What this document is
Full commercial structure of the Carbotura CSA for Maharashtra — CSA mechanics (Beneficiation Fee + Circular Royalty™), Exogenesis™ Royalty terms, site candidates, counterparty requirements, permitting, risk register, and term structure.
- Carbotura offers a single commercial structure: the Circular Supply Agreement (CSA) — Beneficiation Fee (TMC Fee) + Circular Royalty™.
- Circular Royalty™ (120%+ of the current-year Beneficiation Fee) and Exogenesis™ Royalty ($25/ton) run as two independent streams, both backed by the Parent Performance Guarantee, both escalating annually from Year 2.
- Carbotura SPV bears 100% of construction, operating, and financial risk. Maharashtra's risk is limited to feedstock volume variability.
Parties, Path, and Elected Structureपक्ष, मार्ग आणि निवडलेली रचना
Government of Maharashtra, acting through the Urban Development (UD) Department and the Environment and Climate Change (ECC) Department, with the Finance Department as co-executing authority for the Tax Abatement instruments. LOI/MOU execution authority: Chief Secretary or designated Principal Secretary-level official.महाराष्ट्र सरकार, Urban Development (UD) विभाग आणि Environment and Climate Change (ECC) विभागाद्वारे. कर सवलत साधनांसाठी Finance विभाग सह-अंमलबजावणी प्राधिकरण म्हणून.
Carbotura Inc. (principal, Delaware). At Financial Closing, an Indian Special Purpose Vehicle (SPV) is incorporated as facility owner and operator. SPV is wholly owned by Carbotura Inc. Maharashtra contracts with Carbotura Inc. at CSA execution; SPV novation occurs at Financial Closing, with the Parent Performance Guarantee as backstop throughout.Carbotura Inc. (मुख्य, Delaware). Financial Closing वर, एक भारतीय Special Purpose Vehicle (SPV) सुविधा मालक आणि संचालक म्हणून स्थापित होतो.
Maharashtra's commercial structure is the CSA — Beneficiation Fee (TMC Fee) + Circular Royalty™, with the Exogenesis™ Royalty add-on. Beneficiation Fee: $100/ton Year 1 (canonical floor, MR §4.1), +2.5%/yr. Circular Royalty™: 120% of the current-year Beneficiation Fee from 13 months after corresponding Beneficiation Fee payment, +1 percentage point/yr. Exogenesis™ Royalty (stacking alongside the Circular Royalty™): $25/ton, escalating 1%/yr from Year 2.महाराष्ट्राची व्यावसायिक रचना CSA + Exogenesis™ Royalty आहे. Beneficiation Fee: $१००/टन वर्ष १ (canonical floor, MR §4.1), +2.5%/yr. Circular Royalty™: संबंधित फीडस्टॉक वितरणानंतर १३ महिन्यांनंतर चालू-वर्ष Beneficiation Fee च्या १२०%, +1pp/yr. Exogenesis™ Royalty (Circular Royalty™ सोबत जोडलेले): $२५/टन, Year 2 पासून 1%/yr वाढ.
Beneficiation Fee Paid · Circular Royalty™ + Exogenesis™ Royalty ReceivedBeneficiation Fee दिले · Circular Royalty™ + Exogenesis™ Royalty प्राप्त
Carbotura offers a single commercial structure: the Circular Supply Agreement (CSA) — Beneficiation Fee (TMC Fee) + Circular Royalty™. Maharashtra pays a per-tonne Beneficiation Fee at CSA execution and receives the Circular Royalty™ in return for the full 30-year term, plus the Exogenesis™ Royalty — stacking alongside the Circular Royalty™ — on every tonne extracted from qualifying legacy sites.CSA ही या आणि प्रत्येक सहभागासाठी Carbotura ची एकमेव व्यावसायिक रचना आहे. महाराष्ट्र CSA अंमलबजावणीवर प्रति-टन Beneficiation Fee देतो आणि बदल्यात ३०-वर्षाच्या पूर्ण मुदतीसाठी Circular Royalty™ प्राप्त करतो, तसेच वारसा स्थळांमधून काढलेल्या प्रत्येक टनावर Exogenesis™ Royalty — Circular Royalty™ सोबत जोडलेले.
