Solar PV Tariff Analysis

No
Inputs and Assumptions

1 Capacity
2 Initial Capacity Utilization Factor
3 Annual Gross Generation
4 Auxiliary consumption
5 Annual Net Generation
6 Annual Deration
7 Life of Plant and Machinery / Project Life
8 CapEx
9 Total Cap-Ex
10 Non - Depreciable Amount
11 Depreciable Amount (Cap Cost Less non-depreciable Cost)
12 Debt Fraction
13 Debt
14 Equity
15 Interest Rate on Term Loan
16 Loan Term
17 Moratorium
18 Depreciation (Straight Line Method, Company Law) - initial years
19 Depreciation (Straight Line Method, Company Law) - later years
20 Number of years for initial depreciation rate
21 Number of years for later depreciation rate
22 Discount Rate
23 O&M cost
24 O&M Cost Esclation
25 Return on Equity - pretax (initial years)
26 Return on Equity - pretax (later years)
27 Annuity Factor (25 Years)
28 Interest on working capital
29 Assumed tariff (Iterative)
30 Maintenance spares
31 Corporate Tax Rate
32 MAT
33 Post Tax ROE
34 Book depreciation first year
35 Book depreciation from second year
36 Accelerated Depreciation first year
37 Accelerated Depreciation from second year
38 Tax Holiday Duration
39 Tax Holiday Start Year
40 MAT set off accumulation allowed u/s 115JAA (3A)
41 MAT Setoff Duration
42 MAT Setoff Start Year
43 Emission Factor
44 Price of one CER
45 Exchange Rate
46 Number of years for initial return on equity
47 Duration of initial Capacity Utilization Factor
48 Capacity Utilization Factor for subsequent years
49 Fuel requirement/kWh
50 Feedstock Price
51 Fuel Cost Escalation
Value
2
19.00%
33.29
0.00%
33.29
0.00%
25
565
2080
10.00%
1872
70.00%
1456
624
10.00%
7
0
5.83%
1.54%
12
13
10.62%
9.00
5.72%
18.00%
24.00%
8.66
12.82%
6.93
15%
32.45%
20%
16%
2.64%
5.83%
80%
0.95%
10
1
11
10
11
0.9
0
Unit
MW
%
Lakh kWhs
%
Lakh kWhs
%
years
Rs Lakhs/MW
Rs Lakhs.
% of Capital Cost
Lakhs
%
Lakhs
30.00% Lakhs
%
years
years
%
%
years
years
0.00% %
Rs Lakhs / MW
%
%
%
%
Rs / kWh
of yearly O&M Cost
%
%
%
%
%
%
%
years
year
years
years
year
tons of CO2/MWh
$/ton
50
10
25
90%
0
0
0%
Rs/US$
years
years
%
kg/kWh
Rs/MT
%
Renew
Input
Solar PV
Capacity
Initial Capacity Utilization Factor
Auxiliary consumption
CapEx
Number of years for later depreciation rate
Equity
Quantity
2.00
19.00%
0.00%
565.00
10.62%
10.00%
Renewable Energy Tariff and Financial Analysis
Units
MW
Rs Lacs/MW
cial Analysis
Output
Solar PV
Tariff (Rs/kWh)
DSCR
MINIMUM DSCR
Project IRR-Post Tax
Equity IRR (Post Tax)
Without AD
8.91
1.44
0.26
15.92%
0.24%
With AD
7.86
Note: Accelerated Depreciation (AD) applies only to Solar projects
projects
Depreciation Calculations for SLM
Value
CapEx
2080
Annual Net Generation
33.29
Annual Deration
0.00%
Life of Plant and Machinery / Project Life
25
Annual Depreciation for period of term loan
109.14
Advance Against Depreciation
0.00
Amount remaining to be depreciated post-term loan
562.35
Depreciation for remaining years (post-term loan)
43.26
Book depreciation first year
2.64%
Book depreciation from second year
5.83%
Depreciable Amount
1,872.00
Accelerated Depreciation first year
40%
Accelerated Depreciation from second year
80%
Depreciation from the Fifth Year
0%
Plant&Machinery Income Tax Depreciation
0%
Corporate Tax Rate

