NC-PARAM-001 v1.1.1 — NewCo Parameter Book¶
Single source of truth for every numerical parameter across all programs¶
13 May 2026 · Internal · American English
v1.1.1 changes from v1.1: Patch release. Six name references ("Steven", "Marc", "M. Forni") in §2, §4, §8.4, §13, and §17 replaced with "Principal" per the v1.1 institutional-framing convention that was missed in the original v1.1 sweep. §2 stale cross-reference to "Operating Manual §2" corrected to "§3" (decision rights moved to §3 in NC-OPS-001 v1.1). No numerical or methodological change.
v1.1 changes from v1.0 (carried forward): Grid emission factor canonical reverts to 0.4750 tCO2/MWh per Principal decision 12 May 2026. F-03 (NC-HEALTH-001) is RETIRED; 0.4091 was an interim that did not propagate; 0.4750 is canonical. Government program template (Treasury, SAT, MOPH, BMA RFP) values for grid EF were always correct.
1. Purpose¶
This is the canonical reference for every financial, technical, and regulatory parameter used across NewCo's programs and asset classes. When a value appears in this book, it is the value for all internal modeling and external deliverables.
When you draft an IC paper, financial model, deck, or methodology document, this is what you cite. The QA checklist (NC-OPS-001 Appendix A) requires every parameter to match this book.
Closes findings F-06, F-07, F-08 in NC-HEALTH-001 (cross-program parameter confusion). Codifies F-01, F-02, F-05 corrections (deprecated values). F-03 retired in v1.1 (0.4750 canonical).
2. How to use¶
- Reading: scan once during onboarding (NC-ONB-001 first-week reading list). Refer back when modeling or drafting.
- Citing: in deliverables, write "per NC-PARAM-001 §X" rather than restating the value.
- Changing a value: requires Principal approval (per Operating Manual §3 decision rights matrix). Any change affecting estate IRR by more than ±50 bps requires explicit re-approval and is not delegable to AI execution under standing autonomy. Update this book + bump version + notify any holders of derived analytical outputs.
3. Currency and FX¶
3.1 Foreign exchange¶
| Currency pair | Rate | Status | Applies to |
|---|---|---|---|
| THB/USD main | 35.0 | Live as of May 2026 | All NewCo programs (IEAT, MOPH, SAT, Treasury Mint, LCC); investor decks; internal financial models |
| THB/USD IET-only | 32.0 | Live | Investment Entity (legal/contract) context only; NOT operating models |
| THB/USD BMA RFP locked | 32.0 | Locked in published procurement (April 22 2026) | BMA bid submissions only; dual-track at 35 for NewCo internal BMA economics |
| THB/USD legacy | 32.0 unqualified | DEPRECATED May 2026 | None |
Source: LC model NC-FM-LC-001 v1.0 (canonical); BMA RFP Section 1.4 (BMA procurement exception)
3.2 USD context¶
All USD figures in NewCo deliverables are millions unless otherwise stated.
4. Tariffs (per program)¶
| Program | Tariff | Unit | Basis | Status |
|---|---|---|---|---|
| BMA RFP (municipal PV) | 4.20 | THB/kWh | User-locked (Principal decision April 2026) | Live |
| IEAT LC (LC v1.0 model) | 3.85 | THB/kWh flat | 90% of MEA TOU peak 4.28 = contractual BTM discount | Live |
| MEA TOU peak (reference) | 4.28 | THB/kWh | MEA medium-voltage industrial | Live |
| MEA TOU off-peak (reference) | 2.34 | THB/kWh | MEA medium-voltage industrial | Live |
| MEA TOU shoulder (reference) | 3.61 | THB/kWh | MEA medium-voltage industrial | Live |
| PEA industrial reference | 3.88 | THB/kWh | PEA medium-voltage industrial | Live |
| PEA tariff for govt-program (Treasury, SAT, MOPH) | 4.15 | THB/kWh | Per April 2026 template; verify if program-specific revisions needed | Live (per template) |
| LCC programme | Per municipality | Varies | See LCC_Master_Assumptions_v1.xlsx | Live |
Important clarification (per LC CORRECTIVE_MEMO): the LC PPA of 3.85 THB/kWh flat is the contractual BTM discount applied to MEA peak, NOT a flat-rate conversion of a TOU schedule.
