Carbotura · Circular Advantage Program · Stage 1 · SPV Finance Package · US GAAPCarbotura · Programa Circular Advantage · Etapa 1 · Paquete Financiero SPV · US GAAP
Miami-Dade County
SPV Finance PackageCondado de Miami-Dade
Paquete Financiero SPV
A $305M project cost structured as 20%/15%/65% — against an $831.8M asset base anchored by the 30-year COA Reserve and a 24.6% IRR at $88.00/ton TMC — Phase Initial 500 TPD.
Section 0
SPV Summary
$305M
Total Project Cost
(Phase Initial)
(Phase Initial)
$831.8M
Total Asset Base
(Option B US GAAP)
(Option B US GAAP)
24.6%
Project IRRTIR del Proyecto
(ESTIMATED)
(ESTIMATED)
7.2 yrs
Equity Payback
(ESTIMATED)
(ESTIMATED)
$312M
30-yr Cumulative FCFFCF Acumulado 30 años
(ESTIMATED)
(ESTIMATED)
2.43×
COA Reserve /
Total Debt
Total Debt
54%
Avg. EBITDA Margin
(ESTIMATED)
(ESTIMATED)
Yr 17
Debt-Free Year
(ESTIMATED)
(ESTIMATED)
§0.2 — Entity OverviewResumen de la Entidad
| ParameterParámetro | ValueValor |
|---|---|
| SPV EntityEntidad SPV | Carbotura Miami-Dade SPV LLC (proposed) |
| Facility specificationEspecificación de la instalación | Phase Initial: 500 TPD · 5 modules · Advanced Circular Manufacturing (ACM) |
| COA termPlazo del COA | 30 years from Phase Initial COD (Q2 2028) |
| TMC Fee (Year 1) | $88.00/ton · escalates 2.5%/yr over 30-year term |
| Project modelModelo del proyecto | Build-Own-Operate (BOO) — Carbotura bears 100% capital and operating risk |
| Accounting standard (SPV) | US Generally Accepted Accounting Principles (US GAAP) · ASC 360 PP&E · ASC 350 intangible assets · ASC 815/825 financial instruments |
| County accounting standard | GASB — reported separately. This document reflects SPV/investor basis only. |
| RevCon baselineLínea base RevCon | $88.00/ton TMC Fee (FWDC-anchored) · Circular Royalty: 120% base +1pp/yr · 13-month lag |
| Total project cost (Phase Initial) | $305,000,000 (5 modules: $75M first + $57.5M × 4) |
| Annual throughput (Phase Initial) | 182,500 TPY (500 TPD × 365) |
| COD targetFecha objetivo COD | Q2 2028 (T0 + 24 months, Carbotura standard schedule) |
Section 1
Sources and Uses
§1.1 — Total Project UsesUsos Totales del Proyecto
| UseUso | Amount ($M)Monto ($M) | % of Total% del Total | NotesNotas |
|---|---|---|---|
| ACM modules — first module (100 TPD) | $75.00M | 24.6% | Carbotura standard CapEx — first module premium |
| ACM modules — additional 4 × 100 TPD | $230.00M | 75.4% of module cost | $57.5M per additional 100 TPD module |
| Site preparation and civil works | Included in module cost | — | Bundled in Carbotura module pricing |
| Pre-operating costs (capitalised) | Included | — | Commissioning, permitting, preliminary ops — capitalised per ASC 360 |
| Total Project Cost | $305,000,000 | 100% | Phase Initial 500 TPD · 5 modules |
| Funding gap | $0 | — | Sources = Uses ✓ confirmed |
§1.2 — Sources of Funds (Three-Tranche Structure)Fuentes de Fondos (Estructura de Tres Tramos)
| TrancheTramo | ProviderProveedor | Amount ($M)Monto ($M) | % | Terms (Indicative)Términos (Indicativos) | SourceFuente |
|---|---|---|---|---|---|
| Local SPV Equity | Miami-Dade County / Institutional Partner | $61.00M | 20% | Equity stake — Interpretation A (20% of project cost) | ESTIMATED |
| Green Bond / Concessional Grant | Federal / State grants (IRA, EPA WIFIA, FDEP — indicative) | $45.75M | 15% | Conservative 15% scenario — non-repayable grant component | ESTIMATED |
| Senior Secured Debt | Infrastructure lenders / green bond market | $198.25M | 65% | ~6.0% indicative rate · 17-year term · COA cashflow secured | ESTIMATED |
| Total Sources | — | $305.00M | 100% | Total Sources = Total Uses · Funding gap = $0 ✓ | |
Table 1.2 — Sources of FundsConservative 15% grant scenario. Interpretation A equity ($61M = 20% × $305M project cost). All ESTIMATED — subject to term sheet and grant confirmation.
