluate the World Bank
Renewable Energy Loan demanded by the company in the amount of 6,650,000 USD.
EPDK (EMRA – Energy Market Regulatory Authority) Licence dated 20.10.2008 and numbered
EÜ/9000-24/1200 is presented to the bank.
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3.2. PROJECT LOCATION
Investment will be carried out in the southern of Turkey, within the boundaries of Seyhan District
of Adana. XYZ regulator and power plant project consist of regulator, conduction canal, a forebay and a
power plant.
Tarsus-Adana-Gaziantep highway, connecting GAP (Southeastern Anatolian Project) region to
Çukurova, is passing at the southern part of Adana. The railway passing through the city is 107,230 km
long. There is an airport in the city which is 5 km away from the city center.
Adana is placed in the nearest part of three geographic regions (Mediterranean Region, Eastern
Anatolia and Southeastern Anatolia). With the affects of the geographic region and the other factors, it
has a climate named as “deformed Mediterranean climate”.
Most of the area of the XYZ Regulator and HEPP project is “forest land” which is owned by the
state. These places will be expropriated by paying the fees to the Ministry of Environment and Forestry.
Remaining part of the land will be purchased from the owners.
Project site takes place in the “first earthquake zone” on the map of Turkish Earthquake Regions.
Therefore, horizontal seismic acceleration coefficient should be taken “0.4g” during the construction
calculations.
3.3. TECHNICAL FEATURES
XYZ regulator and hydroelectric generator project is consist of regulator, sedimentation pool,
conduction canal, forebay, penstock and power plant. The project is constructed to benefit the driving
head between tailwater of the Kartal Dam and the Irrigation Regulator after the dam.
Regulator
Type : Roller Compacted Concrete Regulator with
Radial valve and spillway
Level of the stream bed : 655 m
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Height from thalweg : 10 m
Length : 70 m
Elevation under the radial valve : 658 m
Elevation on the radial valve : 665 m
Dimensions of the radial valve (BxH) : 8 m x 7 m (2 pcs)
Elevation under the spillway : 664 m
Crest level : 665 m
Width of the spillway : 20 m
Maximum water level : 664,6 m
Conduction Canal
Type : Rectangular sectioned canal
Length : 1.700 m
Slope : 0,0004
Width : 5,00 m
Water height : 3,05 m
Capacity (Qmax.) : 23 m3/s
Forebay
Length : 45 m
Width : 15 m
Normal water level : 663,07 m
Max. Water level : 663,65 m
Min. water level : 660,07 m
Penstock
Diameter : 2,60 m
Length : 50 m
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Thickness : 8 – 10 mm
Power plant
Type : Horizontal - Francis
Installed Capacity : 4,852 MW
Project flow : 23 m3/s
Number of units : 2 pcs.
Power of units : 2,426 MW
Level of the tailwater : 638,40 m
Gross fall (hydraulic head) : 25,60 m
Net fall : 24,44 m
Revolutions per minute : 500 rpm
Generator
Type : Horizontal
Power of units : 2
Coefficient of efficiency : 0,9
Power of the generator : 2.620 kVA
Voltage : 6.3 kV
Frequency : 50 Hz
Revolutions per minute : 500 rpm
Transformer :
Type : Open, oil used
Number : 2
Power : 3 000 kVA
Voltage : 6.3/31,5 kV
Frequency : 50 Hz
Reference : Dyn 11
Cooling : ONAN
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Transformer (Inside)
Type : Open type, cooling by using oil
Number : 1
Power : 250 kVA, 6,3/0,4 kV
Frequency : 50 Hz
Reference : Dyn 5
Cooling : ONAN
3.4. INSTALLED CAPACITY, CAPACITY AND CAPACITY UTILIZATION
The water resource of the project is Aksu stream which is a branch of Seyhan River. By this
project, the water flow of Aksu Stream at the thalweg level of 665 m. will be used. Kartal Dam is located
in the upstream, 3 km away from XYZ Regulator. Kartal Dam, which has been operated since 1970, was
built for irrigation and flood protection. Irrigation water which is released from Kartal Dam is used
after being regulated by Deniz Regulator. The project site is between Kartal Dam and Deniz Regulator,
and electrical energy will be generated by using the irrigation and spillway waters.
At the upstream of the project, there have been the gaging site 20-2, 20-31 and at the
downstream of the project there have been the gaging site 20-17, 20-40 and 20-47. The characteristic
features of those sites are shown on the table below:
Gaging Site No 20-2 20-31 20-17 20-40 20-47
Water Resource Aksu Gölbaşı Aksu İçerisu Aksu
Gaging Site Name Başpınar Çıkış Köprüağzı Balıklaya H.Mustafa
Precipitation Area (km2) 197.1 62 1,740 79 2,787
Elevation 895 882 560 670 455
Operating since 1967 1969 1972 1975 1979
XYZ Regulatory and Hepp is a plant for generating electricity and after generating electricity the
used water will be released to the stream bed. At XYZ Regulator, 0.1 m3/s of water will be left for the
existence life in the stream bed.
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For the Project, there has been made an operating study by considering the water resource, the
above mentioned life water and irrigation water by years and is shown on the table below:
Years
Kartal Outgoing
Flows (hm3)
Downstream needed
water (hm3)
XYZ HEPP Inlet Flows
per year (hm3)
Released from
spillway (hm3)
Energy Generated
Flow (hm3)
XYZ HEPP
Average Flow rate
(m3/s)
XYZ HEPP Generated
Energy GWh/Year
1973 170,72 1,93 168,79 0 168,79 5,352296 9,83609
1974 203,21 1,93 201,28 1,81 199,47 6,325152 11,62394
1975 476,6 1,93 474,67 132,33 342,34 10,85553 19,94956
1976 453,76 1,93 451,83 154,04 297,79 9,442859 17,35345
1977 831,07 1,93 829,14 371,31 457,83 14,51769 26,67964
1978 376,91 1,93 374,98 73,76 301,22 9,551624 17,55333
1979 305,91 1,93 303,98 19,56 284,42 9,018899 16,57433
1980 572,55 1,93 570,62 217,46 353,16 11,19863 20,58009
1981 569,85 1,93 567,92 211,99 355,93 11,28647 20,74151
1982 409,06 1,93 407,13 22,14 384,99 12,20795 22,43496
1983 212,17 1,93 210,24 0,83 209,41 6,640348 12,20318
1984 363,73 1,93 361,8 27,71 334,09 10,59392 19,4688
1985 244,24 1,93 242,31 3,87 238,44 7,560883 13,89488
1986 237,37 1,93 235,44 0 235,44 7,465753 13,72006
1987 507,77 1,93 505,84 165,37 340,47 10,79623 19,84059
1988 603,95 1,93 602,02 248,85 353,17 11,19895 20,58067
1989 164,39 1,93 162,46 0 162,46 5,151573 9,467214
1990 265,01 1,93 263,08 0 263,08 8,342212 15,33076
1991 123,76 1,93 121,83 0 121,83 3,863204 7,099537
1992 255,19 1,93 253,26 6,93 246,33 7,811073 14,35467
1993 390,38 1,93 388,45 90,66 297,79 9,442859 17,35345
1994 207,61 1,93 205,68 3,03 202,65 6,425989 11,80925
1995 276,62 1,93 274,69 0 274,69 8,710363 16,00732
1996 764,97 1,93 763,04 409,88 353,16 11,19863 20,58009
1997 395,58 1,93 393,65 21,1 372,55 11,81348 21,71003
1998 469,26 1,93 467,33 105,01 362,32 11,48909 21,11388
1999 264,91 1,93 262,98 0 262,98 8,339041 15,32493
2000 222,82 1,93 220,89 0 220,89 7,004376 12,87217
2001 123,76 1,93 121,83 0 121,83 3,863204 7,099537
2002 363,25 1,93 361,32 34,62 326,7 10,35959 19,03816
2003 266,2 1,93 264,27 16,25 248,02 7,864663 14,45315
2004 314,85 1,93 312,92 33,78 279,14 8,851471 16,26664
2005 227,42 1,93 225,49 0 225,49 7,150241 13,14023
2006 240,99 1,93 239,06 2,49 236,57 7,501585 13,78591
2007 123,76 1,93 121,83 0 121,83 3,863204 7,099537
Average 342,85 1,93 340,92 67,85 273,06 8,65883 15,91262
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Installed capacity of the power plant is evaluated as shown below:
Install Capacity (N) for Hydroelectric Power Plants is evaluated by the formula:
N=g x μ x Q x H
μ = μtur x μgen x μtra
In this equation;
g = gravitational acceleration (9.81 m/s)
μ = efficiency of the plant
μtur = efficiency of the turbine = 0.93
μjen = efficiency of the generator = 0.96
μtra = efficiency of the transformer = 0.98
Q = Flow rate of the project (m³/s)
H = Net fall (m)
N = power (MW)
μ = 0.93 x 0.96 x 0.98 = 0.875
Install capacity is evaluated for the maximum flow rate and fall. In this case, install capacity;
N= 9.81 x 0.875 x 23 x 24.44
N =4.825 MWe
In the equation, maximum flow rate in one turbine is taken 23 m³/s and net fall is taken 24.44 m. The
efficiency coefficient of plant is assumed to be 0.875.