4.1 Tariff escalation¶
- IEAT LC: 0%/yr nominal (flat)
- BMA: per RFP contract; FRF fixed at 0% escalation; MEA tariff escalation 2.0%/yr (asymmetry is the value driver)
- Government program template (Treasury/SAT/MOPH): EMF escalates 2%/yr in April 2026 template
- Other programs: per individual ESAs
4.2 Standard discount mechanism¶
ESA standard: 1.5% indexation escalation per year (where applicable, not LC); 8% discount rate; 0.5% degradation; 3% dead-band; 1.0× shortfall factor; BESS mid-life refresh Yr 12; THB 1 transfer at term-end with 85% PV / 75% BESS minimum; Thai Arbitration Institute jurisdiction; EXIM step-in rights; 1.1× termination on convenience.
5. Solar yield (P50, per estate)¶
| Location | P50 yield | Unit | Convention | Status |
|---|---|---|---|---|
| Bangkok baseline (BMA, MOPH, SAT, Treasury) | 1,350 | kWh/kWp/yr | DEDE Bangkok | Live |
| EEC zone (LC, BP, Map Ta Phut, Bangplee, etc.) | 1,380 | kWh/kWp/yr | LC model (EEC canonical); methodology RES-001 says 1,485 | Live (model); AUDIT-001 OPEN pending WP1 |
| Northern Thailand (Lamphun, Chiang Mai, Lampang) | 1,300 | kWh/kWp/yr | Indicative | Indicative |
| Southern Thailand (Songkhla, RubberCity) | 1,420 | kWh/kWp/yr | Indicative | Indicative |
5.1 P90 yield¶
P90 = P50 × 0.90 across all locations (canonical convention).
5.2 Convention reconciliation (AUDIT-001 OPEN)¶
The 105 kWh/kWp/yr gap is ~7.6% of revenue, potentially ±220 bps LC IRR. Gated by WP1 Bankable PV Yield Study ($5–15K, 4 weeks).
6. CAPEX (per typology)¶
6.1 Solar PV unit costs¶
| Typology | Unit cost | Notes | Status |
|---|---|---|---|
| Solar PV TOPCon 610Wp | $700–1,100/kWp | Range per typology / scale / geography | Live |
| Solar PV poly/mono legacy | DEPRECATED | TOPCon 610Wp is canonical | Deprecated |
6.2 LC-specific typology CAPEX (per NC-METH-001 Annex H)¶
| Typology | LC unit cost ($/kWp) | Notes |
|---|---|---|
| T1 Industrial rooftop | $660 | Zero-foundation |
| T2 Building rooftop | $720 | Shallow-pile |
| T4A Carport / parking canopy | $890 | 3.0m soffit |
| T4B-DC Building canopy | $810 | Decorative-concrete attachment |
| T6W Water surface (fixed) | $732 | LC-specific port-context |
Caveat: T4A and T6W LC unit costs not validated by engineering review. WP2 in flight.
6.3 Soft costs¶
| Component | % of EPC |
|---|---|
| Development / soft costs | 8% |
| Financing fees | 2% |
| Contingency | 5% |
| IDC | Variable, typically 1–2% |
LC example: \(25.04M EPC → **\)29.16M total project cost**.
6.4 BESS¶
| Parameter | Value | Status |
|---|---|---|
| BESS LFP (5 MWh containers) | $175/kWh + thermal premium $10–15/kWh | Live per BNEF April 2026 |
| BESS legacy | $400/kWh | DEPRECATED April 2026 (F-02) |
| BESS cycle life | 6,000 cycles to 80% capacity | Canonical |
| BESS round-trip efficiency | 90% AC-AC | Canonical |
| BESS mid-life refresh | Year 12 | Standard ESA |
LC has no BESS by design. BP, Treasury Mint, SAT/MOPH have BESS.
