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Information about feasibility study and investment feasibility study

Over 8 years there have been developed more than 100 feasibility studies (FS) in “ENECA” Company. At the present time we are the leading company in the development of pre-design works in Belarus (feasibility study and investment feasibility study). Our specialists were pre-design works advisors for “KEMA” Consulting Company, located in the EU. This company implements the EU “Support to the Implementation of a Comprehensive Energy Policy for the Republic of Belarus” programme. We believe that the information, provided to our colleagues from the EU, will also be useful for the companies which deal with FS in their work.


The chief of the pre-design works department, Olga Volchek, gives answers to the frequently asked questions concerning feasibility studies.


-Please, tell about the feasibility study development experience in Belarus.

Olga Volchek, the chief of the pre-design works department


O. Volchek:  The development of FS is popular in Belarus. Now FS is used for the implementation of any energy efficient project by both the largest enterprises of the country (state-operated and private) and small investors. 
The main technical (engineering solutions, the composition of basic equipment, etc) and economic aspects of the project (amount of initial investment, pay-back period and profitability of the project, etc) are presented in a feasibility study. An investor should make a feasibility study to understand what to expect from his project.
Thus this work may be a ground of efficiency and suitability for the allocation of credit funds, participation in any programme, obtaining a permit for fuel usage, etc. 
Over the past 15 years the FS development has become mandatory and requires approval in a number of interested organizations (local executive powers, developers of heat supply systems, the Department of Energy, etc.)


- What pre-design works are similar to the feasibility study?

O. Volchek:  Investment feasibility study (IFS) and business plan (BP) are similar to the feasibility study. 
Investment feasibility study is a deep-laid feasibility study with additional sections, which are required at the stage of architectural and construction projects. 
In today's business such concepts as business plan and feasibility study are popular among investors and economists. As previously stated, a conclusion about the project feasibility is made in the feasibility study; economic, organizational, and other solutions for process optimization are also defined here. Such sections as market research, market analysis, and description of the company and product, presented in a business plan, are not considered in a feasibility study. Feasibility study is often a part of the business plan.

-What is the difference between feasibility study and investment feasibility study? 
O. Volchek:
 I would like to begin with the similarities between these works. When the pre-design works (FS, IFS) are implemented, the client will see:

• Appropriate engineering solution to the project under consideration;
• Composition of the basic and extra equipment;
• Required amount of initial investment for the project implementation;
• Pay-back period and profitability of the project of the construction of the energy source; 

FS is not a mandatory document for the implementation of construction, reconstruction, or modernization of a facility; it is developed for an investor to examine the economic profitability of the investment project. 
IFS is also a feasibility study, but the main difference between them is that investment feasibility study is the first stage of design, and there is a more complicated structure of documents, which should be made according to the requirements of regulatory documents, used during the development of design specifications and estimates (architectural and construction projects). 
All the IFS are developed according to the basic data, technical specifications and requirements, issued by state inspection agencies and interested organizations after the preliminary approval of the facility's location. The mandatory requirement for IFS is the approval of State expert assessment department. FS doesn't undergo an examination.
IFS materials can be used by a client for: 
• Deciding on economic needs, technical capabilities, and commercial, economic and social suitability of investment in construction;
• Obtaining of a land allocation certificate to locate the construction project;
• Implementing of research and design works;
• Conducting social research, opinion polls, and referenda on the possibility of construction of the facility;
• Developing a business plan to confirm the practicability of investing and the possibility of discharge of liabilities ;
• Negotiations with government and local executive authorities to obtain subsidies, tax concessions, etc. ;
• Formatting of documents for due diligence, conducted by the Ministry of Economy. In this case, the structure and content of documents should meet the requirements of the Regulations on the procedure for an integrated approach to the state examination of investment projects and programs;
• Bidding issues (tenders) on the construction of facilities or purchase of capital equipment.

- What are the standard documents for the development of a feasibility study?
O. Volchek:
 When developing a feasibility study and an investment feasibility study you should follow technological regulations of the Republic of Belarus, building regulations and other documents connected with investment activities. 
Existing standards and regulations TKP 241-2010 (02230) "Procedure for the development of a feasibility study of a choice of heating schemes in construction and reconstruction" are often used in the development of a feasibility study. 
Depending on the complexity of the object and the customer's requirements, such regulatory document as SNB 1.02.03 - 97 "Procedure for the development, endorsement, approval and composition of investment in the construction of enterprises, buildings and facilities" can be used.
IFS is performed according to SNB 1.02.03 - 97 "Procedure for the development, endorsement, approval, and composition of investment in the construction of enterprises, buildings and facilities"

- Are there any standard sections and the format, according to which a feasibility study should be developed?
O. Volchek:
 At the present time there is no approved structure of a feasibility study, but the structure of the investment feasibility study is described in SNB 1.02.03 - 97. 
Sections of the feasibility study may be the same as the sections required for the development of the investment feasibility study; however, their volume is significantly different. The development of feasibility study sections should be carried out according to the local "specificity" of the object and the client's requests. Usually, there is the following structure of a feasibility study: 
• Section 1. Background data
• Section 2. Project capacity
• Section 3. Main functional and technological solutions
• Section 4. Location of the object
• Section 5. Main construction solutions
• Section 6. Efficiency of investment
• Section 7. Conclusions and proposals
However, we should not forget that composition and volume of work can vary depending on the object.

Anna Pleskach
category 1 engineer
“ENECA” Company

- Is a special education required for a specialist who develops FS and IFS?
O. Volchek:
 To perform feasibility studies, specialists should have engineering and/or economic education. Qualification in the field of energy is required for an engineer. In Belarus the following universities provide such education: Belarusian National Technical University, Belarusian State Technological University, and State Technical University of Gomel.
At the present time there are no technical universities in Belarus, which train specialists in the field of development of FS (IFS). There are also no special seminars, courses and trainings in this field.


We hope that this information will be useful for you.


+375 17 393 27 88 +375 29 117 38 63 +375 29 671 97 36 +375 29 255 78 33

Address: 177,Nezavisimosti ave., room 1a 220125, Minsk, Belarus
business center PORT