Sinclair Knight Merz undertook an independent technical due diligence review for the Westpac Banking Group, the financier of the CUBE cogeneration project (Osborne Cogeneration). The project was a joint venture between Australia’s Boral Energy and Canada’s ATCO Power.
The Osborne plant is a 180 MWe combined cycle cogeneration plant, based on a GE frame 9E gas turbine. It is one of the largest cogeneration plants in Australia and supplies power direct to the ETSA Corporation’s state grid and 1.2 Mt/a of low-cost steam to the neighbouring Penrice Soda Products plant.
Sinclair Knight Merz represented the financiers during the construction and commissioning phases of this project financed facility. In undertaking the review, Sinclair Knight Merz carefully examined source documentation, technical and economic assumptions, the qualifications of the proponent and drew upon its comprehensive experience in comparable projects to provide independent and impartial advice. The work also included reviews of:
- plant configuration
- the EPC specification and contract
- the fuel supply agreement
- the power purchase agreement
- the energy services agreement and site lease
- project approvals, including environmental issues
- financial spreadsheets and the like.