HVO & SAF Production: Flipping SPV-030 Over the 8% WACC Hurdle
Operated by SPV-030 (MR-HVO), the mainland biorefinery produces Hydrotreated Vegetable Oil (HVO) and Sustainable Aviation Fuel (SAF) from waste cooking oil, agricultural residues, and palm processing by-products using on-site green hydrogen (SPV-031) and geothermal process heat (SPV-009), achieving an 80-90% lifecycle carbon intensity reduction. Because capital-intensive second-generation biorefineries face high feedstock costs, SPV-030 carries a pre-carbon standalone IRR of 6.8% (-US$42.6M NPV at 8% WACC). Monetising 392,040 tCO2e/yr of ICAO CORSIA / EU RED III aviation and marine fuel credits (4.59M tCO2e cumulative) adds +US$65.41M (Base) to +US$120.48M (Upside) in Carbon NPV - flipping the facility to a highly bankable +US$22.8M Base / +US$77.9M Upside NPV (9.2%-11.8% IRR).
System 3E Perlite, CLT, Bamboo & Geopolymer Concrete (SPV-012)
Operated by SPV-012 (MR-Materials) in partnership with SPV-006 (MoHo Modular Housing), the 20-hectare materials campus replaces imported Portland cement and high-emission steel with System 3E mortarless volcanic-perlite walls (~60% faster structural erection and zero mortar waste), Cross-Laminated Timber (CLT), engineered structural bamboo, and brine-derived geopolymer concrete. This locks away 500-750 kg CO2/m3 in durable biogenic storage and avoids 350-450 kg CO2/m3 in clinker emissions. Of the 112,493 tCO2e/yr generated by 2047, 49,200 tCO2e/yr is retired internally on ACTA so that MBD's entire US$2.44B hospitality and residential portfolio is certified Net-Zero Embodied & Operational Carbon (commanding a 10%-18% green valuation premium), while 63,293 tCO2e/yr is sold externally (+US$11.10M Base / +US$21.30M Upside Carbon NPV under Verra VM0040 / Puro.earth).
Seaplane & Electric Vessel Manufacturing (SPV-013)
Operated by SPV-013 (MR-Manufacturing), the aviation and marine assembly facility establishes a dedicated amphibious aircraft and electric hydrofoil production capability in Indonesia. Focused on next-generation electric and hybrid-electric seaplanes powered by on-site HVO/SAF and geothermal electricity, the facility generates 14,500 tCO2e/yr in verified transport manufacturing abatement (+US$2.48M Base Carbon NPV) and creates ~750 direct skilled jobs across avionics, composite assembly, and testing.
Manufacturing Integrated Into the Ecosystem
HVO biofuel powers logistics and aviation. Low-carbon modular materials certify island real estate as Net-Zero Embodied Carbon. Seaplane manufacturing supplies zero-emission regional transit.