7. OPEX (per typology)¶
7.1 OPEX baseline (per MWp/yr)¶
| Component | LC v1.0 (flat) | Notes |
|---|---|---|
| O&M | THB 700k | AUDIT-016 OPEN |
| Insurance | THB 300k | |
| Land / grid charges | THB 200k | |
| SPV admin | THB 150k | |
| Total | THB 1,350k/MWp/yr |
7.2 OPEX escalation¶
2.5%/yr (canonical).
7.3 Per-typology O&M (AUDIT-016 OPEN)¶
WP2 deliverable.
8. Carbon revenue (per program)¶
8.1 Carbon price tiers¶
| Tier | Price | Applicability |
|---|---|---|
| Gold Standard PoA base | $15/t CO2e | Investment-grade base case; default for new programs |
| T-VER domestic floor | $5–10/t | Thailand domestic registry (TGO) |
| T-VER domestic typical | $8–15/t | Realized clearing range |
| Gold Standard ITMO export (EE/cooling/steam only) | $25–55/t | Article 6.2; EXCLUDES SOLAR PV per Thai ICC Aug 2025 |
| ITMO/CORSIA for solar | DEPRECATED | Banned by Thai ICC Aug 2025 |
8.2 Carbon revenue treatment by program¶
| Program | Carbon structure | Pricing basis | Status |
|---|---|---|---|
| IEAT LC | None (BTM self-consumption) | n/a | By design |
| IEAT BP | CME framework | $5–15/t T-VER + GS PoA | In development |
| WB LCC Programme | KTB ERPA — Broker OR Underwriting | $15/t GS PoA base | In structuring |
| BMA RFP | Gold Standard PoA retained (BMA-owned via KTB) | $15/t GS PoA | Live |
| Treasury Mint (template v2 pending) | TBD per template revision | Solar T-VER + EE ITMO mix | In design |
| SAT (template v2 pending) | T-VER domestic + EE ITMO | $5–15/t solar + $25–55/t EE-eligible | In revision |
| MOPH (template v2 pending) | T-VER domestic + EE ITMO | Same | In revision |
| CPN, MitrPhol, Siam Piwat, Lodgis | Per partnership | Variable | Per deal |
8.3 Thai ICC Aug 2025 ruling — STANDING CORRECTION¶
Per the Thai ICC Guideline (August 2025), solar PV is excluded from international carbon transfer (ITMO/CORSIA): - Solar PV credits clear T-VER domestic only at \(5–15/t - Article 6 ITMO export route (\)25–55/t) unavailable for solar PV - EE projects (LED, HVAC, BMS, chillers) still qualify for ITMO at higher pricing - Hybrid programs (LCC: solar + EE) disclose proportion eligible for ITMO vs T-VER
8.4 Grid emission factor — REVISED in v1.1¶
Principal decision 12 May 2026: 0.4750 tCO2/MWh is canonical.
| Parameter | Value | Status |
|---|---|---|
| Thailand grid EF (canonical) | 0.4750 tCO2/MWh | Live — Principal canonical decision 12 May 2026 |
| TGO Combined Margin (for Gold Standard PoA baseline) | ~0.5664 tCO2/MWh | Used for carbon credit baseline calculation only; verify at PoA verification time |
| Thailand grid EF 0.4091 (interim) | — | RETIRED in v1.1; was a transitional reference that did not propagate |
Implication: Treasury Mint, SAT, MOPH, BMA RFP deal packages using 0.475 are CORRECT, not deprecated. F-03 in NC-HEALTH-001 is RETIRED.
8.5 Carbon revenue in payback¶
Payback uses blended energy + carbon revenue × 75% delivery confidence factor.
8.6 Delivery confidence bands¶
| Confidence | Discount |
|---|---|
| Tier 1 (registered + active monitoring) | 0% |
| Tier 2 (registered, no monitoring history) | 10% |
| Tier 3 (in-registration) | 25% |
| Tier 4 (speculative) | 50% |
9. BOI (per program)¶
9.1 Tax holiday tenor¶
| Activity | Tenor | Status |
|---|---|---|
| Solar PV 5.2.1 (standard) | 8 years CIT exemption | Live |
| Solar PV 7.1.1.2 A2 | 8 years | Per IEAT context |
| EEC enhancement | 13 years | Under evaluation, not yet awarded |
| Activity 5.4 (EE) | 8 years | Live |
| Activity 7.1 / 7.33 | Per activity terms | Per deal |
| Municipal programs | n/a generally | Govt counterparty is asset owner |
9.2 BOI category¶
Target A1+ (highest tier) per Fund I IM.
