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Detailed Description of the Project
The case study is about the construction and operation of a coal fired cogeneration facility power plant. Coal will be used to produce electricity and steam to be sold to two long term contractual purchasers With an electric generating capacity (net) of 330 megawatts and a steam export capability of 175 000 pounds per hour
The cogeneration facility is a partnership between Toyan enterprises( an indirectly wholly owned subsidiary of PG&E enterprises) and Palm power corporation (an indirectly wholly owned subsidiary of Bechtel enterprises, inc.) plus a limited partner TIFD III-Y inc.(a subsidiary of general electric capital corporation
PG&E enterprises
PG&E enterprises
Bechtel enterprises, inc
Palm power corporation
General electric capital corporation
TIFD III-Y Inc.
Project construction began in October 21, 1992 and finished December 13, 1996. Was financed through a first mortgage bond worth $505 million + a 1994 tax ² exempt bond + equity contributions by the partners
First mortgage bond
$505 000 000
1994 tax-exempt bonds
$125 000 000
Equity contributions of partners
$140 000 000
Total funds
$770 010 000
Risk sharing among partners
From 2020 ² 2025 there is a decline in profits due to a decline in the electricity capacity payment (a huge contributor to revenue)
a.
STRENGTHS;
By the financial projections the project , the proceeds from the $505million first mortgage bond and the $125 0.1million of the 1994 tax-exempt bonds will be able to repay the debt in full, refund the $113 million principal amount of the 1992 tax-exempt bonds in full and repay the original equity loan in full.
The contractual terms agreed upon were of a degree that ensured the smooth running of the facility, any breach resulted in fines. The amount of debt financing indicated that the project is very viabile.
There are certain limitations to aquiring additional debt Rigid and lengthy contract period doesn·t allow any change in sales because of these, i.e.
