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  "documentTitle": "Financing Sustainable Aviation Fuels (with Kearney)",
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  "notes": "Lever 9. Includes a table showing relevance of the model across pathways and project lifecycle stages.",
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      "text": "A tolling model may mitigate market risk as the SAF project would receive a fixed tolling fee without being exposed to fluctuations in feedstock costs and SAF prices.",
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      "text": "Industrial refinery landscape",
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      "text": "From a lender's perspective, this structure may be appealing. The reduced risk exposure would allow the SAF project to maximize debt financing and secure it at lower interest rates, as lenders would have more confidence in the project's ability to generate steady cash flows, regardless of market conditions. This, in turn, would lower the overall cost of capital for the SAF project, improving its financial viability. Alternative risk-sharing pricing models could also be introduced, should investors have a higher appetite towards exposure to the low-carbon fuel.",
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      "text": "To reach the required scale, SAF projects need to raise significant debt. To facilitate these investments, an emerging investment structure is through a tolling model. Under this model, a SAF facility would provide their refinery capacity to customers (tollers) in turn for a fixed tolling fee. The toller would supply the feedstocks and retain the risks and title to the molecules through the conversion process. The toller would be responsible for shipping and marketing the SAF produced with their feedstocks.",
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      "text": "Funding Source: Public, Industry, Institutional. Pathways: HEFA, Alcohol-to-Jet, G-FT, Power-to-Liquid. Lifecycle: Pre-feasibility, Feasibility+FEED, FID, Construction, Commissioning.",
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