10. Debt parameters¶
10.1 By program¶
| Program | Lender | Rate | Tenor | Grace | LTV / DSCR |
|---|---|---|---|---|---|
| IEAT LC | EXIM-equivalent | 6.0% | 12 years | 1 year | 60%/52% sponsor/lender-sized |
| EXIM standard (other) | EXIM Thailand | 5.75% | 12 years | 1 year | Per deal |
| WB LCC Programme | IBRD via EXIM | Per sovereign | Per program | Per deal | Pipeline |
| Treasury Mint | EXIM stapled | 6.0% | 12 years | Per deal | 70% debt per memory |
| BMA (per RFP) | EXIM | 5.75% | 12 years | — | 75% of CAPEX |
| KTB-led senior | KTB consortium | TBD | TBD | TBD | TBD |
| IFC participation | IFC direct LP | n/a (equity) | — | — | $15–25M (Seraya Fund II) |
10.2 DSCR¶
| Threshold | Level | Use |
|---|---|---|
| Target DSCR | 1.30× | Lender-sized |
| Minimum DSCR (covenant) | 1.10× | Default trigger |
At 70% LTV the canonical program structure breaches DSCR at LC (0.97×). LC lender-sized structure is 52% LTV.
11. Discount rates and operating parameters¶
| Parameter | Value | Status |
|---|---|---|
| ESA discount rate | 8% | Standard |
| NewCo target net LP IRR | 15% | Fund I base |
| NewCo target gross IRR | 18% | Fund I base |
| Hurdle rate | 8% | Fund I |
| Carried interest | 20% | Fund I |
| Management fee | 2% | Fund I |
| Solar PV degradation | 1.0%/yr | TOPCon standard |
| Module warranty (linear) | 30 years to 87% | TOPCon 610Wp |
| Module efficiency minimum | ≥ 21% | BMA RFP + IEAT specs |
| ESA term standard | 20 years | Standard |
| Asset useful life | 25 years | Canonical |
11.1 Exit multiples¶
| Vehicle | Multiple |
|---|---|
| Strategic acquisition | 10–12× EBITDA |
| IPO | 12× EBITDA |
| Asset sale | 8–10× EBITDA |
| LC Y10 NewCo exit (canonical) | 13.5× EBITDA |
12. LC canonical investment summary¶
Per live NC-FM-LC-001 v1.0 model:
| Parameter | Value |
|---|---|
| Active envelope | 34.59 MWp / 47 segments |
| EPC | $25.04M |
| Total project cost | $29.16M |
| PPA tariff | 3.85 THB/kWh flat |
| PPA escalation | 0% nominal |
| P50 yield | 1,380 kWh/kWp/yr (AUDIT-001 OPEN) |
| Degradation | 1.0%/yr |
| OPEX | THB 1,350k/MWp/yr |
| OPEX escalation | 2.5%/yr |
| Gearing | 60% LTV = $15.02M debt / $14.14M equity |
| Interest rate | 6.0% |
| Tenor | 12 years (1-year grace) |
| BOI tax holiday | 8 years from Y1 (Activity 5.2.1) |
| Equity IRR @ 60% LTV | 12.8% (sponsor base) |
| Equity IRR @ 52% LTV | 12.2% (execution case) |
| Equity IRR @ 45% LTV | 11.7% |
| 70% LTV | BREACHES DSCR 0.97× |
| Y10 NewCo IRR @ 13.5× exit | 14.3% / MOIC 3.50× |
| Stress (CAPEX +15%, PPA -10%, 52% LTV) | 6.2% IRR / 1.10× DSCR — MARGINAL |
| Thai Summit cluster refusal | 1.04× DSCR, 11.4% IRR — BREAK |
13. Standing corrections (deprecated values — DO NOT USE)¶
| Deprecated | Replace with | Reason | Date |
|---|---|---|---|
| FX 32 THB/USD LOCKED (unqualified) | FX 35 (main) / 32 (IET-only or BMA RFP, explicitly noted) | LC model uses 35; IET and BMA are exceptions | May 2026 |