The capacity for the average rate of flow is;
N = 9.81 x 0.875 x 8.65 x 24.44
N = 1.817 MWe
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In the equations, for the XYZ HEPP the average rate of flow is taken 8.65 m/s and the fall at the average
flow rate is taken 24.44 m. The efficiency coefficient of plant is assumed as 0.875.
Energy generated for one year in maximum rate of flow;
4.825 MW x 24 h/day x 365 day/year x 1000 KW/MW = 42,267,000 kWh/year
Energy generated for one year in the average rate of flow;
1.817 MW x 24 h/day x 365 day/year x 1000 KW/MW = 15,912,616 kWh/year
When the consumption of electricity for the plant itself, which is about the 0.0003 of the energy
generated per year, is decreased, the amount of generated electricity per year is found as 15,864,878
kWh.
The generated electricity per year is the generated electricity that is calculated for the yearly average
rate of flow. This quantity is also called “actual capacity”. In this case, the capacity utilization rate is
found by dividing the capacity by actual capacity, which is 37.6 %.
3.5 EFFECTS OF THE PROJECT ON ENVIROMENT
XYZ regulator and HEPP, is an energy generation project that will use Kartal Dam’s spillway and
water of irrigation. Kartal Dam was built in 1980, for irrigation. Project has a regulator, a conduction
canal which is 1700 meter, a forebay, penstocks and a plant. HEPP will use the irrigation water except life
water. Life water is about 100 liter per second. There is not any place near the plant which can be
affected directly by the existence of the project. Total installed capacity of HEPP is 4.852 MWm / 4.6094
MWe. Environmental Impact Assessment has been completed for Project, and “Document stating that
EIA is not required” has been taken from Adana Governorship, Provincial Directorate of Environment and
Forests with the date 04.06.2009 and number 2009/002 for XYZ Regulator and HEPP. (Annex 3) But that
document was prepared for EARC Electric Generation Industrial and Trading Corporation. So, document
has to be modified. X Energy Corporation reported that they had started the modification procedures
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and would present modification document when they obtained it. Agreement of Water Utilization is in
Annex 4.
3.6. APPLICATION PLAN OF INVESTMENT
When Project was evaluated in June, Company signed contract for civil works, and got proposition for
turbine, generator, plc systems and etc. from manufacturer companies. Company set up the construction
camp and began excavation for conveyance canal and regulator. The investor pointed out that they will
present the “Document of Investment Incentive” to ‘Development Bank of Turkey’ later.
3.7. TOTAL INVESTMENT COST AND DISTRIBUTION OF THE YEARS
Central Bank of Republic of Turkey’s foreign excange offer rate for the 10th of June 2009 is used for
calculating the Project’s investment cost.
1 EURO = 2.1702 TL 1 USD = 1.5397 TL
3.7.1. Land
Project land is consist of public areas and personal ownerships. If it is necessary, areas will be
expropriated or will be bought from their owners. Approximately 20,000-USD (30,800-TL) was estimated
for expropriation and purchasing.
3.7.2. Research and Design
350,000-USD (539,000-TL) is estimated for all items of etude and project.
3.7.3. Construction Expenses
Information of civil works is displayed in the chart.
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Number CİVİL WORKS COST ESTİMATE
(TL) (US $)
1
Regulator, Sediment Pool, and
Cofferdam 1,433,904 931,288
2 Conveyance Canal 661,570 429,675
3 Forebay 512,898 333,115
4 Penstock and Valve Chamber 408,876 265,556
5 Plant and Tailwater 816,102 530,040
6 Construction Camp and Ways 602,963 391,611
7 Switchyard 630,000 409,171
TOTAL CIVIL WORKS 5,066,313 3,290,455
3,290,455-USD (5,066,313-TL) is estimated for total civil works expense.
3.7.4. Machinery and Equipment
Information of machinery and equipment is displayed in the chart.
DOMESTIC MACHINERY AND EQUIPMENT
Transmission Line and Transformers
Number Description Unit Quantity Unit Price Sub-total
($) (TL) $
1
Electric Transition
Line and
Transformers
Km 4.62 50,000,00 355,317 230,770
TOTAL 355,317 230,770
230,770-USD (355,317-TL) is estimated for domestic machinery and equipments. Total cost of machinery
and equipment is 2,277,770-USD.
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IMPORT MACHINERY AND EQUIPMENT
MACHINERY AND EQUIPMENT
No
Description Unit Quant.
1 Vertical Francis Turbine set 2
2 Generator and Excitation System set 2
3 Microcomputer-based Governor(with PLC) set 2
4 Inlet Valve set 2
5 Automatic Control Equipments for Turbine and
Generator set 2
6 Control, Measuring and Protective Equipments set 1
7 Heat Measuring and Braking System set 2
8 Central Control System set 1
9 Cooling Water System of the Whole Plant set 1
10 Special Tools set 1
11 Spark Parts set 1
TOTAL 3,151,766 TL 2,047,000 $
2,047,000-USD (3,151,766-TL) is estimated for machinery and equipments. Company planned to import
machinery and equipments from China.
3.7.5. Freight and Insurance
95,000-USD expense is estimated.
3.7.6. Mounting Expenses
120,000-USD expense is estimated.
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3.7.7. Start-up Expenses
30,000-USD expense is estimated.
3.7.8. General Expenses
85,342-USD expense is estimated.
3.7.9. Unpredicted Expenses
399,657-USD expense is estimated.
3.8. CALCULATION OF THE PLANT’S EXPENDITURE, INCOME AND REQUIREMENT OF CAPITAL
3.8.1. Plant’s Expenditure
Utilization Expense of System and Operating Expense of System for XYZ Regulator and HEPP Project is
calculated from decision of EPDK (EMRA – Energy Market Regulatory Authority) with date 24.12.2008
and number 1824.
Utilization Expense of System = 7,183.89 TL/MW
x 4.825 MW 22,512 USD
Operating Expense of System = 423.32
TL/MW x 4.825 MW 1,327 USD
1 EURO = 2.1702 TL. 1 USD = 1.5397 TL. (10.06.2009 CB)
20,000-USD is estimated for insurance. An engineer, 2 operator, 3 watchmen and 2 employees will work
in the Plant. 100,800- USD is estimated for yearly staff expense.
80.000-USD is estimated for maintenance. 10% of the total expenses for general expense, 2% of the total
expenses for unpredicted expenses are the cost of those units in Project.
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3.8.2. Plant’s income
XYZ HEPP Project’s saleable electric energy calculated from average of the annual flow. And it is
evaluated by decreasing 0.3% of total generated electric energy from total generated electric energy.
15,864,878-kwh/year is estimated for saleable electric energy.
3.8.3. Circulation Capital
It was accepted that all plant expenses paid in the period of 30 days and payment term is 30 days in
Calculation of Circulation Capital.
3.9 CONCLUSION OF THE TECHNICAL APPRAISAL
XYZ Regulator and HEPP Project will use the water of irrigation and spillway of Kartal. Kartal is a dam
which accumulates the water of Aksu Stream which is branch of Seyhan River. Installed capacity of the
plant is 4.825 MW and in the amount of 15,912,616 kWh energy is expected to be generated. By
decreasing 0.3% of the total energy because of the energy used inside the plant, 15,864,878 kWh is
found as a saleable energy.
5.2. EXPLANATIONS CONCERNING THE LOANS PROPOSED
LOAN TYPE
LOAN
AMOUNT (USD)
PROPOSED
DISBURSEMENT DATE
INTEREST RATE (%)
MATURITY
Energy Loan 1 3.650.000
30.09.2009
7 4/13
Clean Technology Fund 1.350.000
30.09.2009
3 4/13
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The limit of World Bank Investment Loan is 2,550,000 EURO.
- Loans will be used according to Equity/Liability ratio that is proposed in the Appraisal Report.
The Investor Corporation will pay the unpaid Capital (750,000-USD), additionally will increase the
capital 1,400,000-USD.
6. CONCLUSION OF THE APPRAISALS
XYZ Regulator and HEPP Project’s installed capacity is 4.825 MW which is located in Adana city, Seyhan
district. The project is an investment of X Electric Generation Industrial and Trading Corporation.
15,864,878 kWh/year is estimated as a saleable energy. Solvency was calculated from economical and
technical data. Solvency is sufficient according to Development Bank of Turkey’s criterions. Information
of the solvency is displayed in the chart.