$100/ton Year 1 (canonical floor, MR §4.1 — Maharashtra's estimated FWDC of $9.60–$13.20/ton sits well below the floor), +2.5%/yr escalator. Paid monthly on gross feedstock delivered at the facility gate.$१००/टन वर्ष १ (canonical floor, MR §4.1), +2.5%/yr escalator. सुविधा गेटवर वितरित एकूण फीडस्टॉकवर मासिक देय.
Maharashtra commits to delivering contracted daily volume of waste-classified manufacturing feedstock to the facility gate for the full CSA term. Standard Carbotura Take-or-Pay floor applies on feedstock delivery.महाराष्ट्र पूर्ण CSA मुदतीसाठी सुविधा गेटवर करारबद्ध दैनिक खंड वितरित करण्याची वचनबद्धता करतो. मानक Carbotura Take-or-Pay फ्लोर लागू होतो.
120% of the current-year Beneficiation Fee/tonne, commencing 13 months after corresponding Beneficiation Fee payment, +1 percentage point/yr (Year 30: 148% of the current-year Beneficiation Fee). Contractual obligation — not contingent on facility profitability. Backed by the Parent Performance Guarantee.संबंधित फीडस्टॉक वितरणानंतर १३ महिन्यांनंतर चालू-वर्ष Beneficiation Fee च्या १२०%, +1pp/yr. करारात्मक दायित्व. Parent Performance Guarantee द्वारे समर्थित.
$25/ton on all tonnage extracted from legacy landfill sites via the Exogenesis™ protocol, stacking alongside the Circular Royalty™. Commences 13 months after corresponding Exogenesis™ extraction begins — expected 3–7 years post-COD per CSA §4-D.2. Escalates 1%/yr from Year 2.$२५/टन Exogenesis™ प्रोटोकॉलद्वारे वारसा लँडफिल स्थळांमधून काढलेल्या सर्व टनांवर, Circular Royalty™ सोबत जोडलेले. संबंधित Exogenesis™ काढणी सुरू झाल्यानंतर १३ महिने. Year 2 पासून 1%/yr वाढ.
Key Commercial Parameters · CSA + Exogenesis™प्रमुख व्यावसायिक मापदंड
| Parameterमापदंड | Circular Royalty™ StreamCircular Royalty™ प्रवाह | Exogenesis™ StreamExogenesis™ प्रवाह |
|---|---|---|
| Year 1 Rateवर्ष १ दर | $0.00/ton (pre-royalty ramp)(pre-royalty) | $25.00/ton |
| Escalationवाढ | +1pp/yr from Year 2 (on current-year Beneficiation Fee)Year 2 पासून +1pp/yr | 1%/yr from Year 2Year 2 पासून 1%/yr |
| Year 2 Rateवर्ष २ दर | $120.00/ton | $25.25/ton |
| Year 30 Rateवर्ष ३० दर | $295.48/ton | $33.36/ton |
| Commencement Triggerप्रारंभ ट्रिगर | 13 months after corresponding Beneficiation Fee paymentसंबंधित फीडस्टॉक वितरणानंतर १३ महिने | 13 months after corresponding Exogenesis™ extractionसंबंधित Exogenesis™ काढणीनंतर १३ महिने |
| Payment Basisदेयक आधार | Monthly · gross input tonnage at facility gateमासिक · सुविधा गेटवर एकूण इनपुट टनेज | Monthly · tonnage extracted via Exogenesis™ protocolमासिक · Exogenesis™ प्रोटोकॉलद्वारे काढलेला टनेज |
| Floor Protectionफ्लोर संरक्षण | Standard Carbotura Take-or-Pay floor on feedstock deliveryमानक Carbotura Take-or-Pay फ्लोर | FP-Caused Delay step-down $35/ton floor per CSA §4-D.2(e)$३५/टन floor CSA §4-D.2(e) नुसार |
| Currencyचलन | USD (INR equivalent at RBI reference rate on payment date)(देयक तारखेवर RBI दराने INR) | USD |
| Beneficiation FeeBeneficiation Fee | $100.00/ton Year 1 (canonical floor, MR §4.1), +2.5%/yr — paid by Maharashtra, never netted against the royalty(canonical floor, MR §4.1), +2.5%/yr — महाराष्ट्राकडून देय | |
