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Techno-Economic Viability (TEV) Assessment for One of India's First Large-Scale SAF Projects

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Product

Project Appraisal Services

Industry

Energy Transition,Biofuels,Renewable Fuels,Aviation Decarbonization

Function

Techno-Economic Viability (TEV) Assessment,Technical Due Diligence,Lender Advisory,Project Finance Advisory

Challenge

The client planned one of India's earliest commercial-scale Sustainable Aviation Fuel (SAF) projects using the HEFA (Hydroprocessed Esters & Fatty Acids) pathway, with ambitions to serve both domestic blending requirements and international markets governed by CORSIA and ReFuelEU regulations. Given the first-of-its-kind nature of the project in India, lenders required an independent and lender-aligned Techno-Economic Viability (TEV) assessment to evaluate technology maturity, feedstock sustainability, project economics, regulatory compliance, execution readiness, and long-term commercial viability.

Solution

Dun & Bradstreet India was appointed as the Independent Techno-Economic Advisor to deliver a comprehensive bankable TEV assessment.

The engagement involved:

Technical Due Diligence: Evaluation of the HEFA process configuration, production yields, hydrogen integration, utility requirements, plant location advantages, logistics infrastructure, project execution schedule, and commissioning readiness.

Feedstock Assessment: Analysis of the availability, sustainability, and sourcing strategy for CORSIA-eligible feedstocks including UCO, POME, PFAD, SBEO, and Tallow, along with identification of supply chain risks and utilisation constraints.

Market & Regulatory Review: Assessment of SAF demand-supply dynamics, certification requirements (CORSIA, ASTM D7566, ISCC-CORSIA, DGCA), blending mandates, export opportunities, and potential offtake arrangements.

Financial & Cost Validation: Benchmarking of capex and opex assumptions against global HEFA-SAF projects, review of feedstock sensitivities, and validation of EBITDA, DSCR, IRR, and downside scenarios from a lender's perspective.

Risk & Mitigation Framework: Identification of execution, feedstock, market, regulatory, and policy risks, together with recommended mitigants, lender protections, conditions precedent, and monitoring mechanisms.

Impact

  • Delivered an independent, lender-focused and bankable TEV report supporting financing and investment decisions for a pioneering SAF project.
  • Provided objective validation of technology readiness, feedstock security, commercial feasibility, and regulatory compliance.
  • Established a clear distinction between bankable assumptions and evolving market uncertainties, enabling informed risk assessment by lenders.
  • Strengthened confidence in project viability through a structured risk identification and mitigation framework.
  • Demonstrated D&B India's capability to evaluate complex energy-transition and sustainable fuels projects, reinforcing its position as a trusted advisor to lenders, investors, and project sponsors.

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