Table 3 Parameters of the economic analysis, based on South Africa

Working capital (% of FCI)

5%

[97, 99]

Depreciation period (years)

25

[97]

Depreciation method

Straight line

Salvage value

0

% Spent in year 0

100%

Income tax rate

28.0%

(http://www.sars.gov.za)

Cost year for analysis

2015

Inflation rate

5.7%

(http://www.resbank.co.za)

Operating hours (h/year)

6480^a

[37]

Currency convertor USD $ 1 = ZAR

14.0

(http://www.xe.ir)

Min. acceptable IRR (nominal)

15%

(http://www.resbank.co.za)

Chemical engineering plant cost index (CEPCI)

490.6

Extrapolation of data [97]

Base prices (year 2015)

 Ethanol price ($/L)

0.596

(http://www.energy.gov.za)

 Lactic acid ($/t)

2000

(http://www.nnfcc.co.uk)

 Furfural ($/t)

1200

[52]

 Butanol ($/t)

1000

(http://www.energy.gov.za)

 Methanol ($/L)

0.43

(http://www.methanex.com)

 Syn crude ($/US gallon)

1.3^b

(http://www.oil-price.net)

 Trash price ($/t)

53.2^c

(http://www.indexmundi.com)

 Bagasse ($/t)

0^d

 Electricity price ($/kWh)

0.08^e

(http://www.ipprenewables.co.za)