| Combined Year 2 · Phase 3एकत्रित वर्ष २ · Phase 3 | $87.60M | $18.43M |
| 30-Year Total · Phase 3३०-वर्ष एकूण · Phase 3 | $4,146.8M | $634.8M |
Beneficiation Fee at $100/ton canonical floor (MR §4.1) — Maharashtra's estimated FWDC ($9.60–$13.20/ton) sits well below the floor. Exogenesis™ $25/ton is Maharashtra's own established rate at CERCLA carve-out floor per CSA §4-D.2. Combined royalty income (Circular Royalty™ + Exogenesis™) Year 2 Phase 3 = $106.03M. 30-yr combined royalty income Phase 3 = $4,781.6M undiscounted (Beneficiation Fee reported separately, never netted — Separate Transaction Principle, MR §4.8). See EIR for full year-by-year schedule.Beneficiation Fee $१००/टन canonical floor (MR §4.1). Exogenesis™ $२५/टन महाराष्ट्राचा स्वतःचा स्थापित दर. एकत्रित वर्ष २ Phase 3 = $१०६.०३M. ३०-वर्ष एकत्रित रॉयल्टी Phase 3 = $४,७८१.६M असूट (Beneficiation Fee स्वतंत्रपणे नोंदवले, कधीही निव्वळ केले जात नाही).
Phase 1 Site Candidates · MaharashtraPhase 1 स्थळ उमेदवार · महाराष्ट्र
Phase 1 (400 TPD) requires a single site — approximately 5–8 acres, industrial-zoned or MIDC-equivalent, within 30 km of the primary feedstock generation centre. Three primary and two secondary candidates identified.Phase 1 (४०० TPD) साठी एकच स्थळ आवश्यक आहे — अंदाजे ५–८ एकर, MIDC-समकक्ष. तीन प्राथमिक आणि दोन दुय्यम उमेदवार ओळखले.
Site identification is preliminary. Final selection during the Deployment Planning Period via Community Study. Site specification confirmed in Land Annex — not a condition of LOI/MOU signing.स्थळ ओळख प्राथमिक आहे. अंतिम निवड Deployment Planning Period मध्ये. स्थळ तपशील Land Annex मध्ये — LOI/MOU स्वाक्षरीची अट नाही.
Universal Requirements · Maharashtra Satisfies All Threeसार्वभौमिक आवश्यकता · महाराष्ट्र तिन्ही पूर्ण करतो
Government of Maharashtra satisfies. As a constitutional state of the Republic of India operating under Articles 292–293, Maharashtra's GSDP (~₹37 trillion, FY2025) and status as India's largest revenue-generating state satisfy the credit floor. GoI sovereign backstop available if required by Carbotura's project financiers.महाराष्ट्र सरकार पूर्ण करतो. Articles 292–293 अंतर्गत कार्यरत, महाराष्ट्र GSDP (~₹३७T, FY2025). GoI sovereign backstop आवश्यक असल्यास उपलब्ध.
Government of Maharashtra satisfies. Maharashtra has authority under the SGST framework, Electricity Duty Act 1958, and stamp duty legislation to grant the required abatement instruments. The Tax Abatement Annex is analogous to existing MIDC industrial incentives. Finance Department co-execution confirms authority.महाराष्ट्र सरकार पूर्ण करतो. SGST फ्रेमवर्क, Electricity Duty Act 1958 आणि मुद्रांक शुल्क कायद्यांतर्गत अधिकार. Finance विभाग सह-अंमलबजावणी अधिकार पुष्टी करते.
Government of Maharashtra satisfies. Annual ULB SWM budget ~₹8,000–12,000 crore statewide demonstrates budget scale for Take-or-Pay backstop. Maharashtra's generation surplus (60× Phase 1 volume) makes shortfall risk immaterial in practice.महाराष्ट्र सरकार पूर्ण करतो. वार्षिक ULB SWM बजेट ~₹८,०००–१२,०००cr. निर्मिती अधिशेष Phase 1 च्या ६०× आहे.