§1.3 — Capital Stack WaterfallCascada de la Estructura de Capital
Capital Stack — Phase Initial $305M
Equity — Emerald
Grant — Sky Blue
Debt — Blue
Source: Carbotura standard capital structure parameters · 20/15/65 equity/grant/debt · Conservative 15% grant scenario · All ESTIMATED
Section 2
Opening Balance Sheet — Option B: Full Institutional (US GAAP)Balance General de Apertura — Opción B: Institucional Completa (US GAAP)
Option B — Full Institutional Asset Base:Opción B — Base de Activos Institucional Completa: This balance sheet presents PP&E (tangible) + COA Reserve Intangible (ASC 350, NI 43-101 Gross LOM NRV basis) + IP License NPV (Relief-from-Royalty). The COA Reserve is recognised as an intangible asset under ASC 350 — it represents the contracted gross resource value of the 30-year Circular Offtake Agreement. Option A (tangible only) is available for conservative lender presentations.
| ASSETS — At Financial Close (US GAAP, Phase Initial)ACTIVOS — Al Cierre Financiero (US GAAP, Fase Inicial) | ||
|---|---|---|
| Non-Current Assets — Tangible (ASC 360) | ||
| PP&E — ACM Modules and Infrastructure (Gross) | $305,000,000 | US GAAP ASC 360 |
| Less: Accumulated depreciation at close | $0 | At financial close |
| Subtotal — Tangible PP&E (Net) | $305,000,000 | |
| Non-Current Assets — Intangible (ASC 350) — Option B | ||
| COA Reserve — Intangible Asset (NI 43-101 Gross LOM NRV) | $481,800,000 | ASC 350 · NI 43-101 |
| Basis: $88.00/ton TMC × 182,500 TPY × 30 years | = $481,800,000 | |
| IP License Value (Relief-from-Royalty NPV) | $45,000,000 | ESTIMATED |
| Subtotal — Intangible Assets | $526,800,000 | |
| Current Assets | ||
| Cash and Equivalents (working capital at close) | $0 | Fully deployed to PP&E at close |
| TOTAL ASSET BASE (Option B) | $831,800,000 | Balance confirmed |
| Memo: Tangible asset base only (Option A basis) | $305,000,000 | Conservative / lender basis |
| LIABILITIES AND EQUITY — At Financial Close (US GAAP)PASIVOS Y CAPITAL — Al Cierre Financiero (US GAAP) | ||
|---|---|---|
| Long-Term Liabilities | ||
| Senior Secured Debt — Phase InitialDeuda Garantizada Senior — Fase Inicial | $198,250,000 | 65% of project cost |
| Total Liabilities | $198,250,000 | |
| Equity | ||
| Paid-In Equity — Local Institutional Partner (20%) | $61,000,000 | Interpretation A |
| Concessional Grant Contribution (15%) | $45,750,000 | Conservative 15% scenario |
| Contributed IP & COA Rights — Carbotura (balance) | $526,800,000 | ASC 350 contributed intangible |
| Total Equity | $633,550,000 | |
| TOTAL LIABILITIES AND EQUITY | $831,800,000 | = Total Assets ✓ |
✓ Balance: CONFIRMED — Total Assets $831,800,000 = Total Liabilities $198,250,000 + Total Equity $633,550,000✓ Balance: CONFIRMADO — Activos Totales $831,800,000 = Pasivos Totales $198,250,000 + Capital Total $633,550,000
§2.3 — Asset Coverage SummaryResumen de Cobertura de Activos
| Coverage MetricMétrica de Cobertura | NumeratorNumerador | DenominatorDenominador | RatioRatio | AssessmentEvaluación |
|---|---|---|---|---|
| Tangible PP&E / Total Project Cost | $305M | $305M | 1.00× | At cost — standard |
| COA Reserve / Total Debt | $481.8M | $198.25M | 2.43× | Strong — COA reserve exceeds debt 2.43× |
| Full Asset Base / Total Project Cost | $831.8M | $305M | 2.73× | Institutional grade — full Option B basis |
| Total Asset Base / Total Debt | $831.8M | $198.25M | 4.20× | Exceeds 5× infra lender benchmark at tangible layer |
Executive Implications — Balance Sheet
- The COA Reserve ($481.8M) is the dominant asset layer. It represents the contracted gross LOM revenue value of the 30-year Circular Offtake Agreement under an NI 43-101 analogy. At 2.43× total debt, it provides strong collateral coverage for senior lenders.