Accelerated Depreciation Benefit Calculations
32.45%
1
Book depreciation
54.9
Cumulative Book Depreciation
54.9
Acclerated Depreciation
832.0
Cumulative Accelerated Depreciation
832.0
Plant & Machinery Depreciation
Cumulative Plant & Machinery Depreciation
Net depreciation benefit
777.1
Net benefit
252.1
Net Energy sold (lakh kWhs)
33.3
Benefit/kWh
Levelized benefit
7.6
1.05
Unit
Rs Lacs
Lakh kWhs
%
years
Lakhs/yr
Lakhs/yr
Lakhs
Lakhs/yr
%
%
Rs Lacs
%
%
%
%
2
121.3
121.3
121.3
121.3
121.3
176.2
297.4
418.7
540.0
661.2
998.4
199.7
39.9
0.0
0.0
1,830.4
2,030.1
2,070.0
2,070.0
2,070.0
877.1
78.4
(81.3)
(121.3)
(121.3)
284.6
25.4
(26.4)
(39.3)
(39.3)
33.3
33.3
33.3
33.3
33.3
8.5
0.8
(0.8)
(1.2)
(1.2)
Rs/kWh
10
11
121.3
121.3
121.3
121.3
121.3
782.5
903.8
1,025.0
1,146.3
1,267.6
0.0
0.0
0.0
0.0
0.0
2,070.0
2,070.0
2,070.0
2,070.0
2,070.0
(121.3)
(121.3)
(121.3)
(121.3)
(121.3)
(39.3)
(39.3)
(39.3)
(39.3)
(39.3)
33.3
33.3
33.3
33.3
33.3
(1.2)
(1.2)
(1.2)
(1.2)
(1.2)
12
13
14
15
16
121.3
32.1
32.1
32.1
32.1
1,388.8
1,420.9
1,452.9
1,485.0
1,517.1
0.0
0.0
0.0
0.0
0.0
2,070.0
2,070.0
2,070.0
2,070.0
2,070.0
(121.3)
(32.1)
(32.1)
(32.1)
(32.1)
(39.3)
(10.4)
(10.4)
(10.4)
(10.4)
33.3
33.3
33.3
33.3
33.3
(1.2)
(0.3)
(0.3)
(0.3)
(0.3)
17
18
19
20
21
32.1
32.1
32.1
32.1
32.1
1,549.1
1,581.2
1,613.3
1,645.3
1,677.4
0.0
0.0
0.0
0.0
0.0
2,070.0
2,070.0
2,070.0
2,070.0
2,070.0
(32.1)
(32.1)
(32.1)
(32.1)
(32.1)
(10.4)
(10.4)
(10.4)
(10.4)
(10.4)
33.3
33.3
33.3
33.3
33.3
(0.3)
(0.3)
(0.3)
(0.3)
(0.3)
22
23
24
25
26
32.1
32.1
32.1
32.1
1,709.5
1,741.5
1,773.6
1,805.6
0.0
0.0
0.0
0.0
2,070.0
2,070.0
2,070.0
2,070.0
(32.1)
(32.1)
(32.1)
(32.1)
(10.4)
(10.4)
(10.4)
(10.4)
33.3
33.3
33.3
33.3
(0.3)
(0.3)
(0.3)
(0.3)
27
28
29
30
31
32
33
34
35
36
37
38
39
40
Inputs
Value
Capacity
Units
2.0
MW
25 years
O&M cost
O&M Cost Esclation
Annual Net Generation
9.00
Rs Lacs / MW
5.72%
33.29 Lakh kWhs
Assumed tariff (Iterative)
6.93 Rs / kWh
Maintenance spares
of yearly O&M
15.00% Cost
Interest on working capital
12.82% %
Working Capital
Fuel Cost (4 months equivalent)
O&M
O&M expenses for 1 month
Receivables (2 months of energy charges)
Maintenance spare
Total working capital
2
-
18.00
19.03
1.50
1.59
38.45
38.45
0.23
0.24
40.17
40.27
5.15
5.16
Working Capital
4
-
5
-
6
-
7
-
20.12
21.27
22.49
23.77
25.13
1.68
1.77
1.87
1.98
2.09
38.45
38.45
38.45
38.45
38.45
0.25
0.27
0.28
0.30
0.31
40.38
40.49
40.60
40.73
40.86
5.18
5.19
5.21
5.22
5.24
9
-
10
-
11
-
12
-
26.57
28.09
29.70
31.39
33.19
2.21
2.34
2.47
2.62
2.77
38.45
38.45
38.45
38.45
38.45
0.33
0.35
0.37
0.39
0.41
40.99
41.14
41.29
41.46
41.63
5.26
5.27
5.29
5.31
5.34
13
14
-
15
-
16
-
17
-
35.09
37.10
39.22
41.46
43.83
2.92
3.09
3.27
3.46
3.65
38.45
38.45
38.45
38.45
38.45
0.44
0.46
0.49
0.52
0.55
41.81
42.00
42.21
42.42
42.65
5.36
5.38
5.41
5.44
5.47
18
19
-
20
-
21
-
22
-
46.34
48.99
51.79
54.75
57.89
3.86
4.08
4.32
4.56
4.82
38.45
38.45
38.45
38.45
38.45
0.58
0.61
0.65
0.68
0.72
42.89
43.14
43.41
43.69
44.00
5.50
5.53
5.57
5.60
5.64
23
24
-
25
-
26
-
27
-
61.20
64.70
68.40
5.10
5.39
5.70
38.45
38.45
38.45
0.76
0.81
0.85
44.31
44.65
45.00
5.68
5.72
5.77
28
29
30
31
32
33
34
35
36
37
38
39
40
Inputs
Value
25
Number of years for initial depreciation rate
12
Equity
624.00
Return on Equity - pretax (initial years)
18.00%
Return on Equity - pretax (later years)
24.00%
Number of years for initial return on equity
10
Discount Rate
10.62%
Discount Rate after 10 Years
10.62%
Annuity Factor (25 Years)
8.66
Land Lease Rate
5.0%
Year
1
33.29
Fixed Costs
O&M
18.00
Depreciation (SLM)
109.14
Interest on term loan
136.07