YEARS
SOLVENCY
LIQUIDITY
DIFFERENCIATION(USD)
2011 1,54 219.510
2012 1,68 510.518
2013 1,37 311.454
2014 1,40 323.805
2015 1,35 273.851
2016 1,25 182.478
2017 1,29 207.455
2018 1,34 232.633
2019 1,40 257.711
2020 1,46 282.789
2021 1,53 307.866
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4. ECONOMIC EVALUATION
4.1. Description of the Sector and The Product
X Energy Electricity Generation Industry and Trade Corp. generates electricity based on hydroelectric
energy which is one of the renewable energy resources. According to the sectoral classification of the
State Planning Organization (SPO), electricity generation is included in the “Energy Sector”.
4.2. Energy Resources in the World and In Turkey
Energy resources (or original forms of energy) may be classified as fossil, non-renewable energies and
renewable energies. 90% of the requirement for energy resources in the world is met from fossil fuels.
The remaining 10%, on the other hand, is met with such renewable energy resources as hydroelectric,
geothermal, solar, wind, biomass and nuclear resources. Fossil resources are broken down as follows:
petroleum (45%), natural gas (26%), coal (23%), biogas (6%).
Turkey has well-diversified primary energy resources. There are fossil resource reserves such as hard
coal, lignite, asphaltite, crude oil, natural gas, uranium and thorium; and renewable energy resources
such as hydroelectric energy, geothermal energy, solar energy, wind energy, ocean energy and biomass
energy.
Table 1 shows Turkey’s primary energy generation, consumption, export and import quantities between
the years 1995-2007.
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Table 1: Primary Energy Generation, Consumption, Export and Import Quantities
Source: Ministry of Energy and Natural Resources
(*): Thousand tons of oil equivalent
(**): Petrogas Journal, number:58, January-February 2006
(***): Consumption=Generation+Import-Export
According to rapid increase of primary energy consumption of Turkey between 1995-2007, generation
quantities do not increase and country’s dependence of foreign increases gradually. Although percent of
generation/consumption is 42% in 1995, this ratio decrease 22% in 2007.
Today, the most important environmental problem of the world is global warming. Global warming
originates from excessive use of fossil fuels. The fact that fossil fuel burning emissions contain
greenhouse gases such as carbon dioxide has triggered a global warming process that may cause climatic
changes with increased greenhouse effect of the atmosphere. The most serious solution of this problem
is to make prevalent the use of new and renewable energy resources. Thus, it will be possible to
preserve as much as possible the fossil fuel reserves that are limited in the world.
Years (TTOE)*
Generation (TTOE)*
Imports (TTOE)*
Exports** (TTOE)*
Consumption*** (TTOE)*
Generation / Consumption
(%)
1995 26,719 38,907 1,947 63,679 42
1996 27,386 44,359 1,883 69,862 39
1997 28,209 47,200 1,630 73,779 38
1998 29,324 46,885 1,500 74,709 39
1999 27,659 48,116 1,500 74,275 37
2000 26,047 56,037 1,584 80,500 32
2001 24,576 53,446 2,620 75,402 33
2002 24,282 57,234 3,162 78,331 31
2003 23,783 64,133 4,090 83,826 28
2004 24,332 67,508 4,022 87,818 28
2005 24,549 73,840 5,171 92,858 26
2006 26,802 80,514 6,572 100,744 27
2007 27,443 103,754 6,926 124,271 22
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4.3. Renewable Energy Resources
Law on Utilization of Renewable Energy Sources for the Purpose of Generating Electrical Energy issued
by the Ministry of Energy and Natural Resources in the Official Gazette dated 18.05.2005, numbered
25819 defines the renewable energy resources as follows:
“Wind, solar, geothermal, biomass energy sources, channel- or river-type hydro power plants, or hydro
power plants with a reservoir area of less than 15 square kilometers.”
Unlike the depletable conventional fossil fuel reserves, undepletable natural resource potential is rich in
Turkey. She has a usable and/or economical energy potential of 129.9 TWh/y hydroelectric, 1.8
Mtoe/y geothermal, 25 Mtoe/y solar, 50 TWh/y wind and 32 Mtoe/y biomass energy potential.
Of the renewable resources, conventional biomass energy and hydroelectric energy is used most in
Turkey. Although geothermal energy ranks third, its use is limited. By policy for increasing the electrical
generation of renewable energy resources, rate of wind energy rise gradually nowadays. Use of solar
energy is at symbolic level while ocean, wave motion energy is not used at all.
4.3.1. Hydroelectric Energy and Hydroelectric Potential of Turkey
Hydroelectric energy which ranks first among the renewable resources in the world is the energy
obtained by converting potential energy of water into kinetic energy, and the quantity of energy
depends on the variables of head and flow rate. Exploitable hydroelectric potential worldwide is 14,000
TWh/y. 60% of this capacity is used in Europe and North America. 10% of the said capacity is being used
in the other regions of the world, while 30% thereof awaits exploitation. Share of small hydroelectric
power plants (HEPPs) in the world’s hydroelectric potential is 5-10% in the World, while 2% in Turkey.
But the topographical and hydraulic structure of our country is suitable for this ratio to rise to 10% level.
With her 433 billion kwh technical hydroelectric potential, Turkey has 1% share in the world’s
hydroelectric potential, and approximately 15% share in the economic potential of Europe with her
129.9 billion kwh economically feasible hydroelectric potential. In Turkey, total flow of the water
resources in 26 river basins is at 186 km3/y level. The basins having the biggest shares therein are
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Euphrates (17%), Tigris (11.5%), Eastern Black Sea (8%), East Mediterranean (6%), and Antalya (5.9%).
However, our rivers do not have uniform regimes. River flow may increase 1.5-2 times in excessively wet
years, and drop by half in excessively dry years. Furthermore, it is higher than average in April-June
period, lower than average in June-August period within the year.
Table 2 shows the hydroelectric energy potential of our country as of the year 2007, by status of
projects.
Table 2: Breakdown of Turkey’s Hydroelectric Energy Potential by Status of Projects (February 2007)
Status of Hydroelectric Power Plant Projects
Number of Projects
Installed Capacity
(MW)
Annual Average Energy (GWh)
Share %
Under operation 142 12,788 45,930 36
Under construction 41 4,397 14,351 11
Final design ready 13 2,356 6,919 5
Planning ready 176 7,269 26,415 20
Master plan ready 99 5,260 18,280 14
Preliminary Study Ready 301 4,474 17,559 14
TOTAL POTENTIAL 772 36,544 129,454 100
Source: Electrical Affairs Survey Administration (EİEİ)
4.4. Electricity Sector in Turkey
Until establishment of TEK (Turkish Electricity Authority) in 1970 which was the first institutional
structure in the sector, electricity generation, transmission and distribution were carried out by Etibank
(State Mining-Banking Concern), DSİ (The Directorate General of State Water Works), EİE, private
privileged companies, municipalities and autoproducers. With the establishment of TEK, the mission of
electricity generation and distribution was given to it. With the Cabinet Decision, TEK was split into two
companies in 1993, named Turkish Electricity Distribution Company (TEDAŞ) and Turkish Electricity
Generation-Transmission Company (TEAS). While TEDAŞ is responsible for distribution market, TEAS is
responsible for generation and transmission markets. Conveniently to liberalization process in sector,
third restructure existed in 2001 by the Electricity Market Law no. 4628. Under the law, the electricity
“Preparing Bankable Documents” Training
23
market consists of generation, transmission, distribution, wholesale, retail sale, importation and
exportation activities.
With the Cabinet Decision according to the said law, TEAS was split into three independent divisions
named Turkish Electricity Transmission Co. Inc. (TEİAS), Turkish Electricity Trading & Contracting Co. Inc.
(TETAS) and Electricity Generation Co. Inc. (EUAS). With the said law Energy Market Regulatory Board
established and be responsible for the regulations to be made in the electricity sector. It is envisaged
that the transmission line will remain under public monopoly and that generation and distribution
facilities will be gradually transferred to the private sector through privatization. Transmission and
distribution markets will be subject to regulation, while wholesale and retail sale markets will be opened
to competition.
Pursuant to Electricity Market Law no. 4628; generation activities involve conversion of energy resources
into electrical energy at power generation plants. Generation activities are carried out by EUAS, private-
sector generation companies and an autoproducer or a group of autoproducers. License-holder legal
persons in this scope may sell the capacity and/or electrical energy produced by themselves to wholesale
license-holder legal persons, to retail license-holder legal persons and to eligible consumers through
bilateral agreements.
4.5. Supply-Demand Balance in the Electricity Sector
4.5.1. Installed Capacity
Table 3 gives the breakdown by generation institutions of Turkey’s electrical energy installed capacity.
As seen from Table 3, as the year 2008 Turkey’s electrical energy total installed capacity is 41,748 MW,
thermic total is 27,534 MW, geothermal total is 30 MW, wind total is 355 MW and hydroelectric total is
13,829 MW.
