Lisa Lee Morgan, AIA, LEED-AP President + CEO Calor Energy.
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Transcript of Lisa Lee Morgan, AIA, LEED-AP President + CEO Calor Energy.
![Page 1: Lisa Lee Morgan, AIA, LEED-AP President + CEO Calor Energy.](https://reader036.fdocuments.in/reader036/viewer/2022081513/56649caf5503460f94972e4c/html5/thumbnails/1.jpg)
Financial AchievabilityOf
Anaerobic Digestion Projects
Lisa Lee Morgan, AIA, LEED-AP President + CEOCalor Energy
![Page 2: Lisa Lee Morgan, AIA, LEED-AP President + CEO Calor Energy.](https://reader036.fdocuments.in/reader036/viewer/2022081513/56649caf5503460f94972e4c/html5/thumbnails/2.jpg)
The AD Process – “Basic” Feedstocks Digestion Outputs
CO2
CH4
Liquids
Solids
Gaso o o o o o o o o o o o o o o o o o o o o
o o o o o o o o o o o o o o o o o o o o o
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Digestate- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
![Page 3: Lisa Lee Morgan, AIA, LEED-AP President + CEO Calor Energy.](https://reader036.fdocuments.in/reader036/viewer/2022081513/56649caf5503460f94972e4c/html5/thumbnails/3.jpg)
Key Revenues + Costs Feedstocks Digestion Outputs
CO2
CH4
Liquids
Solids
Gaso o o o o o o o o o o o o o o o o o o o o
o o o o o o o o o o o o o o o o o o o o o
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Digestate- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
$ Disposal $ $ Land $
$ Technology $ $ Offtake $
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First Cut Rule of Thumb
Rule of $140
Revenue of$ / Ton of Waste
Revenue of$ / Megawatt-hr
Revenue of$ / Ton Fertilizer
$140
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Feedstock $$$
Feedstocks
L T Contract with Organic Waste Producer
Payment from Waste Producer
Savings by Waste Producer
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Community Viability
Charlotte San Francisco
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Feedstocks BTU Spectrum
Food Waste Ag Waste Animal Waste WW Waste
BTU ContentLOW HIGH
Raw, unprocessed, undigestedProcessed, digested, excreted
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Feedstocks Disposal FeesEntity Type Feedstock Disposal
Costs/TEnergy Needs
Dairy/Hay Farm Dairy Waste, Crop Waste, Manure
$30-40 On site power;Truck fuel
Municipal Household food waste; household garbage
$26-50 Utility PPA
Animal Processing Animal FOG, parts, fluids $60-75 On site power;Hot water
Waste Water Treatment
Biosolids 2% $30-50 Bio-Dryer;On site power
Food Processing Pre-consumer food waste
$45-60 On site power;Hot water
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Feedstocks Project Models
PURISTS : Harvest Power – Investor-owned AD Facilities
MIXED BAGGERS : Columbia Biogas – Community-owned AD Facilities
Designed to maximize gas quality and financial yield Pre-consumer food waste only No contaminants, paper, body wastes Formula: 2/3 hi-cal food waste + 1/3 green waste Vancouver: $65/Ton + $150/MWh + $20/Ton = $235
Designed to maximize community participation Pre- and Post-consumer food waste Formula: 1/3 food + 1/3 FOG, beer, milk + 1/3 green, grocery Expensive pre- and post-treatment Portland: $55/WTon + $70/MWh + $20/Fton = $145
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Heat Exchanger
Digestion Process - “Basic”
Fluids
Mixing Rods
Digestion Reactor
Biogas
Solids
Feedstock In
Pretreat to Pulp
Heated Pulp
Gas Storage
Digestate
![Page 11: Lisa Lee Morgan, AIA, LEED-AP President + CEO Calor Energy.](https://reader036.fdocuments.in/reader036/viewer/2022081513/56649caf5503460f94972e4c/html5/thumbnails/11.jpg)
Digestion $$$Digestion
Land Purchase or Option to Purchase
Reliable Technology + EPC Selection
Preliminary Engineering+ Financial Analysis
Tax Incentive CPA Opinion
Regulatory Approvals + Permits
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Model Example
Tax EquityInvestor50% Cash100% Tax Incentives90% / 5% OwnerBal Sheet = Insurance