Return on Equity
5.15
112.32
Variable Costs
Fuel Cost
Total Cost
380.68
Tariff (Rs/kWh)
11.44
Levelized Tariff
8.91
Levelized Tariff with AD
7.86
Nominal Tariff * Discounting Factor
11.44
Discounting Factor
1.00
Levalised Tariff
8.91
Costs in Rs/kWh
O&M
0.54
Depreciation (SLM)
3.28
Interest on term loan
4.09
0.15
Return on Equity
3.37
Fuel Cost
Levelized Tariff
8.91
Levelized Tariff with AD
7.86
Land Lease and Royalty (Lakhs/yr)

NPV of Lease and Royalty (lakhs/MW)
14.83
128.46
Tariff Sheet
Units
years
years
lacs
%
%
years
%
%
%
2
33.29
33.29
33.29
33.29
33.29
19.03
20.12
21.27
22.49
23.77
109.14
109.14
109.14
109.14
109.14
115.27
94.47
73.67
52.87
32.07
5.16
5.18
5.19
5.21
5.22
112.32
112.32
112.32
112.32
112.32
341.22
10.84
10.25
9.66
9.07
8.49
8.91
8.91
8.91
8.91
8.91
7.86
7.86
7.86
7.86
7.86
9.80
8.38
7.14
6.06
5.12
0.90
0.82
0.74
0.67
0.60
0.57
0.60
0.64
0.68
0.71
3.28
3.28
3.28
3.28
3.28
3.46
2.84
2.21
1.59
0.96
0.16
0.16
0.16
0.16
0.16
3.37
3.37
3.37
3.37
3.37
302.02
360.92
321.59
282.52
8.91
8.91
8.91
8.91
8.91
7.86
7.86
7.86
7.86
7.86
14.83
14.83
14.83
14.83
14.83
10
11
33.29
33.29
33.29
33.29
33.29
25.13
26.57
28.09
29.70
31.39
109.14
109.14
109.14
109.14
109.14
11.27
5.24
5.26
5.27
5.29
5.31
112.32
112.32
112.32
112.32
149.76
263.10
253.28
254.82
256.45
295.61
7.90
7.61
7.66
7.70
8.88
8.91
8.91
8.91
8.91
8.91
7.86
7.86
7.86
7.86
7.86
4.31
3.75
3.41
3.11
3.24
0.55
0.49
0.45
0.40
0.36
0.75
0.80
0.84
0.89
0.94
3.28
3.28
3.28
3.28
3.28
0.34
0.16
0.16
0.16
0.16
0.16
3.37
3.37
3.37
3.37
4.50
8.91
8.91
8.91
8.91
8.91
7.86
7.86
7.86
7.86
7.86
14.83
14.83
14.83
14.83
14.83
12
13
14
15
16
33.29
33.29
33.29
33.29
33.29
33.19
35.09
37.10
39.22
41.46
109.14
43.26
43.26
43.26
43.26
5.34
5.36
5.38
5.41
5.44
149.76
149.76
149.76
149.76
149.76
297.42
233.47
235.50
237.65
239.92
8.93
7.01
7.07
7.14
7.21
8.91
8.91
8.91
8.91
8.91
7.86
7.86
7.86
7.86
7.86
2.94
2.09
1.90
1.74
1.59
0.33
0.30
0.27
0.24
0.22
1.00
1.05
1.11
1.18
1.25
3.28
1.30
1.30
1.30
1.30
0.16
0.16
0.16
0.16
0.16
4.50
4.50
4.50
4.50
4.50
8.91
8.91
8.91
8.91
8.91
7.86
7.86
7.86
7.86
7.86
14.83
14.83
14.83
14.83
14.83
17
18
19
20
21
33.29
33.29
33.29
33.29
33.29
43.83
46.34
48.99
51.79
54.75
43.26
43.26
43.26
43.26
43.26
5.47
5.50
5.53
5.57
5.60
149.76
149.76
149.76
149.76
149.76
242.32
244.85
247.54
250.37
253.37
7.28
7.36
7.44
7.52
7.61
8.91
8.91
8.91
8.91
8.91
7.86
7.86
7.86
7.86
7.86
1.45
1.32
1.21
1.11
1.01
0.20
0.18
0.16
0.15
0.13
1.32
1.39
1.47
1.56
1.64
1.30
1.30
1.30
1.30
1.30
0.16
0.17
0.17
0.17
0.17
4.50
4.50
4.50
4.50
4.50
8.91
8.91
8.91
8.91
8.91
7.86
7.86
7.86
7.86
7.86
14.83
14.83
14.83
14.83
14.83
22
23
24
25
26
33.29
33.29
33.29
33.29
57.89
61.20
64.70
68.40
43.26
43.26
43.26
43.26
5.64
5.68
5.72
5.77
149.76
149.76
149.76
149.76
256.54
259.90
263.44
267.19
7.71
7.81
7.91
8.03
8.91
8.91
8.91
8.91
7.86
7.86
7.86
7.86
0.93
0.85
0.78
0.71
0.12
0.11
0.10
0.09
1.74
1.84
1.94
2.05
1.30
1.30
1.30
1.30
0.17
0.17
0.17
0.17
4.50
4.50
4.50
4.50
8.91
8.91
8.91
8.91
7.86
7.86
7.86
7.86
14.83
14.83
14.83
14.83
27
28
29
30
31
32
33
34
35
36
37
38
39
40
User Inputs
Value
Equity
624.0
25
Corporate Tax Rate
32.45%
MAT
20.01%
Tax Holiday Start Year
Tax Holiday Duration
10
MAT Setoff Start Year
11
MAT set off accumulation allowed u/s 115JAA (3A)
11
MAT Setoff Duration
10
Iterative Tariff
Year
6.9
1
33.29
6.93
Tariff (Rs/kWh)
Income From Sale of Electricity (Lakhs)
230.69
Income From REC Credits
Income from Carbon Market
Total Income
230.69
Fuel Cost
O&M + Insurance
PBDIT
230.69
Depreciation
832.00
PBIT
(601.31)
Interest on term loan and working capital
141.22
PBT
(742.53)
PAT
Year
PBT
Add Book Depreciation
89.47
1
(742.53)
832.00
PBDT/Gross Income
89.47
Depreciation (IT-Written Down Value)
Taxable Income
89.47
Losses Carried Over

