Thesis (M.Eng.)--Chulalongkorn University, 2007

This thesis presents the feasibility study of the municipal solid waste incineration power plant at Nontaburi province by focusing on the financial profitability and investment analysis, result and alternatives choices from Clean Development Mechanism or CDM implementation to be able to identify the optimum solution from such kind of this execution and to be a guideline for any investor who interested in such kind of this business later. The development follows the Capital Investment Analysis and Project Assessment criteria. It begins with quantitative assessment of the cost of all resources required to complete the entire project. Next, the financial analysis to determine whether the investment will contribute to the long run profits of the business by using the basis of discounted cash flow or Net Present Value (NPV). This result can answer whether the project investment have attractiveness or unattractiveness. Then, the economical analysis is determined whether the project is truly successful by looking at the net project operating profit after tax gains more than what the project shareholders original investment (including the service to creditors as well). Finally, it will present the alternative patterns of CDM implementation to identify what the optimum solution from this execution also. In the report, it identifies results in both of finance and economic are not feasible by having -1,569.53 Million Baht in project NPV and -313.32 Million Baht in EVA. So money support from CDM is considered to make the project being feasible in both of finance and economic, by using 2 adjustment criteria 1) adjust in the proportion debt and equity and 2) adjust in percent payment of dividends and bonuses. In result, both of them can be possibly done, but only case 2 can be implemented in actual; otherwise, it is hard to accept in the criterion.