“Preparing Bankable Documents” Training
24
Tab
le 3
: B
reak
do
wn
of
the
Inst
alle
d C
apac
ity
by
Inst
itu
tio
ns
(
MW
)
INST
ITU
TIO
NS
19
98
1
99
9 2
00
0
20
01
2
002
2
00
3 2
00
4
20
05
2
006
2
00
7
20
08
EUA
S an
d I
ts
Sub
sid
iari
es
The
rmic
1
0,0
46
1
1,4
00
1
1,2
56
1
0,9
36
1
0,9
32
9
,10
8
9,1
00
9
,78
0
12
,54
0
12
,52
5
12
,52
5
Hyd
ro
9,4
98
9
,70
1
9,9
77
1
0,1
09
1
0,1
09
1
0,9
90
1
0,9
95
1
1,1
10
1
1,1
60
1
1,3
35
1
1,4
56
Ge
oth
erm
al
18
1
8
18
1
8
18
1
5
15
1
5
15
1
5
TOTA
L 1
9,5
62
2
1,1
19
21
,25
1
21
,06
3
21
,05
9
20
,11
3 2
0,1
10
2
0,9
05
2
3,7
15
2
3,8
75
2
3,9
81
Mo
bil
e P
lan
ts
The
rmic
--
- 7
9
91
2
97
6
22
7
95
7
80
7
50
7
25
2
63
2
63
Pri
vile
ged
C
om
pan
ies
The
rmic
1
06
--
- --
- --
- --
- --
- --
- --
- --
- --
-
Hyd
ro
61
1
61
1
61
1
61
1
1,1
20
--
- --
--
- --
- --
-
TOTA
L 7
17
61
1 6
11
6
11
1
,12
0
---
--
---
---
---
Au
to p
rod
uce
rs
The
rmic
2
,29
2
2,6
32
2
,95
5
3,3
19
3
,63
4
3,9
00
3
,72
5
3,4
97
3
,15
3
3,1
75
Hyd
ro
14
2
2
39
5
3
10
0
64
0
65
3
56
3
56
3
55
8
Win
d
2
2
2
2
2
2
2
3
1
1
TOTA
L 2
,308
2
,65
6 2
,99
6
3,3
74
3
,73
6
4,5
42
4,3
80
4
,06
3
3,7
17
3
,734
3
,52
5
Ge
ne
rati
on
C
om
pan
ies
+ A
DÜ
AŞ
The
rmic
5
76
1
,44
5
1,4
50
1
,45
0
3,7
60
6
,87
0
8,2
39
9
,57
6
10
,39
1
10
,68
9
Hyd
ro
18
5
20
3
51
8
87
1
88
2
91
9
96
7
1,2
04
1
,30
9
1,4
56
Win
d
7
7
17
1
7
17
1
7
17
1
7
57
1
45
Ge
oth
erm
al
---
---
---
---
---
---
---
---
---
23
TOTA
L 7
68
1,6
55
1,9
85
2
,33
8
4,6
59
7
,80
6 9
,22
3
10
,79
7
11
,75
7
12
,31
3
13
,32
9
Tra
nsf
erri
ng
of
Op
era
tio
n R
igh
ts
The
rmic
--
- --
- 3
00
6
20
6
20
6
20
6
20
6
20
6
20
6
20
6
20
Hyd
ro
---
---
30
3
0
30
3
0
30
3
0
30
3
0
30
TOTA
L --
- --
- 3
30
6
50
6
50
6
50
65
0
65
0
65
0
650
6
50
Ad
min
istr
atio
n o
f P
riva
tiza
tio
n
TOTA
L --
--
--
--
--
- 1
,68
0
1,6
80
1
,68
0
1,6
80
--
-
TOTA
L IN
STA
LLED
C
AP
AC
ITY
OF
TUR
KEY
The
rmic
1
3,0
20
1
5,5
56
16
,05
2
16
,62
2
19
,56
8
21
,29
3 2
2,4
64
2
4,2
22
2
7,4
29
2
7,2
72
2
7,5
34
Hyd
ro
10
,30
7
10
,53
7 1
1,1
75
1
1,6
73
1
2,2
41
1
4,2
59
14
,32
5
14
,58
6
13
,06
2
13
,37
9
13
,82
9
Ge
oth
erm
al
18
1
8 1
8
18
1
8
15
15
1
5
15
3
8
30
Win
d
9
9 1
9
19
1
9
19
19
2
0
58
1
46
35
5
TOTA
L 2
3,3
54
2
6,1
20
27
,26
4
28
,33
2
31
,84
6
35
,58
6 3
6,8
23
3
8,8
43
4
0,5
64
4
0,8
35
4
1,7
48
Sou
rce:
Min
istr
y o
f E
ne
rgy
and
Nat
ura
l Re
sou
rce
s, T
EİA
S, E
İE, T
ED
AŞ,
EU
AS.
“Preparing Bankable Documents” Training
25
Percentage of public and private sector in electrical energy installed capacity is given in Table 4.
Table 4: Percentage Distribution of Electrical Energy Installed Capacity (%)
Years Public Sector Private Sector Total
2001 74 26 100
2002 66 34 100
2003 57 43 100
2004 55 45 100
2005 54 46 100
2006 58 42 100
2007 58 42 100
2008 57 43 100
Source: Table 3
Activities aimed at liberalization of the market and the reform applications in the energy sector
particularly beginning from 2001 have caused the contribution of the private sector to installed power
capacity to rise from 26% in 2001 to 43% at the end of 2008.
4.5.2. Generation
In Turkey, electrical energy generation is predominantly obtained from thermic power plants, followed
by hydroelectric power plants, the lowest generation contribution is obtained from geothermal and wind
power plants. Table 5 gives breakdown of electrical energy generation in Turkey by generation
institutions.
As the year 2008 electrical energy generation in Turkey increased %3 relative to the previous year and
reached 198.330 GWh. 17% (33.265 GWh) of this generation was received from hydroelectric power
plants, also 82% (164.106 GWh) of this generation received from thermic power plants.
“Preparing Bankable Documents” Training
26
Tab
le 5
: Th
e B
reak
do
wn
of
Elec
tric
ity
Ge
ne
rati
on
by
Inst
itu
tio
ns
(G
Wh
)
Sou
rce:
Min
istr
y o
f E
ne
rgy
and
Nat
ura
l Re
sou
rce
s, T
EİA
S, E
İE, T
ED
AŞ,
EU
AS.
INST
ITU
TIO
NS
1
99
9
20
00
2
00
1
200
2
20
03
200
4
20
05
2
006
2
00
7
20
08
EUA
S an
d I
ts
Sub
sid
iari
es
The
rmic
6
0,4
94
6
5,3
87
6
5,8
64
5
0,9
24
3
0,3
91
2
1,8
77
3
1,7
91
4
5,9
43
6
1,2
95
Hyd
ro
31
,73
7
27
,77
2
20
,40
9
26
,30
4
30
,02
7
40
,66
8
35
,04
6
38
,67
9
30
,98
1
Ge
oth
erm
al
81
7
6
90
1
05
8
9
93
9
4
94
5
1
TOTA
L 9
2,3
12
9
3,2
34
8
6,3
63
7
7,3
33
6
0,5
07
62
,63
8
66
,93
1
84
,71
6
92
,32
7
97
,85
9
AD
ÜA
Ş
The
rmic
--
- --
- --
- --
- --
- --
- --
- --
- 1
75
Hyd
ro
---
---
---
---
---
---
---
---
41
TOTA
L --
- --
- --
- --
- --
- --
- --
- --
- 2
16
32
3
Pri
vile
ged
C
om
pan
ies
Hyd
ro
2,1
69
1
,90
3
1,3
46
4
,50
7
2,0
21
--
- --
- --
- --
-
TOTA
L 2
,16
9
1,9
03
1,3
46
4
,50
7
2,0
21
---
---
---
---
Au
top
rod
uce
rs
The
rmic
1
2,4
93
1
5,8
95
1
7,7
97
2
0,2
25
2
2,5
75
2
2,1
96
1
6,2
47
Hyd
ro
33
6
3
11
2
21
7
54
6
1,5
57
8
35
Win
d
4
4
4
4
5
5
6
TOTA
L 1
2,5
30
1
5,9
62
1
7,9
13
2
0,4
46
2
3,1
27
23
,75
8
17
,08
8
14
,43
7
15
,32
5
15
,32
7
Ge
ner
atio
n
Co
mp
anie
s
The
rmic
8
,46
9
10
,93
6
11
,15
1
17
,08
4
42
,73
1
49
,85
1
62
,73
8
68
,18
8
74
,25
3
Hyd
ro
73
9
1,0
73
2
,07
1
2,5
70
2
,67
4
3,7
97
3
,61
8
Win
d
16
2
9
57
4
4
56
5
2
53
Hyd
ro+W
ind
7
55
1
,10
2
2,1
28
2
,61
4
2,7
30
2
,84
9
3,6
71
4
,48
1
4,3
72
TOTA
L 9
,22
4
12
,03
9
13
,27
9
19
,69
8
45
,26
9 5
3,7
00
6
6,4
09
7
2,6
69
7
8,6
25
8
0,2
14
Mo
bil
e P
lan
ts
The
rmic
2
05
6
43
1
,11
7
3,2
09
2
,55
8
1,2
88
8
78
4
18
7
97
29
3
Tra
nsf
err
ing
of
Op
era
tio
n
Rig
hts
The
rmic
--
1
,07
3
2,6
34
4
,12
0
4,2
56
3
,87
4
4,0
58
Hyd
ro
--
68
7
3
85
6
1
61
6
2
TOTA
L --
1
,141
2
,70
7
4,2
05
4
,31
7 3
,93
5
4,1
20
4,0
60
4
,26
8 4
,31
5
Ad
min
istr
atio
n
of
Pri
vati
zati
on
TO
TAL
--
--
--
--
2,5
91
5
,37
9
6,5
31
--
- --
-
TOTA
L EL
ECT
RIC
ITY
G
ENER
ATI
ON
O
F
TUR
KEY
The
rmic
8
1,6
61
9
3,9
34
9
8,5
63
9
5,5
62
1
05
,10
2
99
,08
6
11
5,7
12
1
31
,83
5
15
5,1
96
1
64
,10
6
Hyd
ro
34
,67
8
30
,87
9
24
,01
1
33
,68
3
35
,32
9
46
,08
3
39
,56
1
44
,24
4
35
,85
1
33
,26
5
Ge
o.+
Win
d
10
1
10
9
15
1
15
3
15
0
14
9
15
3
22
1
51
1
95
9
TOTA
L 1
16
,44
0
12
4,9
22
12
2,7
25
1
29
,39
8
14
0,5
81
150
,69
8
16
1,9
57
176
,30
0
19
1,5
58
198
,33
0
“Preparing Bankable Documents” Training
28
48.6% of electrical energy generation accrued at natural gas power plants in 2008. In said year 35,8
billion m3 natural gas was imported and 53% of this natural gas was used for electrical generation.