| BESS $400/kWh | $175/kWh LFP + thermal premium | BNEF April 2026 | April 2026 |
| 0.4750 is CANONICAL (Principal decision 12 May 2026) | — | Retired in v1.1 | |
| ITMO/CORSIA pricing $20+/t for solar PV | $15/t GS PoA base / $5/t T-VER fallback | Thai ICC Aug 2025 | August 2025 |
| MEA tariff 3.88 (PEA reference) for BMA | 4.20 user-locked for BMA | Principal decision | April 2026 |
| Solar polycrystalline / mono legacy | TOPCon 610Wp $700–1,100/kWp | TOPCon canonical | Q1 2026 |
| British English | American English | User preference standing instruction | May 2026 |
14. Critical standing corrections (architectural)¶
-
IBRD cannot invest equity per Articles of Agreement. Fund I LP candidate = IFC ($15–25M direct LP). IBRD routes through WB LCC sovereign loan (P181082).
-
MAS LFMC required, not RFMC. RFMC repealed Aug 2024. Full LFMC: S$250K capital, 2 directors, 2 reps, 9–16 month timeline. Application OVERDUE.
-
PIE/PRIME JV is dormant with bond default. Do not deploy at PIE/PRIME affiliated estates.
-
P181082 has NOT received Board approval. Pipeline only.
-
T1 rooftop INVALID at Lat Krabang and Lamphun (land-lease). Use T2/T4A/T6W.
-
LC has NO BESS and NO carbon revenue by design.
-
Smart Park UMC has lapsed. Flag accordingly.
-
"NewCo" NEVER appears externally. Substitute "the Investment Manager" or formal SPV name.
-
Individual names never appear on internal documents. Use role language (Principal, AI platform, functional reviewer) per NC-OPS-001 v1.1 §9.
15. IEAT estate areas (canonical, in rai)¶
| Estate | Area (rai) | Notes |
|---|---|---|
| Laem Chabang | 3,498 | LC v1.0 canonical |
| Bangpoo | ~5,851 (OSM-locked 17 Apr 2026, 9.36 km²) | Segment register: 61.943 MWp base / 68.423 MWp review-max (pass2P, May 2026) |
| Lat Krabang | 2,559 | Land-lease; T1 invalid |
| Sa Kaeo | 660 | |
| Samut Sakhon | 1,212 | |
| Songkhla | 629 | |
| Songkhla-S + Rubber City | 2,180 | Combined |
| Map Ta Phut | 8,040 | |
| Map Ta Phut Port | 3,156 | Separate from MTP |
| Phichit | 1,235 | |
| Lamphun | 1,846 | Land-lease; T1 invalid |
| Bangplee | 1,004 | |
| Bang Chan | 677 | |
| Nakhon Luang | 1,441 | |
| Kaeng Khoi | 574 | |
| Smart Park | 1,384 | UMC lapsed — flag |
Total: ~35,945 rai across 16 named entries.
16. Cross-reference index¶
(unchanged from v1.0)
17. Version history¶
| Version | Date | Notes |
|---|---|---|
| 1.0 | 12 May 2026 | Initial publication |
| 1.1 | 12 May 2026 | Grid EF reverted from 0.4091 to 0.4750 canonical per Principal decision; F-03 retired; BMA FX 32 exception noted; Bangpoo capacity reference updated to 61.943 MWp base / 68.423 MWp review-max |
| 1.1.1 | 13 May 2026 | PATCH: five name references ("Steven", "Marc", "M. Forni") in §2, §4, §8.4, §13 replaced with "Principal"; §2 stale cross-reference to "Operating Manual §2" corrected to "§3"; §14 standing correction added (point 9: individual names never on internal documents); no numerical or methodological change |
End of NC-PARAM-001 v1.1.1.