Feasibility study fuel cane power generation project

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Feasibility Study Fuel Cane Power Generation Project for Barbados Agricultural Management Company, Ltd Prepared by: Schaffer and Associates International, LLC 1020 Florida Boulevard Baton Rouge, Louisiana 70802 USA DIVERSIFICATION POWER GENERATION DIVERSIFICATION ETHANOL DIVERSIFICATION SPECIALTY AND REFINED SUGAR Introduction and Background Barbados Agricultural Management Company, Ltd (BAMC) developed a model to provide sustainable energy from cane residue (bagasse) This plan:       Provides vision Diversifies energy sources Substitutes green fuels for fossil fuels Supports environmental stewardship Creates added value for cane farmers Promotes economic development Introduction and Background Summarization of Project Objectives:  Investigate the viability of the fuel cane model  Evaluate the current sugar estates/cane fields, sugar factories and sugar production  Assess the potential for power production  Provide economic and financial assessment for BAMC in the energy sector  Determine the best way forward for BAMC in developing its energy program  Provide options and alternatives to the existing model that will make it economically feasible Introduction and Background Summarization of Project Benefits:  Fuel security   Ethanol fuel blends Green fuel for electricity product  Food security  Tourism   Sustainable/renewable supply of electricity Minimal impact on tourist areas and green spaces  Economic Growth Driver    Creates employment Creates economic stability for cane farmers and investment confidence Provides renewable source of power (ethanol & electricity) Agricultural Operations  Cane Production – Commercial Cane – Fuel Cane    Harvest and Transport Company Agricultural Input Suppliers Farmers and Outgrowers Industrial Operations  Sugar Production – – – –   Syrup Molasses Sugar Refined & Specialty Sugars Ethanol Production Power Production – Bagasse – Natural Gas – Waste (Wood and Paper) Options: Summaries SAIL initially developed seven potential cogeneration models and ultimately nine that were taken into consideration: Grinding Rates Acres of Cane in Production Total Tons of Cane Analysis (% Brix, % Pol, % Fiber, Mixed Juice Purity) Products (Specialty Sugar, Molasses, Refined Sugar, Ethanol, Electricity)  Power Generation      Note: The final two models using combinations of options were developed subsequent to the last site visit in September 2005 Option #9 Case 2A + 1B with Combined Cycle Power     Assumed Gas Turbine Combined Cycle, Sugar Cane & HFC, Refined Sugar, Specialty Sugar & Fuel Ethanol (Case 2A + 1B with Combined Cycle Power) Sugar cane: Fiber: 15.85%, Pol: 12.65% High fiber fuel cane: Fiber: 28%, Pol: 8% Production – – – – – – – – Cane Refined Sugar (local) Specialty Sugar (local) Specialty Sugar (export) Molasses Ethanol Electricity (bagasse) Electricity (natural gas) 593,388 metric tons 12,000 metric tons 5,000 metric tons 10,000 metric tons 9,215 metric tons 14,000,000 liters/year 102,751 MWh 157,680 MW/year Option #9 Case 2A + 1B with Combined Cycle Power  Benefits – High sugar production during part of the year and high fiber for electrical generation and ethanol production during the remainder of the year – Combined cycle makes up to 30 MW of firm power possible  Constraints – Need to find a suitable variety of high fiber cane – Requires larger initial investment  Acceptable: – Yes  Preliminary Indicative Capital Costs: $156.0 million Project Economics (Option 9) Major Foreign Exchange Earnings/Import Substitution Savings Product Fuel Ethanol Sugar Molasses Power (from fiber) Power (from natural gas) Power (from waste) Quantity Annual FOREX Savings (U.S $) 14.4m liters/year 8.425 million 27,000 MT per year (local/export) 15.200 million 9,215 MT 0.844 million 102,800 MwH 11.308 million Balance up to 30 Mw (158,000 MwH) 2.897 million* 8,200 MwH 0.902 million Total * Difference between using Natural Gas versus Fuel Oil/Diesel US $39.576 million Project Economics Historic FOREX Earnings under E.U Preferential Quotas Annual Quota Tonnes Euro Gross Euro/Year 50312 725 36.5 million 50312 625 31.5 million 49300 525 25.9 million 49300 425 (US $25.1 million) 20.9 million 32097 425 (US $16.4 million) 13.6 million Hence, the new Project’s FOREX benefits compare favorably with historical economics Project Economics     Any future additional land will be dedicated to Fuel Ethanol, Power and Molasses Assures continuance of farming in the traditional farming area Provides fuel security Project complies with E.U Settlement Requirements Human Resources      New positions created by: – New product lines (ethanol, power, specialty and refined sugar) – Extended crushing season Extensive re-training, where necessary, to relocate existing technical staff Senior management to take on more responsibilities Streamline overhead and administrative functions Centralize all functions to new industrial site Recommendations  For BAMC – New Multipurpose Factory – Cane Production – Replanting Scheme  Markets – Specialty Sugars/Refined Sugars (U.S., E.U., Canada, and Local) – Molasses – Ethanol – Electricity  High Fiber Cane Research ... stability for cane farmers and investment confidence Provides renewable source of power (ethanol & electricity) Agricultural Operations  Cane Production – Commercial Cane – Fuel Cane    Harvest... of Project Objectives:  Investigate the viability of the fuel cane model  Evaluate the current sugar estates /cane fields, sugar factories and sugar production  Assess the potential for power. .. Combined Cycle Power     Assumed Gas Turbine Combined Cycle, Sugar Cane & HFC, Refined Sugar, Specialty Sugar & Fuel Ethanol (Case 2A + 1B with Combined Cycle Power) Sugar cane: Fiber: 15.85%,