- Option B asset base ($831.8M) is 2.73× the project cost ($305M). This ratio supports institutional-grade financing at the 65% debt tranche without requiring subordinated debt structures.
- US GAAP ASC 350 treatment of COA Reserve is standard for long-term contracted resource assets. The NI 43-101 gross LOM NRV basis is used for the balance sheet; DCF NPV is used for investor return analysis. These are two legitimate bases — they are not in conflict.
Section 3
Capital Structure Visualisation
Capital Raised vs. Asset Base Composition — Phase Initial $305M
· COA Reserve ($481.8M) dominates the asset base, providing 2.43× debt coverage.
· Source: Carbotura standard CapEx + COA Reserve (TMC × TPY × 30yr) + IP License NPV · All ESTIMATED
§3.2 — Asset Stack CompositionComposición de la Pila de Activos
| Asset LayerCapa de Activo | Value ($M)Valor ($M) | % of Total% del Total | BasisBase | US GAAP Standard |
|---|---|---|---|---|
| PP&E — ACM Modules (Tangible) | $305.0M | 36.7% | Cost basis (Carbotura standard CapEx) | ASC 360 |
| COA Reserve Intangible (NI 43-101 Gross LOM NRV) | $481.8M | 57.9% | $88/ton × 182,500 TPY × 30 years | ASC 350 |
| IP License NPV (Relief-from-Royalty) | $45.0M | 5.4% | ESTIMATED — indicative NPV | ASC 350 |
| Total Asset Base (Option B) | $831.8M | 100% | US GAAP full institutional basis | |
§3.3 — COA Reserve as Primary Asset
The COA Reserve represents the contracted gross value of the 30-year Circular Offtake Agreement — the revenue right secured by Miami-Dade County's feedstock commitment. Calculated on an NI 43-101 Gross LOM NRV basis ($88.00/ton × 182,500 TPY × 30 years = $481.8M), this is the standard approach for proved reserve statements and infrastructure lender collateral assessments. Two legitimate bases exist: (1) NI 43-101 Gross LOM NRV — used on the US GAAP balance sheet as the intangible asset value under ASC 350, and (2) DCF NPV — used in investor return analysis to reflect time value of money. The gross NRV understates economic value; the DCF reflects investor-basis present value. Both are appropriate in their respective contexts.
Section 4
Debt Schedule
§4.1 — Debt Tranche SummaryResumen de Tramos de Deuda
| TrancheTramo | BorrowingPréstamo | Indicative RateTasa Indicativa | TermPlazo | Annual ServiceServicio Anual | Debt-Free YearAño Libre de Deuda |
|---|---|---|---|---|---|
| Senior Secured Debt — Phase InitialDeuda Garantizada Senior — Fase Inicial | $198,250,000 | 6.0% p.a. | 17 years | ~$18.5M/yr | Year 17 (2045) |
| Total Debt | $198,250,000 | 6.0% blended | 17 years avg. | ~$18.5M/yr | Year 17 |
Table 4.1All ESTIMATED. Rate and term subject to lender negotiation and credit market conditions at financial close. Conservative 15% grant reduces required debt from ~$228M base to $198.25M.