Regulatory Predicate Transition (RPT) & Deployment Planning PeriodRegulatory Predicate Transition (RPT) आणि Deployment Planning Period
Two conditions precedent apply to Financial Closing — not to LOI/MOU execution. Both pursued by Carbotura at its own cost during the Deployment Planning Period.दोन अटी Financial Closing साठी लागू होतात — LOI/MOU अंमलबजावणीसाठी नाही. दोन्ही Carbotura द्वारे स्वतःच्या खर्चाने अनुसरण केल्या जातात.
| Itemआयटम | Descriptionवर्णन | Partyपक्ष | Condition Forअट |
|---|---|---|---|
| LOI/MOU ExecutionLOI/MOU अंमलबजावणी | Initiating instrument — not a condition precedent. Executed by Chief Secretary. Initiates Deployment Planning Period. No capital commitment by Maharashtra at this stage.प्रारंभिक साधन — अट पूर्वसंधी नाही. मुख्य सचिव द्वारे. Deployment Planning Period सुरू होतो. Maharashtra भांडवल वचनबद्धता नाही. | Maharashtra | Deployment Planning Period startDeployment Planning Period प्रारंभ |
| Classification RPTClassification RPT | MPCB determination that Carbotura facility qualifies as "processing facility" under Rule 2(zb) SWM Rules 2016, permitting receipt of waste-classified inputs as manufacturing feedstock.MPCB निर्धारण की Carbotura सुविधा SWM नियम 2016 Rule 2(zb) अंतर्गत "processing facility" म्हणून पात्र आहे. | Carbotura | Financial ClosingFinancial Closing |
| MPCB Consent-to-Establish (CTE)MPCB Consent-to-Establish | Site-specific environmental clearance; requires EIA (Category A) and public hearing under EIA Notification 2006.स्थळ-विशिष्ट पर्यावरणीय मंजुरी; EIA आणि सार्वजनिक सुनावणी आवश्यक. | Carbotura | Financial ClosingFinancial Closing |
| Community StudyCommunity Study | Site-specific Waste Characterisation Study confirming feedstock profile, Exogenesis™ site qualification, and royalty basis for Financial Closing.फीडस्टॉक प्रोफाइल, Exogenesis™ स्थळ पात्रता आणि Financial Closing साठी रॉयल्टी आधार पुष्टी. | Carbotura | Financial ClosingFinancial Closing |
| MRTP Zoning ClearanceMRTP Zoning मंजुरी | Land use designation under MRTP Act 1966; typically resolved via MIDC zone designation for MIDC sites.MRTP Act 1966 अंतर्गत जमीन वापर पदनाम; MIDC स्थळांसाठी MIDC zone पदनामाद्वारे. | Carbotura + MH | Financial ClosingFinancial Closing |
Typical Deployment Planning Period: 18–30 months from LOI/MOU execution. Maharashtra has zero cost exposure until Financial Closing. All permitting costs borne by Carbotura. RPT precedents exist in Maharashtra (Nagpur engagement) and analogous Indian states.सामान्य Deployment Planning Period: LOI/MOU नंतर १८–३० महिने. Financial Closing पर्यंत महाराष्ट्राला शून्य खर्च. सर्व परवानगी खर्च Carbotura वाहतो.
