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Energy
EnergyProcedia
Procedia153 (2018) 000–000
00 (2017) 143–148
www.elsevier.com/locate/procedia
5th International Conference on Energy and Environment Research, ICEER 2018
5th International Conference on Energy and Environment Research, ICEER 2018
Techno-economic analysis of lipase enzyme production from
Techno-economic
Aspergillus niger analysis of lipase enzyme
usingSymposium
agro-industrial production from
The 15th International on District waste
Heating by solid state
and Cooling
Aspergillus niger usingfermentation
agro-industrial waste by solid state
Assessing the feasibility fermentation
of using the heat demand-outdoor
Andy Khootama, Dwini Normayulisa Putri, Heri Hermansyah*
temperature
Andyfunction
Khootama, for a long-term
Dwini Normayulisa district
Putri, Heriheat demand forecast
Hermansyah*
Department of Chemical Engineering, Faculty of Engineering, Universitas Indonesia, Depok, West Java, 16424, Indonesia
a,b,c a Faculty of Engineering,
a Universitas bIndonesia, Depok, West Java,
c 16424, Indonesia c
I. Andrić
Department of Chemical*, A. Pina , P. Ferrão , J. Fournier ., B. Lacarrière , O. Le Corre
Engineering,

a
IN+ Center for Innovation, Technology and Policy Research - Instituto Superior Técnico, Av. Rovisco Pais 1, 1049-001 Lisbon, Portugal
Abstract b
Veolia Recherche & Innovation, 291 Avenue Dreyfous Daniel, 78520 Limay, France
Abstract c
Département Systèmes Énergétiques et Environnement - IMT Atlantique, 4 rue Alfred Kastler, 44300 Nantes, France
Techno-economic analysis needs to be conducted in order to study the feasibility of enzyme industry development to fulfill the
annually increasinganalysis
Techno-economic demandneeds of enzyme in Indonesia.
to be conducted This research
in order to study theaim feasibility
to study the of feasibility of a new
enzyme industry plant to produce
development lipase
to fulfill the
enzyme
annuallyfrom Aspergillus
increasing demand niger using agro-industrial
of enzyme in Indonesia. waste as the substrates
This research by solid
aim to study the state fermentation.
feasibility of a newBased
plant on the simulation
to produce lipase
Abstract
conducted,
enzyme fromeconomic analysis
Aspergillus nigerofusing
lipaseagro-industrial
production with the production
waste capacity
as the substrates by of 4290
solid kg/year,
state product Based
fermentation. price of onIDR
the 1,061,811,
simulation
and WACCeconomic
conducted, of 15.10%analysis
yields IRR of 34.99%,
of lipase NPV with
production of IDRthe5,520,728,137,
production capacityand payback
of 4290period of 2.98
kg/year, years,
product with
price of product price as
IDR 1,061,811,
District
the
and most
WACC heating
sensitive networks
of 15.10% yieldsare
parameter. commonly
Based
IRR ofon addressed
this result,
34.99%, NPVthis in the
plant
of IDR isliterature
profitableastoand
5,520,728,137, one of the most
be developed.
payback effective
period of 2.98 solutions
years, withforproduct
decreasing
price as the
greenhouse
the gas emissions
most sensitive parameter.from theon
Based building sector.
this result, thisThese
plant systems require
is profitable to behigh investments which are returned through the heat
developed.
©sales.
2018 Due to the changed
The Authors. Published climate conditions
by Elsevier Ltd. and building renovation policies, heat demand in the future could decrease,
©prolonging
2018 The Authors.
the access Published
investment byperiod.
Elsevier Ltd.
This is an open articlereturn
under the CC BY-NC-ND license (https://creativecommons.org/licenses/by-nc-nd/4.0/)
This is an open access article under the CC Ltd.
© 2018 The Authors. Published by Elsevier BY-NC-ND license (https://creativecommons.org/licenses/by-nc-nd/4.0/)
The ismain
Selection
This an scope
and
open of thisarticle
peer-review
access paper
underis toresponsibility
under assess
the CC the feasibility
of
BY-NC-ND the of using(https://creativecommons.org/licenses/by-nc-nd/4.0/)
scientific
license the heat demand
committee the– 5th
of the outdoor
5th temperature
International function for
Conference heat demand
on Energy
Energy and
Selection and peer-review under responsibility of the scientific committee of International Conference on and
forecast.
Environment
Selection The
and district
Research,
peer-review
Environment Research, ICEER 2018.of Alvalade,
ICEERunder 2018. located
responsibilityin Lisbon
of the (Portugal),
scientific was
committee usedof as
thea case
5th study. The
International district
Conference is consisted
on Energyof 665
and
buildings that
Environment vary in ICEER
Research, both construction
2018. period and typology. Three weather scenarios (low, medium, high) and three district
renovation
Keywords: IRR;scenarios werepayback
lipase; NPV; developed (shallow,
period; intermediate,
techno-economic analysisdeep). To estimate the error, obtained heat demand values were
comparedIRR;
Keywords: withlipase;
results
NPV;from a dynamic
payback period;heat demand model,
techno-economic previously developed and validated by the authors.
analysis
The results showed that when only weather change is considered, the margin of error could be acceptable for some applications
1.(the
Introduction
error in annual demand was lower than 20% for all weather scenarios considered). However, after introducing renovation
1.scenarios,
Introductionthe error value increased up to 59.5% (depending on the weather and renovation scenarios combination considered).
The value ofofslope
Demand enzymecoefficient
in global increased
marketonisaverage
estimatedwithin the rangeatof7%
to increase 3.8%perupyearto 8%
alongper2015-2020
decade, that[1].corresponds
As well as to inthe
decrease
Indonesia,
Demand indemand
the number
of enzyme of
in heating
of enzyme globalforhours
market ofis22-139h
industry reached
estimatedduring
2500 thetons
heating
to increase season
inat2017,
7% per (depending
and increase
year alongon5-7%
the combination
per year
2015-2020 of weather
[1].[1].
As as and
However,
well in
renovation scenarios considered). On the other hand, function intercept increased for 7.8-12.7% per decade (depending on the
Indonesia, demand of enzyme for industry reached 2500 tons in 2017, and increase 5-7% per year [1]. However,
coupled scenarios). The values suggested could be used to modify the function parameters for the scenarios considered, and
improve the accuracy of heat demand estimations.