This situation shows that, for electrical generation we use high rates of natural gas in our country. In
addition to natural gas, taking into consideration of coal and fuel oil, approximately 60% of our
electrical generation accrues from imported resources.
Lignite is second after natural gas in electrical consumption by fuel types. 20% of electrical energy
generation exists from lignite, 18.7% is hydraulic, 6.2% is imported coal, 4% is liquid fuels, %1.6 is
coal and the rest is other sources.
Percentage of public and private sector in electrical energy generation is given in Table 6.
Table 6: Percentage Distribution of Electricity Generation (%)
Years Public Sector Private Sector Total
2001 70 30 100
2002 60 40 100
2003 43 57 100
2004 43 57 100
2005 43 57 100
2006 48 52 100
2007 48 52 100
2008 49 51 100
Source: Table 5
While the share of the public sector in the electrical energy installed capacity was close to its
contribution to generation by years, the public sector realized only 49% of generation in 2008 while
owning 57% of the installed capacity. This stems from low-capacity operation of existing power
plants of EUAS and its subsidiaries and/or decommissioning of some power plants, depending on the
new Electricity Market Law. An increase in favor of private sector is expected in electricity
generation, as in the case of installed capacity.
“Preparing Bankable Documents” Training
29
4.5.3. Development of Demand in the Electricity Sector
Development of the gross demand in the electricity sector is given in Table 7.
Table 7: The Gross Demand Of The Electricity Sector (GWh)
Years Gross
Generation Import Export Gross Demand*
1995 86,247 --- 695 85,552
1996 94,862 270 343 94,789
1997 103,296 2,492 271 105,517
1998 111,023 3,299 298 114,024
1999 116,440 2,330 285 116,388
2000 124,922 3,791 437 128,276
2001 122,725 4,579 433 126,871
2002 129,398 3,588 435 132,554
2003 140,581 1,158 588 141,151
2004 150,698 464 1,144 150,018
2005 161,957 636 1,798 160,795
2006 176,300 573 2,236 174,637
2007 191,558 864 2,422 190,000
Source: Ministry of Energy and Natural Resources
(*): Transmission & distribution loss and internal consumption of the power plants are not
included in the gross demand (Gross Demand =Gross Generation+Import-Export)
As will be seen in Table 7, electricity demand is mostly met by generation. Electricity imports do not
exceed 4% of gross demand even in the years when relatively more imports have been made. Turkey
imports electricity from Georgia and Turkmenistan. Exports, on the other hand, increase of late three
years. The main countries to which we export electricity are Azerbaijan and Iraq.
“Preparing Bankable Documents” Training
30
4.5.4. Electricity Consumption
Gross electricity demand includes the internal consumption quantities (i.e. internal requirements) of
the power plants as well. The electricity quantity delivered to the interconnected system does not
reach the consumers in whole. The difference in between represents the network losses arising in
the system due to transmission and distribution losses. Consequently, network losses should be
deducted from the electricity quantity delivered to the system in order to calculate the net electricity
consumption. Table 8 gives Turkey’s net electricity consumption quantities by years, which have
been calculated in this manner.
Table 8: Net Electricity Consumption in Turkey (GWh)
Years Gross Demand Domestic
Demand Losses of System Net Consumption
1995 85,552 4,389 13,769 67,394
1996 94,789 4,777 15,855 74,157
1997 105,517 5,050 18,582 81,885
1998 114,024 5,523 20,795 87,705
1999 118,485 5,738 21,545 91,202
2000 128,276 6,224 23,756 98,296
2001 126,871 6,473 23,329 97,069
2002 132,554 5,673 23,932 102,949
2003 141,151 5,332 24,053 111,766
2004 150,018 5,633 23,243 121,142
2005 160,795 6,487 24,044 130,264
2006 174,637 6,757 24,810 143,070
2007 190,000 8,218 26,647 155,135
Source: Ministry of Energy and Natural Resources, TEİAS
Starting from the year 1995, Turkey’s net electricity consumption has increased, excepting the year
2001. In 2001, generation and consequently consumption declined due to the crisis experienced in
Turkey. There was a 1% drop in gross demand and net consumption. Gross demand annually increase
6.9% also net consumption annually increase 7.2% between the years 1995-2007.
“Preparing Bankable Documents” Training
31
Turkey’s sector based electrical energy consumption is given in the Table 9.
Table 9: Electrical Energy Consumption on Sector Basis
Years
House Commerce Industry Other Total
GWh % GWh % GWh % GWh % GWh
1998 20,034 23 7,734 9 46,139 53 13,798 16 87,705
1999 22,584 25 8,208 9 46,480 51 13,929 15 91,202
2000 23,888 24 9,339 10 48,842 50 16,227 17 98,296
2001 23,557 24 9,908 10 46,989 48 16,616 17 97,070
2002 23,559 23 10,867 11 50,489 49 18,032 18 102,948
2003 25,195 23 12,872 12 55,099 49 18,600 17 111,766
2004 27,619 23 15,656 13 59,566 49 18,301 15 121,142
2005 30,935 24 18,544 14 62,294 48 18,490 14 130,263
2006 34,466 24 20,256 14 68,027 48 20,321 14 143,070
2007 36,476 24 23,141 15 73,795 48 21,724 14 155,135
Source: TEDAŞ
As seen in Table 9, industrial sector takes the most share from electrical energy consumption.
Generally electrical energy consumptions shares in total electric consumption do not change year to
year.
4.6. Electricity Demand Forecast
Preparing demand forecasts of the electricity sector in Turkey is done by the Research-Planning-
Coordination Department of TEİAS (Turkish Electricity Transmission Corp.).
Table 10 gives generation-consumption balance showing how the electrical energy demand foreseen
for the next 10 years will be met by taking into consideration the generation facilities which exist,
which are under construction, for which license has been issued up to December 2007.
As seen on Table 10, for some years energy demand exceeds energy supply. Thus
in these years stand-by energy turns into negative value.
“Preparing Bankable Documents” Training
32
TAB
LE 1
0: D
EMA
ND
AN
D S
UP
PLY
BA
LAN
CE
PR
OJE
CTI
ON
(2
00
8-2
01
7)
10
.1.
Re
ceiv
ing
the
To
tal
Dem
and
Wit
h T
ota
l P
roje
ct G
ene
rati
on
Cap
acit
y o
f P
lan
ts T
hat
Exi
sts,
in
Op
era
tio
n ,
Un
de
r C
on
stru
ctio
n a
nd
Tak
en
Ou
t
Lice
nse
(G
WH
)
YEARS
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
1.Energy Demand
204,000
219,013
236,182
253,837
272,812
293,205
315,123
338,679
363,695
390,559
2.E
xis
ting C
apacity
238,3
06
235,8
67
235,4
88
234,6
89
234,8
40
234,4
27
232,3
83
232,9
57
233,5
56
229,1
16
3. Sta
nd-b
y E
nerg
y (%
) (2
/1)
16.8
7.7
-0
.3
-7.5
-1
3.9
-2
0.0
-2
6.3
-3
1.2
-3
5.8
-4
1.3
4.C
ap. U
nder C
onstruction
780
2,3
84
5,2
60
5,4
08
11,2
88
11,2
88
15,1
21
16,8
26
16,8
26
16,8
26
5.