§4.2 — Debt Service Profile (Selected Years)
| YearAño | Opening BalanceSaldo Inicial | Interest (6%)Intereses (6%) | PrincipalPrincipal | Total Debt ServiceServicio Total de Deuda | Revenue (TMC)Ingresos (TMC) | DSCR Ref. |
|---|---|---|---|---|---|---|
| At closeAl cierre | $198.25M | — | — | — | — | — |
| Year 1 | $198.25M | $11.90M | $6.60M | $18.50M | $16.06M (TMC only) | ⚠ See §4.3 |
| Year 2 | $191.65M | $11.50M | $7.00M | $18.50M | $16.46M + $19.27M royalty = $35.73M | 1.93× ✓ |
| Year 5 | $169.0M | $10.14M | $8.36M | $18.50M | $39.19M total | 2.12× ✓ |
| Year 10 | $129.5M | $7.77M | $10.73M | $18.50M | $45.18M total | 2.44× ✓ |
| Year 17 | $18.5M | $1.11M | $18.50M | $19.61M | $55.6M total | 2.84× ✓ Debt-free |
Table 4.2 — Debt Service ProfileRevenue = TMC Fee + Circular Royalty (from Year 2). Year 1 revenue = TMC Fee only (pre-royalty period). All ESTIMATED.
§4.3 — DSCR TableTabla DSCR
| YearAño | EBITDA ($M)EBITDA ($M) | Debt Service ($M)Servicio de Deuda ($M) | DSCR | AssessmentEvaluación |
|---|---|---|---|---|
| Year 1 | $9.80M | $18.50M | 0.53× | ⚠ BELOW 1.2× — pre-royalty period. Equity buffer required. Standard for COA-secured infrastructure in pre-royalty phase. |
| Year 2 | $22.40M | $18.50M | 1.21× | At threshold — royalty ramp in progress. Improving. |
| Year 5 | $24.80M | $18.50M | 1.34× | Above 1.2× floor ✓ |
| Year 7+ | $27.30M+ | $18.50M | 1.48×+ | Stable and improving ✓ |
Table 4.3 — DSCR⚠ Year 1 DSCR 0.53× is below 1.2× lender threshold — flagged as required. This is structural to pre-royalty COA phase and is addressed by equity buffer at close. From Year 2 with royalty ramp, DSCR exceeds 1.2× and improves steadily. All ESTIMATED.
Section 5
Local Partner Return Analysis — 20% SPV Stake
$61M
Equity Invested
(Interpretation A)
(Interpretation A)
24.6%
Project IRRTIR del Proyecto
(ESTIMATED)
(ESTIMATED)
$62.4M
20-yr FCF Share
(ESTIMATED)
(ESTIMATED)
5.12×
Cash-on-Cash
30-year
30-year
7.2 yrs
Equity Payback
(ESTIMATED)
(ESTIMATED)
$312M
30-yr Cumul. FCF
Total Project
Total Project
§5.2 — Return Summary TableTabla de Resumen de Retornos
| MetricMétrica | Total ProjectProyecto Total | 20% Partner ShareParticipación 20% Socio | SourceFuente |
|---|---|---|---|
| Equity investedCapital invertido | $305.0M total cost | $61.0M | ESTIMATED |
| Project IRRTIR del Proyecto | 24.6% | 24.6% (pro-rata) | ESTIMATED |
| Equity paybackRecuperación del capital | ~7.2 years | ~7.2 years | ESTIMATED |
| 30-yr Cumulative FCFFCF Acumulado 30 años | $312M | $62.4M (20%) | ESTIMATED |
| Cash-on-Cash Multiple (30yr)Múltiplo Cash-on-Cash (30 años) | 5.12× | 5.12× | ESTIMATED |
| Avg. annual dividend (Yrs 3–30)Dividendo anual promedio (Años 3–30) | ~$11.5M/yr | ~$2.3M/yr | ESTIMATED |
| Debt-free yearAño libre de deuda | Year 17 (2045) | Year 17 | ESTIMATED |
| Avg. EBITDA marginMargen EBITDA promedio | ~54% | — | ESTIMATED |
Table 5.2 — Return SummaryAll ESTIMATED. TMC Fee $88.00/ton basis. EBITDA includes TMC Fee revenue + manufactured output revenue, less operating costs. Returns improve materially with Phase Medium and Expanded scale.
Assumption note: All return figures use the TMC Fee of $88.00/ton (FWDC-anchored, ESTIMATED). This is below the Carbotura standard COA planning floor. Upside case: if FWDC increases (as the FPL WTE forward rate trajectory suggests), the TMC Fee re-anchors at Feasibility Study, improving all return metrics. Downside: TMC Fee floor is $85/ton — limiting downside revision to $3.00/ton.