© 2017 The Authors. Published by Elsevier Ltd.

* Corresponding author. Tel.: +62-81293196666; fax: +62-21-7863515.
Peer-review under responsibility of the Scientific Committee of The 15th International Symposium on District Heating and
* E-mail address:
Corresponding heri@che.ui.ac.id
author. Tel.: +62-81293196666; fax: +62-21-7863515.
Cooling.
E-mail address: heri@che.ui.ac.id
1876-6102 © 2018 The Authors. Published by Elsevier Ltd.
Keywords:
This Heat
is an open demand;
access Forecast; Climate change
1876-6102 © 2018 Thearticle under
Authors. the CC BY-NC-ND
Published license (https://creativecommons.org/licenses/by-nc-nd/4.0/)
by Elsevier Ltd.
Selection and peer-review under responsibility of the scientific
This is an open access article under the CC BY-NC-ND licensecommittee of the 5th International Conference on Energy and Environment
(https://creativecommons.org/licenses/by-nc-nd/4.0/)
Research, and
Selection ICEER 2018. under responsibility of the scientific committee of the 5th International Conference on Energy and Environment
peer-review
Research, ICEER 2018.
1876-6102 © 2017 The Authors. Published by Elsevier Ltd.
1876-6102 © 2018 The Authors. Published by Elsevier Ltd.
Peer-review under responsibility of the Scientific Committee of The 15th International Symposium on District Heating and Cooling.
This is an open access article under the CC BY-NC-ND license (https://creativecommons.org/licenses/by-nc-nd/4.0/)
Selection and peer-review under responsibility of the scientific committee of the 5th International Conference on Energy and
Environment Research, ICEER 2018.
10.1016/j.egypro.2018.10.054
144 Andy Khootama et al. / Energy Procedia 153 (2018) 143–148
2 Andy Khootama et al. / Energy Procedia 00 (2018) 000–000

enzyme production in Indonesia is still limited. Therefore, in order to fulfill the demand, development of a new plant
to produce enzyme in Indonesia needs to be considered. One of the potential enzymes needs to be developed is lipase.
This is due to high demand of lipase in several industries including food, oleo chemical, detergent, cosmetic, polymer,
pharmaceutical, and biodiesel production [2]. One of the best lipase producers is Aspergillus niger which could utilize
agro-industrial waste [3, 4], thus it can reduce production cost and overcome the environmental problems. Several
agro-industrial wastes able to be utilized as the carbon source for Aspergillus niger are rice bran and Jatropha seed
cake, which are abundant in Indonesia, and has been studied to produce lipase [4, 5]. Since the substrates are available
in the form of solid, the suitable method to produce lipase from Aspergillus niger is solid state fermentation [3, 4, 6].
In order to recognize the feasibility of a new plant of enzyme, economic analysis should be conducted. Therefore,
the aim of this research is to study the feasibility of a new plant to produce lipase enzyme from Aspergillus niger using
rice bran and Jatropha seed cake as the substrates by solid state fermentation. The feasibility study will be conducted
through economic analysis to obtain the economic parameter including internal rate of return (IRR), net present value
(NPV), and payback period. Sensitivity of several factors including product price, operational cost, and capital cost
will also be analyzed in this study.

