Title Page

Transmittal Letter

Disclaimer

i

Abstract

ii

Table of Contents

iii

Experimental

iv

1.0

Results and Discussion

1

1.1

Introduction

1

1.1.1

EECP Concept Description

1

1.1.2

EECP Concept Demonstration Project

2

1.2

Project Sponsors

2

1.3

Feedstock Supply

3

1.3.1

Feedstock Supply Agreement

3

1.4

Off-Take Agreements

4

1.4.1

Power Purchase Agreement(PPA)

5

1.4.2

Off-Take Agreement for Diesel, Naptha, and Waxes

6

1.4.3

F-T Products Off-Take Agreement (F-TPOA)

6

1.5

Operations and Maintenance

7

1.6

Land Ownership

8

1.7

Project Construction

8

1.8

Basic Assumptions and Conditions for Securing Funds

8

1.8.1

Leverage

8

1.8.2

Tenor

9

1.8.3

Level of Risk Assumption and Mitigation

9

1.8.4

Interest Rate

9

1.8.5

Amortization

10

1.8.6

Sponsor Support (Recourse versus Non-Recourse)

10

1.8.7

Preliminary Financing Plan

10

1.8.8

Development of Financing During Phase III

11

1.9

Government Assistance

12

1.9.1

Tax Relief

12

1.9.2

Energy Policy Act Alternate Fuels

12

1.9.3

Cost Sharing

13

Conclusions

14

References

15

List of Acronyms

16