SPAM (Water Supply System) Umbulan is an alternative source for Regional Water Company (PDAM) of Sidoarjo Regency in terms of fulfillment of drinking water needs. PDAM Kabupaten Sidoarjo representing the Government of Sidoarjo Regency entered into a cooperation contract on the distribution of bulk drinking water of 1,200 liters / second with the Regional Water Company (PDAB) of East Java Province. In the contract there is offtake (supply point) Candi as one of supply point in Umbulan SPAM line with capacity of 200 liter / second, distribution length along 261 km and total investment value reach 200 billion rupiah. To meet the investment needs of loan capital is required because PDAM Kabupaten Sidoarjo do not have enough budget. Investment feasibility analysis is required to ensure the feasibility of project investment. Investment feasibility analysis is conducted through the stages of secondary data collection and primary data to identify cost factors and income factors. The method approach used is the calculation of investment feasibility by calculating NPV and IRR and sensitivity analysis. The expected results of the investment feasibility analysis is to be able to determine the feasibility of investment to be made on the project offtake Candi from SPAM Umbulan.

Keywords : Sensitivity Analysis, Investment Feasibility, IRR, NPV, Offtake, SPAM.