2. Methods

Economic analysis of lipase production from Aspergillus niger by solid state fermentation was performed by
several steps, including calculation of mass balance, calculation of capital expenditures (CAPEX) and operating
expenditures (OPEX), calculation of cash flow, analysis of profitability, and analysis of sensitivity of several
parameters. The analysis was done using a simulation software package.
In order to analyze the economical value, several assumptions should be provided. Summary of assumptions are
given in the Table 1.

Table 1. Summary of assumptions

Parameter Value
Production capacity 4290 kg/ year
Product price IDR 1,061,811/ kg
Rate of interest 11.33%
Weighted Average Cost of Capital (WACC) 15.10%
Plant lifetime 20 years
Base year 2019

The economical parameters analyzed were net present value (NPV), internal rate of return (IRR), and payback
period (PP) in order to determine the level of profitability. Furthermore, analysis of sensitivity was done based on the
influence of price deviation of lipase enzyme, operational cost, and capital cost against the NPV, IRR, and PBP.
Deviation of each variable is varied with 5%, 10%, and 20%.

3. Results and discussion

3.1. Mass balance calculation

Mass balance was calculated on each process including solid state fermentation, extraction, filtration,
centrifugation, mixing, and drying, in order to obtain dry extract of lipase. Calculation was done using 10 kg of
substrates as the basis. Overall mass balance of lipase production from Aspergillus niger is shown in the Table 2.
 Andy Khootama et al. / Energy Procedia 153 (2018) 143–148 145
Andy Khootama et al. / Energy Procedia 00 (2018) 000–000 3

Table 2. Overall mass balance

R-101 V-101 F-101 S-101 V-102 D-101
Tray Bioreactor Mixing Tank 1 Pressure Filter Centrifuge Mixing Tank 2 Dryer
30 °C, 1 bar, 30 °C, 30 °C, 1 bar, Inlet 130 °C,
Materials 30 °C, 1 bar 30 °C, 2 bar
1200 rpm 4000 rpm 1200 rpm Outlet 70 °C
Input Output Input Output Input Output Input Output Input Output Input Output
(kg) (kg) (kg) (kg) (kg) (kg) (kg) (kg) (kg) (kg) (kg) (kg)
Substrate 10 0 0 0 0 0 0 0 0 0 0 0
Aspergillus niger 0.02 0 0 0 0 0 0 0 0 0 0 0
Nutrient 6.98 0 0 0 0 0 0 0 0 0 0 0
Olive oil 0.1 0 0 0 0 0 0 0 0 0 0 0
Fermentation cake 0 17.10 17.10 0 0 0 0 0 0 0 0 0
Lipase extract 0 0 101.50 0 0 0 0 0 0 0 0 0
Slurry 0 0 0 118.60 118.60 0 0 0 0 0 0 0
Filter Cake 0 0 0 0 0 6.17 0 0 0 0 0 0
Filtrate 0 0 0 0 0 112.43 112.43 0 0 0 0 0
Supernatant 0 0 0 0 0 0 0 103.01 103.01 0 0 0
Cake 0 0 0 0 0 0 0 9.42 0 0 0 0
Skim milk powder 0 0 0 0 0 0 0 0 12.36 0 0 0
Mixture 0 0 0 0 0 0 0 0 0 115.37 115.37 0
Waste 0 0 0 0 0 0 0 0 0 0 0 105.37
Dry extract of lipase 0 0 0 0 0 0 0 0 0 0 0 10
Total (kg) 17.10 17.10 118.60 118.60 118.60 118.60 112.43 112.43 115.37 115.37 115.37 115.37

3.2. Capital expenditures (CAPEX) calculation

Capital expenditures was calculated including the cost of equipment, installation, control and instrumentation,
piping, electricity, building, additional facility, utility, land, construction, contractor cost, contingency, and working
capital. Summary of capital expenditures is represented in the Table 3.

Table 3. Summary of CAPEX

No. Component Cost (IDR) Percentage
1. Equipment 1,028,810,855 20.96%
2. Installation 401,236,233 8.18%
3. Control and instrumentation 133,745,411 2.73%
4. Pipe 318,931,365 6.50%
5. Electricity 102,881,085 2.10%
6. Building 298,355,148 6.08%
7. Additional facility and utility 565,845,970 11.53%
8. Land 61,728,651 1.26%
9. Engineer and supervision 329,219,473 6.71%
10. Construction 349,795,690 7.13%
11. Contractor cost 185,185,953 3.77%
12. Contingency 370,371,907 7.55%
13. Working capital 761,320,032 15.51%
CAPEX (IDR) 4,907,427,779 100.00%
146 Andy Khootama et al. / Energy Procedia 153 (2018) 143–148
4 Andy Khootama et al. / Energy Procedia 00 (2018) 000–000

3.3. Operating expenditures (OPEX) calculation

Operating expenditures was calculated including the cost of raw material, utility, worker, insurance, distribution,
and maintenance. Summary of operating expenditures is represented in the Table 4.