Taxable Income after loss carried over
89.47
Years for Tax Holiday
1.00
Income Tax
MAT
Set off under MAT
MAT set off remaining at the end of each year
TAX Paid (MAT or IT)
PAT
Post-Tax ROE
89.47
14%
Units
lacs
CER
8000.0
years
Value of CER
420.0
Total
3,360,000.00
%
year
REC
9200.00
years
REC Price
9300.0
year
1840.0
7.0
years
years
Rs/Kwh
3.0
33.29
33.29
33.29
33.29
33.29
6.93
6.93
6.93
6.93
6.93
230.69
230.69
230.69
230.69
230.69
230.69
230.69
230.69
230.69
230.69
230.69
230.69
230.69
230.69
230.69
998.40
199.68
39.94
0.00
0.00
(767.71)
31.01
190.75
230.69
230.69
120.43
99.65
78.86
58.08
37.29
(888.15)
(68.64)
111.89
172.61
193.39
131.04
129.44
138.07
154.70
110.25
2
3
(888.15)
4
(68.64)
111.89
172.61
193.39
998.40
199.68
39.94
0.00
0.00
110.25
131.04
151.83
172.61
193.39
110.25
131.04
151.83
172.61
193.39
110.25
131.04
151.83
172.61
193.39
2.00
3.00
4.00
5.00
6.00
110.25
18%
131.04
21%
22.39
34.54
38.69
22.39
34.54
38.69
129.44
138.07
154.70
21%
22%
25%
10
11
33.29
33.29
33.29
33.29
33.29
6.93
6.93
6.93
6.93
6.93
230.69
230.69
230.69
230.69
230.69
230.69
230.69
230.69
230.69
230.69
230.69
230.69
230.69
230.69
230.69
0.00
0.00
0.00
0.00
0.00
230.69
230.69
230.69
230.69
230.69
16.51
5.26
5.27
5.29
5.31
214.18
225.43
225.41
225.39
225.37
171.33
180.33
180.31
180.30
180.28
10
11
214.18
225.43
225.41
225.39
225.37
0.00
0.00
0.00
0.00
0.00
214.18
225.43
225.41
225.39
225.37
214.18
225.43
225.41
225.39
225.43
225.41
225.39
7.00
8.00
9.00
10.00
45.10
-
225.37
45.10
225.37
214.18
42.85
73.12
45.10
45.09
273.77
28.03
245.74
42.85
45.10
45.10
45.10
45.09
171.33
180.33
180.31
180.30
180.28
27%
29%
29%
29%
29%
12
13
14
15
16
33.29
33.29
33.29
33.29
33.29
6.93
3.00
3.00
3.00
3.00
230.69
99.86
99.86
99.86
99.86
230.69
99.86
99.86
99.86
99.86
230.69
99.86
99.86
99.86
99.86
0.00
0.00
0.00
0.00
0.00
230.69
99.86
99.86
99.86
99.86
5.34
5.36
5.38
5.41
5.44
225.35
94.50
94.48
94.45
94.43
180.26
75.60
75.58
75.56
75.53
12
13
14
15
16
225.35
94.50
94.48
94.45
94.43
0.00
0.00
0.00
0.00
0.00
225.35
94.50
94.48
94.45
94.43
225.35
94.50
94.48
94.45
94.43
225.35
94.50
94.48
94.45
94.43
73.11
30.66
30.65
30.65
30.64
45.09
18.91
18.90
18.90
18.89
28.03
11.75
11.75
11.75
11.74
217.71
205.96
194.21
182.46
170.72
45.09
18.91
18.90
18.90
18.89
180.26
75.60
75.58
75.56
75.53
29%
12%
12%
12%
12%
17
18
19
20
21
33.29
33.29
33.29
33.29
33.29
3.00
3.00
3.00
3.00
3.00
99.86
99.86
99.86
99.86
99.86
99.86
99.86
99.86
99.86
99.86
99.86
99.86
99.86
99.86
99.86
0.00
0.00
0.00
0.00
0.00
99.86
99.86
99.86
99.86
99.86
5.47
5.50
5.53
5.57
5.60
94.40
94.37
94.33
94.30
94.26
75.51
75.49
75.46
75.43
63.68
17
18
19
20
21
94.40
94.37
94.33
94.30
94.26
0.00
0.00
0.00
0.00
0.00
94.40
94.37
94.33
94.30
94.26
94.40
94.37
94.33
94.30
94.26
94.40
94.37
94.33
94.30
94.26
30.63
30.62
30.61
30.60
30.58
18.89
18.88
18.87
18.87
18.86
11.74
11.74
11.73
11.73
158.98
147.24
135.51
123.78
18.89
18.88
18.87
18.87
30.58
75.51
75.49
75.46
75.43
63.68
12%
12%
12%
12%
10%
22
23
25
26
33.29
33.29
33.29
33.29
3.00
3.00
3.00
3.00
99.86
99.86
99.86
99.86
99.86
99.86
99.86
99.86
99.86
99.86
99.86
99.86
0.00
0.00
0.00
0.00
99.86
99.86
99.86