Developer5% OwnerProject ManagerTeam Lead
MunicipalWWTF5% / 95% OwnerElectricity userOperations
“NC Digester Group, LLC”
Lender50% Cash15 yr @ 5%secured
EPCEngineering/Procurement/Contractor
Utility: MWh
Heat: MMbtu
Fertilizer: Ton
Waste: Fees
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Production ExampleFeedstock In:FOG in per hour 5.72tons/hr
Wet Biosolids in per hour 4.71tons/hrResidue for disposal 7.63tons/hr
Thermal Energy:AD-DRANCOs (2) Waste Heat 0.0MMBtu/hr
Gensets (2) Waste Heat 25.0MMBtu/hr
Total Waste Heat 25.0MMBtu/hr
Dryer operation 17.7MMBtu/hr
Heat losses 1.0MMBtu/hr
Excess thermal energy 6.3MMBtu/hr
Electric Energy:
Energy input to each Genset 42.1MMBtu/hr
Heat Rate of Gensets 8,530Btu/kWh
Number of Gensets 1Gens
kWh operation - gross 4,932kWh
kWh Belt dryer 575KWh
kWh operation - net 4,357kWh
MWh produced - net 4.357MWh
WWTF Baseload 1.357MWh
Excess power to grid 2.0MWh
Alternative Energy:
Compressed NG Potential 9000GGE/day
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Tax IncentivesProject Cost Basis 12,350,000Federal Tax Credit 1,235,000NC Tax Credit Yr. 1 864,500MACRS Dep'n Yr 1 After Tax Value 821,275
(a) 2,920,775Year 1 Capital Outlay to 2015 Tax Incentives Return 24%
Year 2-6 Tax IncentivesNC Tax Credit Yrs 2-5 3,458,000Tax Dep'n Yrs 2-6 After Tax Value 3,285,100
6,743,100
Total Return Years 1-6 Σ(a) 9,663,875Capitay Outlay to 2015 Tax Incentives Return 78%
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Output $$$Outputs
Gas>Electricity: Utility or On Site PPA
Gas>CNG: Utility or Local Transport PPA
RECs or RINs Contract
Fertilizer/CompostContract
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Outputs 101
Biogas -> Electricity/CHP
Gas Clean Up
BiogasStorage
Digester
Electric Generator
PowerGrid
Gas Fueled
750-1000
BTU/FT3Boiler
Gas Fueled Industrial
Steam Users
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Outputs 201
Biogas -> Transportation Fuels
Gas Clean Up
BiogasStorage
Digester
Natural GasPipeline
900-1000
BTU/FT3
BottledCompressed
NG (RNG)
Compressor
CNG Vehicles
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Outputs 301
Digestate -> Fertilizers
Nutrient-Rich Liquid Fertilizer
Liquids
Compost Rows
Highly Enriched Organic Fertilizer
SolidDewaterDigester Digestate
Storage- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
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Annual Cash FlowINCOMEDisposal Fees for FOG 50,000 Tons/yr $ 60.00 $ 3,000,000 Disposal Fees for Biosolids 41,245 Tons/yr $ 10.00 $ 412,450 Heat to Dryer 155,052 MMBtu/yr $ 3.50 $ 542,682 Electricity to WWT User 11887.32 MWh/yr $ 70.00 $ 832,112 Electricity to Utility - avoided cost 26280 MWh/yr $ 55.00 $ 1,445,400 Fertilizer/Compost 6683.88 Tons/yr 15 $ 100,258 Annual Income $ 6,332,903
EXPENSE15-year loan @ 5% 15 5% loan $ 6,175,000 $ 586,000 Operation - Maint contract 12 mon $ 150,000 $ 1,800,000 Waste collection, transport 12 mon $ 150,000 $ 1,800,000 Insurance LS $ 500,000 Taxes 0.006 rate $ 6,175,000 37,050
$ 4,723,050
PROFIT $ 1,609,853 RETURN - ANNUAL 13%
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Investor/Lender Expectations Feedstocks Digestion Outputs
L T Contract with Organic Waste Producer
Land Purchase or Option to Purchase
Gas>Electricity: Utility or On Site PPA
Payment from Waste Producer
Reliable Technology + EPC Selection
Gas>CNG: Utility or Local Transport PPA
Savings by Waste Producer
Preliminary Engineering+ Financial Analysis
RECs or RINs Contract
Tax Incentive CPA Opinion
Fertilizer/CompostContract
Regulatory Approvals + Permits
![Page 21: Lisa Lee Morgan, AIA, LEED-AP President + CEO Calor Energy.](https://reader036.fdocuments.in/reader036/viewer/2022081513/56649caf5503460f94972e4c/html5/thumbnails/21.jpg)
Community Analysis
Rule of $140 ?
Maximize what ?
Feedstocks?
Technology ?
Outputs ?
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Questions?