Exis
ting C
apacity +
Cap.
Under
Construction
239,0
86
238,2
51
240,7
48
240,0
97
246,1
28
245,7
15
247,5
04
249,7
83
250,3
82
245,9
42
6. S
tand-b
y E
nerg
y (%
) (5
/1)
17.2
8.8
1.9
-5
.4
-9.8
-1
6.2
-2
1.5
-2
6.2
-3
1.2
-3
7.0
7.C
ap. Taken O
ut Lic
ense
2,1
68
7,5
69
18,7
22
36,4
94
51,3
74
58,7
30
61,0
62
61,0
62
61,0
62
61,0
62
8.
Exis
ting C
apacity + C
ap.
Under
Construction+
Cap.
Taken
Out
Lic
ense
241,2
54
245,8
20
259,4
7 0
276,5
9 1
297,5
0 2
304,4
4 5
308,5
6 6
310,8
4 5
311,4
4 4
307,0
04
9. S
tand-b
y E
nerg
y (%
) (8
/1)
18.3
12.2
9.9
9.0
9.1
3.8
-2
.1
-8.2
-1
4.4
-2
1.4
10.A
dded C
apacity
350
5,6
14
23,1
07
47,1
83
71,8
27
96,9
07
124,2
87
153,3
37
172,3
89
196,0
95
11.
Exis
ting C
apacity +
Cap.
Under
Construction+
Cap.
Taken
Out
Lic
ense+ A
dded C
apacity
241,6
04
251,4
34
282,5
77
323,7
74
369,3
29
401,3
52
432,8
53
464,1
82
483,8
33
503,0
99
12. Sta
nd-b
y E
nerg
y (%
) (1
1/1
) 18.4
14.8
19.6
27.6
35.4
36.9
37.4
37.1
33.0
28.8
“Preparing Bankable Documents” Training
33
10
.2.
Re
ceiv
ing
the
To
tal
De
man
d W
ith
To
tal
Rel
iab
le G
ene
rati
on
Cap
acit
y o
f P
lan
ts T
hat
Exi
sts,
in
Op
era
tio
n ,
Un
de
r C
on
stru
ctio
n a
nd
Tak
en
Ou
t
Lice
nse
(G
WH
)
YEARS
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
1.Energy Demand
204,000
219,013
236,182
253,837
272,812
293,205
315,123
338,679
363,695
390,559
2.E
xis
ting C
apacity
209,5
81
209,8
16
210,6
0
211,0
09
218,6
70
216,9
54
216,2
13
216,2
67
217,3
86
212,9
38
3. S
tand-b
y E
nerg
y (%
) (2
/1)
2.7
-4
.2
-10.8
-1
6.9
-1
9.8
-2
6.0
-3
1.4
-3
6.1
-4
0.2
-4
5.5
4.C
ap. U
nder C
onstruction
496
1,4
94
3,2
75
3,3
26
8,9
32
8,9
32
11,3
91
12,5
20
12,5
20
12,5
20
5.
Exis
ting C
apacity +
Cap.
Under
Construction
210,0
77
211,3
10
213,8
85
214,3
35
227,6
02
225,8
86
227,6
04
228,7
87
229,9
06
225,4
58
6. S
tand-b
y E
nerg
y (%
) (5
/1)
3.0
-3
.5
-9.4
-1
5.6
-1
6.6
-2
3.0
-2
7.8
-3
2.4
-3
6.8
-4
2.3
7.C
ap. Taken O
ut Lic
ence
1,9
25
6,5
54
15,1
96
28,9
34
40,7
24
46,0
26
47,3
40
47,3
40
47,3
40
47,3
40
8.
Exis
ting C
apacity + C
ap.
Under
Construction+
Cap.
Taken
Out
Lic
ense
212,0
01
217,8
64
229,0
8 0
243,2
6 8
268,3
2 6
271,9
1 2
274,9
4 3
276,1
2 6
277,2
4 6
272,7
97
9. S
tand-b
y E
nerg
y (%
) (8
/1)
3.9
-0
.5
-3.0
-4
.2
-1.6
-7
.3
-12.8
-1
8.5
-2
3.8
-3
0.2
10.A
dded C
apacity
175
5,2
64
21,2
85
43,2
67
65,5
48
88,0
24
112,6
68
139,2
43
155,9
65
177,3
55
11.
Exis
ting C
apacity +
Cap.
Under
Construction+
Cap.
Taken
Out
Lic
ense+ A
dded C
apacity
212,1
76
223,1
28
250,3
65
286,5
35
333,8
74
359,9
36
387,6
11
415,3
69
433,2
11
450,1
52
12. Sta
nd-b
y E
nerg
y (%
) (1
1/1
) 4.0
1.9
6.0
12.9
22.4
22.8
23.0
22.6
19.1
15.3
“Preparing Bankable Documents” Training
34
TEİAS has reached the following conclusions from the detailed calculations of Table 10.
• Electrical energy demand increased at an average rate of 8.3% per year in last decade and is
forecast to reach 236.1 billion kwh in the year 2010, 390.5 billion kwh in the year 2017. Results of
project generation-consumption power balance indicate that stand-by power will become minus
in the year 2010. Also reliable generation-consumption power balance indicate that stand-by
power will become minus in the year 2009.
• In the project generation-consumption balances prepared according to existing plants, stand-by
generation will decrease by the end of 2008, become minus in the year 2010 (-0.3%) and will
reach to -41.3% in the year 2017.
• In the project generation-consumption balances prepared according to existing and under
construction plants, stand-by generation will decrease by the end of 2008, become minus in the
year 2011 (-5.4%) and will reach to -37% in the year 2017.
• In the project generation-consumption balances prepared according to existing, under
construction, taken out license plants, stand-by generation will decrease by the end of 2008,
become minus in the year 2014 (-2.1%) and will reach to -21.4% in the year 2017.
• In the relaible generation-consumption balances prepared according to existing plants, stand-by
generation will decrease by the end of 2008, become minus in the year 2009 (-4.2%) and will
reach to -45.5% in the year 2017.
• In the project generation-consumption balances prepared according to existing and under
construction plants, stand-by generation will decrease by the end of 2008, become minus in the
year 2009 (-3.5%) and will reach to -42.3% in the year 2017.
• In the project generation-consumption balances prepared according to existing, under
construction and taken out license plants, stand-by generation will decrease by the end of 2008,
become minus in the year 2009 (-0.5%) and will reach to -30.2% in the year 2017.
4.7. Information About The Company
X Energy Electricity Generation Industry and Trade Corp. will generate electricity from the XYZ
Regulator and HEPP located in Seyhan County in Adana province. The HEPP will be established on
Seyhan River.
According to license mentioned; installed capacity is 4.60 MW. But in the technical evaluation part of
the project it is calculated 4.825 MW.
“Preparing Bankable Documents” Training
35
Pursuant to article 18 of the License Regulation, the generation license is issued for a minimum of 10
years, and a maximum of 49 years at a time. According to article 12 of the License Regulation, the
legal entities applying for licenses for construction of facilities based on domestic natural resources
and renewable energy resources annual license fee is not collected for the first 8 years following the
facility completion date inserted in their respective licenses for the generation facilities based on
renewable energy resources. If there occurs a delay exceeding 10% of the facility completion period,
indicated in the generation, the licensees shall not benefit from the exception of not paying annual
license fees for the first 8 years as indicated in the Regulation.
Furthermore, pursuant to article 38 of the said Regulation, TEİAS and/or distribution-license-holder
legal entities are obligated to give priority to the generation facilities based on local natural resources
and renewable energy resources in making connection to the system.
4.8. Customer Portfolio
According to the License Regulation, customers consist of the following legal persons: Wholesale
companies, retail sale companies, distribution companies holding retail sale license (TEDAŞ), eligible
consumers.
At present, TEDAŞ is the only distribution company holding retail sale license in Turkey. Pursuant to
the last paragraph of article 30 of the License Regulation, companies may sell the whole surplus
energy to TEDAŞ.
4.9. Tariffs and Pricing
The whole of the generation quantities taken as basis for revenue calculated after deduction of
technical losses from the average generation quantities of HEPPs is offered for sale. As is known,
electricity is a product which should be consumed as soon as it is generated and consequently, it is
not storable in this sense.
According to the technical evaluation part of the project, installed capacity is 4.825 MW and
15,.864,878 kwh energy will be generated annually average.
“Preparing Bankable Documents” Training
36
Pursuant to EMRA Committee Ruling published on Official Gazette dated 30/12/2008 and numbered
27096, Turkey Average Electricity Total Selling Price for 2008 is defined as 12.82 Ykr/kwh.