99.86
5.64
5.68
5.72
5.77
94.22
94.18
94.14
94.09
63.65
63.63
63.60
63.57
22
23
24
25
26
94.22
94.18
94.14
94.09
0.00
0.00
0.00
0.00
94.22
94.18
94.14
94.09
94.22
94.18
10%
24
94.14
94.09
94.22
94.18
94.14
94.09
30.57
30.56
30.54
30.53
18.85
18.84
18.84
18.83
30.57
30.56
30.54
30.53
63.65
63.63
63.60
63.57
10%
10%
10%
0%
27
28
29
30
31
27
28
29
30
31
0%
0%
0%
0%
0%
32
33
34
35
36
32
33
34
35
36
0%
0%
0%
0%
0%
37
38
39
40
37
38
39
40
0%
0%
0%
0%
User Input
Value
Units
Loan amount
1456.00
Rs lacs
Interest Rate
10.00%
Equity
Moratorium
No of installments for principal paym
Monthly Principal repayment
TERM LOAN REPAYMENT Details
624
lacs
Year
84
Months
17.33
Rs lacs
Instalment-1
17.33
17.33
Instalment-2
17.33
17.33
Instalment-3
17.33
17.33
Instalment-4
17.33
17.33
Instalment-5
17.33
17.33
Instalment-6
17.33
17.33
Instalment-7
17.33
17.33
Instalment-8
17.33
17.33
Instalment-9
17.33
17.33
Instalment-10
17.33
17.33
Instalment-11
17.33
17.33
Instalment-12
17.33
17.33
208.00
208.00
208.00
416.00
Outstanding1
1,456.00
1,248.00
Outstanding2
1,438.67
1,230.67
Outstanding3
1,421.33
1,213.33
Outstanding4
1,404.00
1,196.00
Outstanding5
1,386.67
1,178.67
Outstanding6
1,369.33
1,161.33
Outstanding7
1,352.00
1,144.00
Outstanding8
1,334.67
1,126.67
Outstanding9
1,317.33
1,109.33
Outstanding10
1,300.00
1,092.00
Outstanding11
1,282.67
1,074.67
Outstanding12
1,265.33
1,057.33
interest1
12.13
10.40
interest2
11.99
10.26
interest3
11.84
10.11
interest4
11.70
9.97
interest5
11.56
9.82
interest6
11.41
9.68
interest7
11.27
9.53
interest8
11.12
9.39
Total installment
Cumulative Principal Payment
Outstanding Principal
Interest payments
interest9
10.98
9.24
interest10
10.83
9.10
interest11
10.69
8.96
interest12
10.54
8.81
136.07
115.27
Total interest
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
208.00
208.00
208.00
208.00
208.00
624.00
832.00
1,040.00
1,248.00
1,456.00
1,040.00
832.00
624.00
416.00
208.00
1,022.67
814.67
606.67
398.67
190.67
1,005.33
797.33
589.33
381.33
173.33
988.00
780.00
572.00
364.00
156.00
970.67
762.67
554.67
346.67
138.67
953.33
745.33
537.33
329.33
121.33
936.00
728.00
520.00
312.00
104.00
918.67
710.67
502.67
294.67
86.67
901.33
693.33
485.33
277.33
69.33
884.00
676.00
468.00
260.00
52.00
866.67
658.67
450.67
242.67
34.67
849.33
641.33
433.33
225.33
17.33
8.67
6.93
5.20
3.47
1.73
8.52
6.79
5.06
3.32
1.59
8.38
6.64
4.91
3.18
1.44
8.23
6.50
4.77
3.03
1.30
8.09
6.36
4.62
2.89
1.16
7.94
6.21
4.48
2.74
1.01
7.80
6.07
4.33
2.60
0.87
7.66
5.92
4.19
2.46
0.72
7.51
5.78
4.04
2.31
0.58
7.37
5.63
3.90
2.17
0.43
7.22
5.49
3.76
2.02
0.29
7.08
5.34
3.61
1.88
0.14
94.47
73.67
52.87
32.07
11.27
10
11
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
17.33
208.00
208.00
208.00
1,664.00
1,872.00
2,080.00
0.00
12
2,080.00
2,080.00
0.00
13
14
15
16
17
2,080.00
2,080.00
2,080.00
2,080.00
2,080.00
18
19
20
21
22
2,080.00
2,080.00
2,080.00
2,080.00
2,080.00
23
24
25
26
27
2,080.00
2,080.00
2,080.00
2,080.00
2,080.00
28
29
30
31
32
2,080.00
2,080.00
2,080.00
2,080.00
2,080.00
33
34
35
36
37
2,080.00
2,080.00
2,080.00
2,080.00
2,080.00
38
39
40
2,080.00
2,080.00
2,080.00
25