Table 4. Summary of OPEX

No. Component Cost (IDR) Percentage
1. Raw material 145,725,005 7.31%
2. Utility 58,150,140 2.92%
3. Worker 1,333,200,000 66.84%
4. Insurance 228,782,284 11.47%
5. Distribution and maintenance 228,833,254 11.47%
OPEX (IDR) 1,994,690,683 100.00%

3.4. Cash flow calculation

Based on the capital and operating expenditures, cash flow can be calculated as before tax cash flow (BTCF) and
after tax cash flow (ATCF). Cash flow was calculated with IDR 1,061,811/ kg as the product price. Cumulative BTCF
and ATCF are represented in the Fig. 1.

45
Billion

40
Cummulative Cash Flow (IDR)

35
30
25
20
15
10
5
-
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
-5
Year

Cummulative BTCF Cummulative ATCF

Fig. 1. Cumulative cash flow

3.5. Profitability analysis

Profitability was analyzed based on the cash flow for 20 years of plant operation. From the calculation, with the
product price of IDR 1,061,811 and WACC (Weighted Average Cost of Capital) of 15.10%, obtaining the internal
rate of return (IRR) of 34.99%, net present value (NPV) of IDR 5,520,728,137 and payback period of 2.98 years.
Based on this results, production of lipase from Aspergillus niger by solid state fermentation obtaining a profitable
results.
 Andy Khootama et al. / Energy Procedia 153 (2018) 143–148 147
Andy Khootama et al. / Energy Procedia 00 (2018) 000–000 5

3.6. Sensitivity analysis

Sensitivity analysis was conducted based on the deviation of lipase product price, operational cost, and capital cost
against NPV, IRR, and payback period. Deviation was varied at 5, 10, and 20%. Sensitivity of the three parameters
against NPV, IRR, and payback period are shown in the Fig. 2, Fig. 3, and Fig. 4, respectively.

9,50

Mil milhões
8,50
7,50
NPV (IDR)

6,50
5,50
4,50
3,50
2,50
1,50
-20% -15% -10% -5% 0% 5% 10% 15% 20%
Fluctuation

Product Price Fluctuation Operational Cost Fluctuation Capital Cost Fluctuation

Fig. 2. Effect of fluctuation of product price, operational cost, and capital cost against NPV

50,00%

45,00%

40,00%
IRR (%)

35,00%

30,00%

25,00%

20,00%
-20% -15% -10% -5% 0% 5% 10% 15% 20%
Fluctuation

Product Price Fluctuation Operational Cost Fluctuation Capital Cost Fluctuation

Fig. 3. Effect of fluctuation of product price, operational cost, and capital cost against IRR

5,00
4,50
4,00
PP (Years)

3,50
3,00
2,50
2,00
-20% -15% -10% -5% 0% 5% 10% 15% 20%
Fluctuation

Product Price Fluctuation Operational Cost Fluctuation Capital Cost Fluctuation

Fig. 4. Effect of fluctuation of product price, operational cost, and capital cost against payback period
148 Andy Khootama et al. / Energy Procedia 153 (2018) 143–148
6 Andy Khootama et al. / Energy Procedia 00 (2018) 000–000

Based on the analysis of sensitivity, the most sensitive parameter is the product price. This is shown from the figure
that product price has the highest deviation against the horizontal line on the three of curve. Therefore, product price
must be maintained well to achieve the NPV, IRR, and payback period as expected.

4. Conclusion

Production of dry extract lipase from Aspergillus niger by solid state fermentation using agro-industrial waste as
the substrate with the production capacity of 4290 kg/ year, product price of IDR 1,061,811, and WACC of 15.10%
is profitable and feasible to be developed based on the IRR of 34.99%, NPV of IDR 5,520,728,137, and payback
period of 2.98 years. Based on the results of sensitivity analysis, product price is the most sensitive parameter that
affects the economic analysis.

Acknowledgements

The authors would like to thank for the research support provided by Universitas Indonesia, Ministry of Research,
Technology and Higher Education Republic of Indonesia, and USAID SHERA and for the publication support
provided by the United States Agency for International Development (USAID) through the Sustainable Higher
Education Research Alliance (SHERA) Program for Universitas Indonesia’s Scientific Modeling, Application,
Research and Training for City-centered Innovation and Technology (SMART CITY) Project, Grant #AID-497-A-
1600004, Sub Grant #IIE-00000078-UI-1.

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