Pursuant to the Electric Market Law, priority is given to purchase of electricity amounts put into
market by power plants generating electricity from renewable energy sources. Therefore, TEDAŞ is
responsible of purchasing all of electricity generated from renewable energy sources. So the
generation quantity taken as basis for revenue (15.864.878 kwh) at XYZ HEPP can be sold to TEDAŞ
from Turkey Average Electricity Total Selling Price.
Table 11. X Energy Corp. Electricity Selling Price
GENERATION QUANTITY
TAKEN AS BASIS FOR
REVENUE (kwh)
SELLING PRICE
(ykr/kwh)
SELLING PRICE
(usd/kwh)
15.864.878 12.82 0.0833
(*):Exchange rate of Central Bank of the Republic of Turkey dated on 10.04.2009, 1 USD=1,5397 TL
4.10. Economic Capacity Utilization Ratios
The search for consumers, depending on market conditions, rival firms, sales and competition
possibilities, is not related with how to sell the power generated, but with how high a profit margin it
can be sold. In economic sense, there is no market share limit to the sales quantities; the only limit is
the generation quantities of power plants. As detailed in the technical examination and evaluation
section of the report, since generation quantity of HEPPs depends on flow rate, it can differ from
year to year, as well as among months. Therefore, the quantity that can be generated is calculated as
an average figure. Since there is no economic limit to the sale of the said quantities, the whole of the
average generation quantities calculated in the technical examination part can be sold. Due to all
these reasons, no economic capacity utilization rate is estimated for XYZ HEPP and it is foreseen that
the whole of the generation quantities taken as basis for revenue, as stated in the section on
technical examination and evaluation, can be sold.
“Preparing Bankable Documents” Training
37
5.
FIN
AN
CIA
L EV
ALU
ATI
ON
5 .
3 .
PR
OFO
RM
A IN
CO
ME
ST
AT
EM
EN
T
(U
SD
)
ITEM
S /
YEARS
2011
2012
2013
2014
2015
2016
Capaci
ty U
sage R
atios
100%
100%
100%
100%
100%
100%
1 -
Net
Sale
s Revenue
660.4
78
1.3
20.9
57
1.3
20.9
57
1.3
20.9
57
1.3
20.9
57
1.3
20.9
57
2 -
Cost
of Ele
ctrici
ty S
old
603.1
43
897.8
53
811.3
76
778.4
87
745.5
99
712.7
10
3 -
Earn
ings
Befo
re T
axes
(1-2
)57.3
35
423.1
04
509.5
81
542.4
69
575.3
58
608.2
47
4 -
Tax L
oss
Carr
y-F
orw
ard
100.0
99
5 -
Invest
ment
and o
ther
allo
wance
s0
00
00
0
6 -
Corp
ora
tion T
ax B
ase
(3-(
4+
5+
6))
0423.1
04
509.5
81
542.4
69
575.3
58
608.2
47
7 -
Corp
ora
tion T
ax (
7*%
20)
084.6
21
101.9
16
108.4
94
115.0
72
121.6
49
8 -
Earn
ings
Aft
er
Taxes
(3-(
8+
9))
57.3
35
338.4
83
407.6
64
433.9
76
460.2
87
486.5
98
9 -
Tax L
oss
Carr
y F
orw
ard
100.0
99
00
00
0
10 -
Legal Rese
rves
((3-1
1)*
%5)
021.1
55
25.4
79
27.1
23
28.7
68
30.4
12
11 -
Div
idends
((10-(
11+
12))
*%
5(2
.138)
15.8
66
19.1
09
20.3
43
21.5
76
22.8
09
12 -
Reta
ined E
arn
ings
(10-(
12+
13+
14))
59.4
73
301.4
62
363.0
76
386.5
09
409.9
43
433.3
76
“Preparing Bankable Documents” Training
38
5 . 4 . PROFORMA CASH FLOW STATEMENT
(USD
)
CASH
IN
-OU
T F
LOW
S /
YEARS
2011
2012
2013
2014
2015
2016
CU
R100%
100%
100%
100%
100%
100%
A -
Cash
In
flow
s7
56
.22
01
.51
2.4
39
1.5
12
.43
91
.51
2.4
39
1.4
37
.40
81
.32
0.9
57
1
- N
et
Opera
ting (
Genera
tion)
Inco
me (
a-b
-c)
660.4
78
1.3
20.9
57
1.3
20.9
57
1.3
20.9
57
1.3
20.9
57
1.3
20.9
57
a .
Opera
ting ınco
me
660.4
78
1.3
20.9
57
1.3
20.9
57
1.3
20.9
57
1.3
20.9
57
1.3
20.9
57
-
Dom
est
ic S
laes
660.4
78
1.3
20.9
57
1.3
20.9
57
1.3
20.9
57
1.3
20.9
57
1.3
20.9
57
-
Export
0
00
0
0
0
b .
Sto
ck D
iffe
rence
0
00
0
0
0
c
. M
.B.M
.D.
Satış
Tuta
rı0
00
0
0
2
- K
.K.D
.P.
+ T
eşv
ik P
rim
i
3
- D
educt
able
VAT
95.7
41
191.4
83
191.4
83
191.4
83
116.4
52
B -
Cash
Ou
tflo
ws
53
6.7
10
1.0
01
.92
21
.20
0.9
86
1.1
88
.63
51
.16
3.5
57
1.1
38
.47
9
1
- N
et
Opera
ting E
xpense
s (a
-b-c
)128.5
83
257.1
65
257.1
65
257.1
65
257.1
65
257.1
65
a .
Opera
ting E
xpense
s128.5
83
257.1
65
257.1
65
257.1
65
257.1
65
257.1
65
b .
Sto
k F
ark
ı0
00
0
0
0
c
. M
.B.M
.D.
Satış
Tuta
rı0
00
0
0
2
-O
blig
ato
ry P
aym
ents
(a+
b+
c)0
(2.1
38)
100.4
87
121.0
25
128.8
36
136.6
48
a .
Taxes
084.6
21
101.9
16
108.4
94
115.0
72
b .
Div
idend P
ayout
(2.1
38)
15.8
66
19.1
09
20.3
43
21.5
76
c
. Đk
ram
iye
00
0
0
0
3
- I
nst
allm
ent
Paym
ents
408.1
27
746.8
95
843.3
33
810.4
44
777.5
56
744.6
67
a .
Inte
rest
Paym
ents
208.1
27
374.2
54
287.7
78
254.8
89
222.0
00
189.1
11
b .