PARTICULARS
Cash Profit
years
1
89.5
110.3
131.0
624.0
Loan Amount
1,456.0
Total Inflow
2,080.0
89.5
110.3
131.0
Project Cost
2,080.0
208.0
208.0
208.0
208.0
208.0
208.0
Equity
Loan Repayment
Return of Equity
Total Outflow
2,080.0
Opening Balance
(118.5)
(216.3)
Surplus/Deficit
(118.5)
(97.7)
(77.0)
Closing Balance
(118.5)
(216.3)
(293.2)
Cash Flow Statement
129.4
138.1
154.7
171.3
180.3
129.4
138.1
154.7
171.3
180.3
208.0
208.0
208.0
208.0
208.0
208.0
208.0
208.0
208.0
832.0
(293.2)
(371.8)
(441.7)
(495.0)
(531.7)
(78.6)
(69.9)
(53.3)
(36.7)
(651.7)
(371.8)
(441.7)
(495.0)
(531.7)
(1,183.4)
10
11
12
13
14
15
16
180.3
180.3
180.3
180.3
75.6
75.6
75.6
75.5
180.3
180.3
180.3
180.3
75.6
75.6
75.6
75.5
208.0
208.0
208.0
208.0
(1,183.4)
(1,211.1)
(27.7)
(27.7)
(1,211.1)
(1,238.8)
(1,238.8)
180.3
(1,058.5)
(1,058.5)
180.3
(878.2)
(878.2)
75.6
(802.6)
(802.6)
75.6
(727.1)
(727.1)
75.6
(651.5)
(651.5)
75.5
(576.0)
17
18
19
20
21
22
23
24
75.5
75.5
75.5
75.4
63.7
63.7
63.6
63.6
75.5
75.5
75.5
75.4
63.7
63.7
63.6
63.6
(576.0)
75.5
(500.5)
(500.5)
75.5
(425.0)
(425.0)
75.5
(349.5)
(349.5)
75.4
(274.1)
(274.1)
63.7
(210.4)
(210.4)
63.7
(146.8)
(146.8)
(83.1)
63.6
63.6
(83.1)
(19.5)
25
63.6
63.6
(19.5)
63.6
44.0
25