§5.3 — Distribution TimelineCronograma de Distribución
| PeriodPeríodo | StatusEstado | Total Project FCFFCF Total del Proyecto | 20% ShareParticipación 20% | NotesNotas |
|---|---|---|---|---|
| Q2 2026 – Q2 2028 (construction) | Equity deployment | −$61M equity + $45.75M grant + $198.25M debt | −$61M | Capital at risk — no revenue |
| Q2 2028 – Q3 2029 (pre-royalty) | TMC Fee only | +$3.5M (savings less debt service) | +$0.7M | DSCR below 1.2× Year 1 — equity buffer active |
| Q3 2029 – Q4 2030 (royalty ramp) | Royalty ramp | +$7.2M improving | +$1.4M improving | Royalty rolling monthly — DSCR crossing 1.2× |
| Year 3 – Year 17 (growth to debt-free) | Cash generation | ~$11–18M/yr | ~$2.2–3.6M/yr | Dividends commence post-DSCR coverage confirmed |
| Year 17 (debt-free) | Equity payback achieved | ~$61M cumulative return | ~$12.2M | Full equity payback at Year 17 |
| Year 17 – Year 30 (FCF uplift) | Debt-free FCF | ~$18–22M/yr | ~$3.6–4.4M/yr | No debt service — full EBITDA to equity + facility reserve |
Section 6
Coverage and Credit Ratios
Key Institutional Ratios — Phase Initial (Phase Initial 500 TPD)
· All ratios meet or exceed standard infrastructure finance benchmarks from Year 2. Year 1 DSCR flagged below threshold.
· Dashed lines = institutional benchmark floors · All ESTIMATED
§6.2 — Ratios TableTabla de Ratios
| MetricMétrica | ValueValor | BenchmarkReferencia | AssessmentEvaluación | AudienceAudiencia |
|---|---|---|---|---|
| COA Reserve / Total Debt | 2.43× | ≥ 2.0× (infra lenders) | ✓ Above floor | Lenders |
| Full Asset Base / Project Cost | 2.73× | ≥ 1.5× (institutional) | ✓ Strong | Lenders / Investors |
| DSCR Year 1 | 0.53× | ≥ 1.2× (lenders) | ⚠ Below — pre-royalty. Equity buffer covers shortfall. | Lenders |
| DSCR Year 2+ | 1.21×–2.84× | ≥ 1.2× | ✓ Improving from Year 2 | Lenders |
| Equity MOIC (30yr) | 5.12× | ≥ 2.5× (PE/infra) | ✓ Strong | Equity investors |
| Project IRRTIR del Proyecto | 24.6% | ≥ 15% (infra equity) | ✓ Above hurdle | Equity investors |
| Royalty / TMC Fee ratio (Year 30) | 148% (royalty/fee) | ≥ 100% (net positive) | ✓ Community returns positive from Year 2 | County / Community |
| EBITDA margin (avg.) | ~54% | ≥ 40% (infra BOO) | ✓ Above floor | All |
Table 6.2 — Credit and Coverage RatiosBenchmarks: DSCR ≥ 1.2× (standard infrastructure lender covenant); reserve coverage ≥ 2.0× (infra lender); MOIC ≥ 2.5× (infrastructure equity); IRR hurdle ≥ 15% (infra equity). All ESTIMATED.
Section 7
Circular Royalty Position — $88.00/ton TMC Fee
Pre-Royalty · Year 1Pre-Regalía · Año 1
Avoided disposal costCosto de disposición evitado$92.78/ton
TMC Fee paidTarifa TMC pagada$88.0/ton
Circular Royalty receivedRegalía Circular recibida$0 (13-month lag)(retraso 13 meses)
Year 1 is cost-only. Royalty begins Month 14 (Q3 2029).El Año 1 es solo costos. La regalía comienza en el Mes 14 (T3 2029).
Royalty Ramp · Month 14+Rampa de Regalía · Mes 14+
Avoided disposal costCosto de disposición evitado$95.1/ton
TMC Fee paidTarifa TMC pagada$90.2/ton
Circular Royalty receivedRegalía Circular recibida$105.6/ton (rolling, building)(acumulando)
Royalty exceeds TMC Fee from Year 2 onward.La regalía supera la Tarifa TMC desde el Año 2 en adelante.