Princi
pal Paym
ents
200.0
00
372.6
40
555.5
56
555.5
56
555.5
56
555.5
56
C -
Net
Cash
Flo
w (
A-B
)219.5
10
510.5
18
311.4
54
323.8
05
273.8
51
182.4
78
D -
Deb
t C
overag
e R
ati
o (
A-(
B1
+B
2+
B3
)) /
B4
1,5
4
1,6
8
1,3
7
1,4
0
1,3
5
1,2
5
E -
Gro
ss C
ash
Flo
w (
A-B
2)
627.6
37
1.2
55.2
74
1.2
55.2
74
1.2
55.2
74
1.1
80.2
43
1.0
63.7
92
1,5
3
1,4
81
,37
1,3
3
1,3
0
Deb
t C
overag
e R
ati
o c
alc
ula
ted
on
a t
hree y
ears
mo
vin
g a
verag
e
“Preparing Bankable Documents” Training
39
5 . 5 . THE STATEMENT OF COST OF ELECTRICITY SOLD
(USD
)
CO
ST /
YEARS
2011
2012
2013
2014
2015
2016
CU
R
100%
100%
100%
100%
100%
100%
Tota
l O
pera
ting E
xpense
s 128.5
83
257.1
65
257.1
65
257.1
65
257.1
65
257.1
65
Depre
ciation
266.4
34
266.4
34
266.4
34
266.4
34
266.4
34
266.4
34
To
tal
Pro
du
cti
on
Co
st
39
5.0
16
52
3.5
99
52
3.5
99
52
3.5
99
52
3.5
99
52
3.5
99
Sto
ck D
iffe
rence
(-)
00
00
0
0
Selli
ng E
xpense
00
00
0
0
Fin
anci
al Expense
s208.1
27
374.2
54
287.7
78
254.8
89
222.0
00
189.1
11
Co
st
of
Ele
ctr
icir
y S
old
60
3.1
43
89
7.8
53
81
1.3
76
77
8.4
87
74
5.5
99
71
2.7
10
5 . 6 . NET PRESENT VALUE AND INTERNAL RATE OF RETURN
(U
SD
)
Discount Rate
8%
ITEM
S /
YEARS
2011
2012
2013
2014
2015
2016
Invest
ment
Expenditure
s6.9
24.6
09
Earn
ings
Befo
re T
ax
57.3
35
423.1
04
509.5
81
542.4
69
575.3
58
608.2
47
Depre
ciation
266.4
34
266.4
34
266.4
34
266.4
34
266.4
34
266.4
34
Taxes
to b
e p
aid
00
84.6
21
101.9
16
108.4
94
115.0
72
Fin
anci
al Expense
s 208.1
27
374.2
54
287.7
78
254.8
89
222.0
00
189.1
11
Net
Cash
Flo
w(6
.924.6
09)
531.8
96
1.0
63.7
92
979.1
71
961.8
76
955.2
98
948.7
20
1,0
01,0
81,1
7
1,2
6
1,3
6
1,4
71,5
9
Dis
counte
d N
et
Cash
Flo
w(6
.924.6
09)
492.4
96
912.0
30
777.2
98
707.0
07
650.1
60
597.8
55
Net
Presen
t V
alu
e
1.9
19
.82
3 1
12
34
5
6
(6.9
24.6
09)
(6.4
32.1
13)
(5.5
20.0
83)
(4.7
42.7
85)
(4.0
35.7
78)
(3.3
85.6
18)
(2.7
87.7
63)
“Preparing Bankable Documents” Training
40
Debt Coverage Ratio
2011
1,5
4219.5
10
2012
1,6
8510.5
18
1,5
32013
1,3
7311.4
54
1,4
82014
1,4
0323.8
05
1,3
72015
1,3
5273.8
51
1,3
32016
1,2
5182.4
78
1,3
02017
1,2
9207.5
55
1,2
92018
1,3
4232.6
33
1,3
42019
1,4
0257.7
11
1,4
02020
1,4
6282.7
89
1,4
62021
1,5
3307.8
66
“Preparing Bankable Documents” Training
41
TOTA
L IN
VES
TMEN
T C
OST
AN
D A
NN
UA
L B
REA
KD
OW
N T
AB
LE
(U
S $
)
YEARS
CU
MU
LATIV
E31.1
2.2
009
31.1
2.2
010
CO
ST I
TEM
S
TO
TAL
LOCAL
FO
REIG
NLO
CAL
FO
REIG
NLO
CAL
FO
REIG
N
A -
Lan
d
20
.00
02
0.0
00
02
0.0
00
B -
Fıx
ed
In
vestm
en
t6
.65
8.2
23
4.4
06
.22
32
.25
2.0
00
1.1
83
.15
70
2.1
24
.09
41
.47
2.9
00
1
- E
tude a
nd P
roje
ct
350.0
00
350.0
00
0350.0
00
2
- R
oyalty a
nd K
now
How
10.0
00
10.0
00
010.0
00
3
- C
ivil
Work
s 3.2
90.4
55
3.2
90.4
55
0716.5
06
1.7
36.2
90
4
- M
ech
anery
and E
quip
ments
2.2
77.7
70
230.7
70
2.0
47.0
00
0138.4
62
1.4
32.9
00
5
- Fre
ight
and I
nsu
rance
95.0
00
10.0
00
85.0
00
0
6
-Im
port
ation a
nd C
ust
om
Expense
s0
0
00
7
- M
ounting
120.0
00
0
120.0
00
040.0
00
8
- V
ehic
les,
Fix
ture
s0
0
00
9
- S
tart
-up E
xpense
s30.0
00
30.0
00
00
1
0 -
Genera
l Expence
s85.3
42
85.3
42
00
56.2
43
1
1 -
Contingenci
es
399.6
57
399.6
57
0106.6
51
193.0
99
T
OT
AL F
IX
ED
IN
VES
TM
EN
T C
OS
T (
Lan
d i
nc.)
6.6
78
.22
34
.42
6.2
23
2.2
52
.00
01
.20
3.1
57
0
2.1
24
.09
41
.47
2.9
00
C -
Wo
rkin
g C
ap
ital
Req
uir
em
en
t 4
0.7
78
40
.77
80
0
T
OT
AL I
NV
ES
TM
EN
T C
OS
T6
.71
9.0
00
4.4
67
.00
02
.25
2.0
00
1.2
03
.15
70
2.1
24
.09
41
.47
2.9
00
D -
Reco
verab
le V
alu
e A
dd
ed
Tax
0
00
“Preparing Bankable Documents” Training
42
AN
NU
AL
OP
ERA
TIN
G E
XP
ENSE
S A
T F
ULL
CA
PA
CIT
Y(D
OLLA
R)
EX
PEN
DIT
UR
E I
TE
MS
%C
ON
SU
MP
TIO
NU
NIT
PR
IC
EU
NIT
AM
OU
NT
FIX
ED
VA
RIA
BLE
A -
Gen
erati
on
Co
st
1 -
Op
erati
ng
an
d U
tili
zati
on
Exp
en
ses o
f S
yste
m
2
3.8
65
10
0%
0%
Utiliz
ation E
xpense
of Syst
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4,8
3 M
W
0
DO
LAR/M
W
22.5
37
Opera
ting E
xpense
of Syst
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4,8
3 M
W
0
DO
LAR/M
W
1.3
28 0
2
- I
nsu
ran
ce E
xp
en
dit
ure
20
.00
01
00
%0
%
Insu
rance
Expenditure
20.0
00
3 -
Op
eratı
ng
Mate
ria
ls5
.00
00
%1
00
%
Sundry
5.0
00
4 -
Ele
ctr
ic
Kw
h/Y
ıl0
0%
10
0%
5 -
Fu
el
0
0%
10
0%
0 0 0
6 -
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10
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7 -
Wag
es a
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rie
s8
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i1
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5,0
01
00
.80
0
5%
95
%
8 -
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ten
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air
8
0.0
00
70
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0%
9 -
Gen
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ses
10
,0%
22
.50
04
0%
60
%
1
0 -
Con
tin
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cie
s
2
,0%
5.0
00
60
%4
0%
TO
TA
L G
EN
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57
.16
5
B -
Sale
s E
xp
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10
0%
TO
TA
L O
PE
RA
TIN
G C
OS
T2
57
.16
5
TO
TA
L O
PE
RA
TIN
G C
OS
T
Fıx
ed
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Cost
:
11
6.9
05
Varia
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:1
40
.26
0
TO
TA
L G
EN
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:1
16
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5
Varia
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Co
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:1
40
.26
0
“Preparing Bankable Documents” Training
43
BR
EA
KD
OW
N O
F W
OR
KIN
G C
AP
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AL R
EQ
UIR
EM
EN
TS
(U
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)
WO
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GW
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G
WO
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TO
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TO
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CAPIT
AL
CAPIT
AL
TIM
EAM
OU
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AM
OU
NT
AM
OU
NT
AM
OU
NT
AM
OU
NT
ITEM
S(D
AY)
(FIX
ED
)(V
ARIA
BLE
)(F
IXED
)(V
ARIA
BLE
)(T
OTAL)
1 .
RAW
MATERIA
LS30
23.8
65
01.9
89
01.9
89
2 .
AU
XIL
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ATERIA
LS30
20.0
00
00
00
3 .
OPERATIN
G M
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LS30
05.0
00
00
0
4 .
FIN
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GO
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NVEN
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0116.9
05
140.2
60
00
0
5 .
WO
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00
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6 .
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00
00
00
7 .
RECEIV
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S30
116.9
05
140.2
60
9.7
42
11.6
88
21.4
30
8 .
CASH
IN
HAN
D30
73.0
40
135.2
60
6.0
87
11.2
72
17.3
58
TO
TA
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50
.71
54
20
.78
01
7.8
18
22
.96
04
0.7
78
“Preparing Bankable Documents” Training
44
AN
NU
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NC
OM
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AP
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TO
TA
L
PR
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AM
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UN
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($
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DO
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15.8
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15
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1.3
20
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7
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1 k
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“Preparing Bankable Documents” Training
45
5 .
FIN
AN
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L EV
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5
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31.1
2.2
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3
1.1
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TO
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FIN
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L N
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TO
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DO
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DO
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20.0
00
20.0
00
020.0
00
00
B -
Fix
ed I
nvest
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Cost
6.6
58.2
24
4.4
06.2
24
2.2
52.0
00
1.1
83.1
57
2.1
24.0
94
1.4
72.9
00
C -
Inte
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s 205.6
08
205.6
08
06.5
81
92.6
67
D -
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s in
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s 0
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9.7
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16
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11
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40.7
78
40.7
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40
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84
0.7
78
0
40
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59
214.7
68
357.4
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50
5.4
59
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02
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2.0
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80
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81
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4.1
77
2.5
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51
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(T
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FIN
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2.1
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01
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79
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52
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24
36
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1
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3.3
11.0
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1.6
89.0
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887.3
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1.5
93.0
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04.6
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1. 1 -
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3.6
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2.4
11.4
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1.2
38.6
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650.7
36
1.1
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3.6
50.0
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2.4
11.4
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38.6
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650.7
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810.0
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50.0
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899.6
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450.4
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236.6
31
424.8
19
294.5
80
2
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572.6
40
572.6
40
0214.1
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210.4
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0 Short
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572.6
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572.6
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01.1
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7.7
11
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05
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9.2
50
2.2
52
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08
0.7
89
1.3
84
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72
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1.4
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