Assets
Gross fixed assets

Less: Book Depreciation
Net fixed assets
Cash flow from operations
Principal payment
Cash and Equivalent
0.0
Total assets
Liabilities
Equity share capital
0
624.00
PAT for the year

Reserves and surplus
Networth
624.00
Rupee debt
1,456.00
Total liabilities
2,080.00
Check
Balance Sheet
years
1
1,130.00
1,075.09
953.82
832.56
711.30
54.91
121.26
121.26
121.26
121.26
1,075.09
953.82
832.56
711.30
590.03
89.47
110.25
131.04
129.44
138.07
208.00
208.00
208.00
208.00
208.00
(118.53)
(216.28)
(293.24)
(371.80)
(441.73)
956.55
737.54
539.32
339.49
148.30
624.00
624.00
624.00
624.00
624.00
89.47
110.25
131.04
129.44
138.07
89.47
199.72
330.76
460.20
598.27
713.47
823.72
954.76
1,084.20
1,222.27
1,248.00
1,040.00
832.00
624.00
416.00
1,961.47
1,863.72
1,786.76
1,708.20
1,638.27
(1005)
(1126)
(1247)
(1369)
(1490)
10
590.03
468.77
347.50
226.24
104.98
121.26
121.26
121.26
121.26
121.26
468.77
347.50
226.24
104.98
(16.29)
154.70
171.33
180.33
180.31
180.30
208.00
208.00
208.00
208.00
208.00
(495.03)
(531.70)
(559.38)
(587.06)
(614.77)
(26.26)
(184.20)
(333.14)
(482.09)
(631.06)
10
624.00
624.00
624.00
624.00
624.00
154.70
171.33
180.33
180.31
180.30
752.97
924.30
1,104.62
1,284.94
1,465.23
1,376.97
1,548.30
1,728.62
1,908.94
2,089.23
208.00
1,584.97
(1611)
1,548.30
(1732)
(208.00)
1,520.62
(1854)
(416.00)
1,492.94
(1975)
(624.00)
1,465.23
(2096)
11
12
(16.29)
13
(137.55)
121.26
121.26
(137.55)
(258.82)
180.28
180.26
14
(258.82)
(290.88)
32.06
(290.88)
(322.94)
32.06
(322.94)
75.60
15
32.06
(355.01)
75.58
75.56
(434.49)
(254.23)
(178.63)
(103.06)
(27.50)
(572.04)
(513.04)
(469.51)
(426.00)
(382.51)
11
12
13
14
15
624.00
624.00
624.00
624.00
624.00
180.28
180.26
75.60
75.58
75.56
1,645.51
1,825.77
1,901.37
1,976.94
2,052.50
2,269.51
2,449.77
2,525.37
2,600.94
2,676.50
(624.00)
1,645.51
(2218)
(624.00)
1,825.77
(2339)
(624.00)
1,901.37
(2371)
(624.00)
1,976.94
(2403)
(624.00)
2,052.50
(2435)
16
17
(355.01)
(387.07)
32.06
(387.07)
18
75.53
-
16
(451.20)
(483.26)
32.06
(483.26)
75.49
20
(451.20)
32.06
75.51
48.03
(339.04)
(419.14)
32.06
(419.14)
19
32.06
(515.33)
75.46
75.43
123.54
199.03
274.49
349.92
(295.59)
(252.17)
(208.78)
(165.41)
17
18
19
20
624.00
624.00
624.00
624.00
624.00
75.53
75.51
75.49
75.46
75.43
2,128.03
2,203.54
2,279.03
2,354.49
2,429.92
2,752.03
2,827.54
2,903.03
2,978.49
3,053.92
(624.00)
2,128.03
(2467)
(624.00)
2,203.54
(2499)
(624.00)
2,279.03
(2531)
(624.00)
2,354.49
(2563)
(624.00)
2,429.92
(2595)
21
22
(515.33)
(547.39)
32.06
(547.39)
23
63.68
(611.52)
(133.80)
(102.21)
22
(643.58)
32.06
(675.65)
63.60
63.57
540.87
604.47
(70.65)
(39.11)
23
(643.58)
32.06
63.63
477.25
25
(611.52)
32.06
63.65
413.60
21
(579.46)
32.06
(579.46)
24
24
668.04
(7.61)
25
624.00
624.00
624.00
624.00
624.00
63.68
63.65
63.63
63.60
63.57
2,493.60
2,557.25
2,620.87
2,684.47
2,748.04
3,117.60
3,181.25
3,244.87
3,308.47
3,372.04
(624.00)
2,493.60
(2627)
(624.00)
2,557.25
(2659)
(624.00)
2,620.87
(2692)
(624.00)
2,684.47
(2724)
(624.00)
2,748.04
(2756)
26
27
28
29
30
26
27
28
29
30
Err:508
Err:508
Err:508
Err:508
Err:508
31
32
33
34
35
31
32
33
34
35
Err:508
Err:508
Err:508
Err:508
Err:508
36
37
38
39
40
36
37
38
39
40
Err:508
Err:508
Err:508
Err:508
Err:508
Debt Service Coverage Ratio Calculations
Yr0
Interest payments
136.07
Principal Repayments
208.00
Total Debt Service
344.07
Cumulative Debt Service
344.07
Post-tax Cashflow before Debt Service
89.47
Cumulative Cashflow for Debt Service
89.47
DSCR
0.26
Cummulative DSCR
0.00
MINIMUM DSCR (after 1st year)
0.26
Average DSCR
0.42
Post-tax Cashflow before Debt Service w/ AD
DSCR w/ AD
Debt Service Coverage Ratio