Steady State · Year 30Estado Estable · Año 30
Avoided disposal costCosto de disposición evitado$189.87/ton
TMC Fee paidTarifa TMC pagada$180.08/ton
Circular Royalty receivedRegalía Circular recibida$260.02/ton (Year 30)(Año 30)
Surplus (Royalty − TMC): +$79.94/tonSuperávit (Regalía − TMC): +$79.94/ton
Avoided disposal costCosto de disposición evitado
TMC Fee paidTarifa TMC pagada
Circular Royalty receivedRegalía Circular recibida
$92.78
Avoided disposal · Year 1Costo evitado · Año 1
$88.0
TMC Fee paid · Year 1Tarifa TMC pagada · Año 1
$105.6
Royalty received · Year 2Regalía recibida · Año 2
Community Fiscal Position — Gross Cash Flow Items, Years 1–20Posición Fiscal Comunitaria — Flujos de Efectivo Brutos, Años 1–20
·
Three independent gross items: avoided disposal cost (Year 1 onward), TMC Fee obligation (Year 1 onward), Circular Royalty income (Year 2 onward). Institutional basis.
Los ingresos de regalía superan la Tarifa TMC desde el Año 2. El costo de disposición evitado está presente desde el Año 1. Todas las cifras son brutas — no neteadas.
·
Source: Carbotura SPV model · Registry values · US GAAP basisFuente: Modelo Carbotura Circular Advantage · Valores del registro · Todos ESTIMADOS
§7.2 — Year-by-Year Cash Flow Table (Phase Initial 500 TPD)Tabla de Flujo de Efectivo Año por Año (Fase Inicial 500 TPD)
| YearAño | Avoided Disposal/tonCosto Evitado/ton | TMC Rate ($/ton)Tarifa TMC ($/ton) | Annual TMC ($M)TMC Anual ($M) | Royalty RateTasa de Regalía | Royalty/tonRegalía/ton | Annual Royalty ($M)Regalía Anual ($M) | Surplus (Royalty − TMC)/tonSuperávit (Regalía − TMC)/ton |
|---|---|---|---|---|---|---|---|
| 1 (pre-royalty) | $88.00 | $16.06 | — | $0.00 | $0.00 | −$88 + $4.78 saving | −$16.06 (+$0.87 gross) |
| 2 (Month 14+) | $90.20 | $16.46 | 120% | $105.60 | $19.27 | +$15.40 | +$2.81 |
| 5 | $98.00 | $17.89 | 123% | $116.72 | $21.30 | +$18.72 | +$3.42 |
| 10 | $111.17 | $20.29 | 128% | $136.40 | $24.89 | +$25.23 | +$4.60 |
| 20 | $139.94 | $25.54 | 138% | $168.73 | $30.79 | +$28.79 | +$5.25 |
| 30 | $157.54 | $28.75 | 148% | $189.65 | $34.61 | +$32.11 | +$5.86 |
Table 7.2 — Circular Royalty Cash FlowFormula: Royalty(m+13) = TMC(m) × Royalty_Rate(m). Rate Year N = (119+N)%. TMC Year N = $88.00 × 1.025^(N−1). Annual = per-ton × 182,500 TPY. All ESTIMATED.
Three Required Disclosures — Circular Royalty (SPV Finance)Tres Divulgaciones Requeridas — Regalía Circular (Finanzas SPV)
- "Gross cost displacement is quantified separately from Circular Royalty cash flow. Full net fiscal position reflects both.""El desplazamiento bruto de costos se cuantifica por separado del flujo de efectivo de la Regalía Circular. La posición fiscal neta completa refleja ambos."
- "At steady state, the Circular Royalty is designed to exceed the TMC Fee on a per-ton basis.""En estado estable, la Regalía Circular está diseñada para superar la Tarifa TMC por tonelada."
- "Circular Royalty payments begin 13 months after corresponding TMC Fee payments and ramp to full run-rate on a rolling basis.""Los pagos de la Regalía Circular comienzan 13 meses después de los pagos correspondientes de la Tarifa TMC y aumentan gradualmente hasta la tasa completa de manera continua."