Risk Allocation · Maharashtra vs. Carbotura SPVजोखीम वाटप
| Riskजोखीम | Allocationवाटप | Mechanismयंत्रणा |
|---|---|---|
| Construction cost overrunबांधकाम खर्च अधिक | Carbotura | Fixed-price DFM deployment; SPV bears overrunFixed-price DFM तैनाती; SPV अधिक सहन करतो |
| Construction delayबांधकाम विलंब | Carbotura | Liquidated damages under the DFM deployment agreement; royalty commencement is delivery-triggered, not date-triggeredDFM तैनातीअंतर्गत liquidated damages; रॉयल्टी वितरण-ट्रिगर |
| Facility operating performanceसुविधा कार्यक्षमता | Carbotura | Parent Performance Guarantee; step-in rights; Circular Royalty™ due regardless of performanceParent Performance Guarantee; Circular Royalty™ कार्यक्षमतेची पर्वा न करता देय |
| Off-take market riskOff-take बाजार जोखीम | Carbotura | Revenue from outputs is Carbotura's; Circular Royalty™ not linked to output pricingनिर्गतांमधून उत्पन्न Carbotura चे; Circular Royalty™ आउटपुट किमतीशी जोडलेले नाही |
| Feedstock volume shortfall (MH-caused)फीडस्टॉक कमतरता (MH-कारण) | Maharashtra | Standard Take-or-Pay — MH pays the contracted Beneficiation Fee equivalent on shortfallमानक Take-or-Pay — MH कमतरतेवर करारबद्ध Beneficiation Fee समतुल्य देतो |
| Feedstock composition changeफीडस्टॉक संरचना बदल | Shared | Material change requires notice; adaptation process in CSA §5.4भौतिक बदलासाठी नोटीस; CSA §5.4 मध्ये अनुकूलन प्रक्रिया |
| Regulatory change (MH-level)नियामक बदल (MH-स्तर) | Maharashtra | Change-in-law clause; MH-triggered adverse changes are MH's responsibility; Circular Royalty™ protectedChange-in-law कलम; MH-ट्रिगर बदल MH ची जबाबदारी |
| Regulatory change (Central/MPCB)नियामक बदल (Central/MPCB) | Shared | Change-in-law; good-faith renegotiation triggered; Circular Royalty™ floor protected during renegotiationChange-in-law; सद्भावना पुनर्वाटाघाटी; पुनर्वाटाघाटी दरम्यान Circular Royalty™ floor संरक्षित |
| Force majeureForce majeure | Shared | Standard FM clause; Circular Royalty™ suspended pro-rata during qualifying FM periodStandard FM कलम; पात्र FM कालावधीत Circular Royalty™ pro-rata निलंबित |
| FX / currency riskFX / चलन जोखीम | Shared | Circular Royalty™ and Exogenesis™ Royalty in USD at RBI reference rate on payment date. INR depreciation benefits Maharashtra; appreciation is budget riskCircular Royalty™ USD मध्ये, देयक तारखेवर RBI संदर्भ दराने |
30-Year Initial Term · Perpetual Continuation३०-वर्ष प्रारंभिक मुदत · अनिश्चित सातत्य
| Term Parameterमुदत मापदंड | Valueमूल्य | Notesटीप |
|---|---|---|
| Minimum CSA termकिमान CSA मुदत | 30 years from CODCOD पासून ३०-वर्षे | Per increment; each Financial Closing has its own 30-year clockवाढीनुसार; प्रत्येक Financial Closing चे स्वतःचे घड्याळ |
| Continuation after Year 30Year 30 नंतर सातत्य | Perpetual — annual auto-renewal unless Non-Renewal Noticeअनिश्चित — Non-Renewal Notice नसल्यास स्वयं-नूतनीकरण | Circular Royalty™ and Exogenesis™ Royalty continue at Year 30 escalated rateCircular Royalty™ आणि Exogenesis™ Royalty Year 30 escalated दराने सुरू |
| Non-Renewal Notice periodNon-Renewal Notice कालावधी | 24 months prior written notice२४ महिने पूर्व लेखी नोटीस | Earliest: Year 28 post-COD. Triggers Orderly Wind-Down provisionsसर्वात लवकर: COD नंतर Year 28 |
| Deployment Planning PeriodDeployment Planning Period | 18–30 months from LOI/MOU executionLOI/MOU नंतर १८–३० महिने | Carbotura bears all cost. Extendable for regulatory delays outside both parties' controlCarbotura सर्व खर्च सहन करतो |
| Circular Royalty™ commencementCircular Royalty™ प्रारंभ | 13 months after corresponding Beneficiation Fee paymentसंबंधित फीडस्टॉक वितरणानंतर १३ महिने | Rolling monthly — each delivery event has its own 13-month royalty clockRolling मासिक — प्रत्येक वितरण घटनेचे स्वतःचे घड्याळ |
| Exogenesis™ Royalty commencementExogenesis™ Royalty प्रारंभ | 13 months after corresponding Exogenesis™ extractionसंबंधित Exogenesis™ काढणीनंतर १३ महिने | Expected 3–7 years post-COD per CSA §4-D.2CSA §4-D.2 नुसार COD नंतर ३–७ वर्षे अपेक्षित |