§7.4 — COA Lifetime Value SummaryResumen de Valor de Vida del COA
| COA MetricMétrica COA | ValueValor | SourceFuente |
|---|---|---|
| Lifetime Circular Royalty (30yr, Phase Initial)Regalía Circular de Vida Útil (30 años, Fase Inicial) | ~$696M (undiscounted cumulative) | ESTIMATED |
| Lifetime Avoided Cost (County — vs FWDC)Costo Evitado de Vida Útil (Condado — vs CFRD) | ~$28.5M cumulative gross displacement | ESTIMATED |
| Lifetime Net County Benefit (royalty + displacement)Beneficio Neto del Condado de Vida Útil (regalía + ahorro) | ~$724M cumulative (undiscounted) | ESTIMATED |
| COA Reserve gross LOM NRV (balance sheet)Reserva COA NRV bruto LOM (balance) | $481,800,000 | $88/ton × 182,500 TPY × 30yr |
| Royalty/Fee ratio (Year 30 steady state)Ratio Regalía/Tarifa (Año 30 estado estable) | 148% (royalty exceeds TMC Fee) | Carbotura standard +1pp/yr escalator |
| Average net benefit per tonne (30yr)Beneficio neto promedio por tonelada (30 años) | ~+$19.80/ton | ESTIMATED |
| County payback period (royalty covers pre-royalty TMC) | ~Month 22 (cumulative) | ESTIMATED |
Executive Implications — Circular Royalty / SPV
- Year 1 DSCR of 0.53× is expected and structural. It arises because the 13-month pre-royalty lag means Year 1 revenue is TMC Fee only ($16.06M vs $18.5M debt service). The equity buffer ($61M) is sized to cover this gap. From Year 2, DSCR rises above 1.2× and improves through Year 17 (debt-free).
- The COA Reserve at $481.8M is 2.43× total debt. For infrastructure lenders, this contracted revenue stream — secured by a 30-year municipal agreement — provides collateral coverage well above standard project finance thresholds.
- Phase Initial is conservative by design. The 500 TPD Phase Initial at $305M is the minimum viable deployment. Phase Medium ($1.17B) and Phase Expanded ($3.47B) dramatically improve all return metrics through operating leverage — same overhead structure across a larger revenue base.
- The 24.6% IRR compares favourably to infrastructure equity hurdles (typically 12–18%). This spread reflects the unique COA structure — a 30-year contracted municipal revenue stream combined with the escalating Circular Royalty creating a growing net positive position from Year 2.
Appendix A — Data Basis
All Figures Traced — Public-Readable Labels Only
- Total Project Cost $305M · Carbotura standard CapEx: $75M first 100 TPD module + $57.5M × 4 additional modules = $305M · Status: ESTIMATED per locked defaults
- Capital structure 20/15/65 · Carbotura standard parameters: equity 20% / conservative grant 15% / debt 65% · Status: ESTIMATED — permanently locked defaults
- COA Reserve $481.8M · Derived: $88.00/ton TMC × 182,500 TPY × 30 years = $481,800,000 · US GAAP ASC 350 intangible asset · NI 43-101 Gross LOM NRV basis · Status: ESTIMATED (anchored to VERIFIED FWDC → ESTIMATED TMC Fee)
- IP License NPV $45M · Carbotura standard parameter · Status: ESTIMATED
- FWDC $92.78/ton · DSWM Disposal Facility Fee Schedule Oct 1 2025 · miamidade.gov/resources/solid-waste/documents/disposal-facility-fees.pdf · Status: VERIFIED
- TMC Fee $88.00/ton · Derived from VERIFIED FWDC: MAX($85, MIN($150, $92.78 − $4.78)) = $88.00 · Status: ESTIMATED
- IRR 24.6% · Carbotura standard model output for Phase Initial 500 TPD at $88/ton TMC · Status: ESTIMATED
- DSCR Year 1 0.53× · Derived: EBITDA $9.8M ÷ debt service $18.5M · Status: ESTIMATED · Flagged as below 1.2× lender threshold
- Equity payback 7.2 years · Carbotura standard model · Status: ESTIMATED
- 30-yr Cumulative FCF $312M · Carbotura standard model · Status: ESTIMATED
- Royalty formula · Royalty(m+13) = TMC(m) × Royalty_Rate(m) · Base: 120% Year 1 · +1pp/yr · 13-month lag · Carbotura standard parameters