2
115.27
94.47
73.67
52.87
32.07
208.00
208.00
208.00
208.00
208.00
323.27
302.47
281.67
260.87
240.07
667.34
969.81
1,251.48
1,512.35
1,752.42
110.25
131.04
129.44
138.07
154.70
199.72
330.76
460.20
598.27
752.97
0.30
0.34
0.37
0.40
0.43
0.00
0.00
0.00
0.00
0.00
8
11.27
9
-
10
-
11
-
208.00
208.00
208.00
208.00
219.27
208.00
208.00
208.00
1,971.69
2,179.69
2,387.69
2,595.69
171.33
180.33
180.31
180.30
180.28
924.30
1,104.62
1,284.94
1,465.23
1,645.51
0.47
0.51
0.54
0.56
0.00
0.00
0.00
0.00
12
13
-
14
15
16
180.26
1,825.77
-
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
User Inputs
Value
25
Interest Rate on Term Loan
10.00%
Re-investment ROR-IRR ratio (for MIRR)
80.00%
Project IRR-Pre Tax
Year 0
Profit Before Tax (PBT)

Cashflow from operations (available for repayment)
Add Interest
Total Inflow-Cashflow before debt service
Total Outflow-Capex
1,130.00
Net flow (Pre-Tax)
(1,130.0)
Project IRR-Pre Tax
2.38%
MIRR-Pre Tax (25 years)
2.36%
Project IRR- Post Tax-Without Tax Shelter
Profit After Tax (PAT)
Cashflow from operations-Post tax (avlbl for repayment)
Add Interest payments
Total Inflow-Cashflow before debt service
Total Outflow-Capex
1,130.00
Net Flow (Post Tax)
(1,130.0)
Project IRR- Post Tax-Without Tax Shelter
15.92%
NPV of Net Flow without Tax Shelter
348.53
MIRR-Post Tax-Without Tax Shelter (25 years)
13.43%
Project IRR- Post Tax- With Tax Shelter

Net Flow (Post Tax)
0
-
1,130.00
1,130.00
Add- Tax shelter (Acc Dep)

Net flows adjusted for tax saving
Project IRR- Post Tax- With Tax Shelter
24.78%
NPV of Net Flow with Tax Shelter
651.81
MIRR-Post Tax-With Tax Shelter (25 years)
20.46%
Equity IRR
Equity Outflow
0
-
624.00
Cashflow available for repayment
Capital repayments
Inflow
Net Flow
Equity IRR (Post Tax)
624.00
0.24%
NPV @ Interest Rate
(781.37)
Equity MIRR (Post Tax - 25 years)
0.86%
Equity IRR (Post Tax)- With Tax Shelter

Net Flows adjusted for tax saving
Equity IRR (Post Tax)- With Tax Shelter
NPV @ Interest Rate
Equity MIRR (Post Tax)- With Tax Shelter (25 yrs)
0
-
624.00
1.00%
(478.09)
1.80%
Units
years
%
%
1
2
(742.5)
3
(888.1)
(742.5)
4
(68.6)
-
(888.1)
5
111.9
172.6
(68.6)
111.9
172.6
136.1
115.3
94.5
73.7
52.9
(606.5)
(772.9)
25.8
185.6
225.5
25.8
185.6
225.5
(606.5)
(772.9)
2
89.5
3
110.3
4
131.0
5
129.4
138.1
89.5
110.3
131.0
129.4
138.1
136.1
115.3
94.5
73.7
52.9
225.5
225.5
225.5
203.1
190.9
225.5
225.5
225.5
203.1
190.9
225.54
225.52
225.51
252.1
284.6
25.4
477.66
510.11
250.95
5
203.11
190.94
(26.4)
(39.3)
176.72
151.60
89.47
110.25
131.04
129.44
138.07
208.0
208.0
208.0
208.0
208.0
118.53 -
97.75 -
76.96 -
78.56 -
69.93
118.53 -
97.75 -
76.96 -
78.56 -
69.93
2
133.59
3
186.84 -
4
51.52 -
5
104.95 -
109.27
IRR
7
193.4
8
214.2
193.4
9
225.4
-
214.2
10
225.4
225.4
225.4
225.4
225.4
32.1
11.3
225.5
225.4
225.4
225.4
225.4
225.5
225.4
225.4
225.4
225.4
7
154.7
8
171.3
9
180.3
10
180.3
180.3
154.7
171.3
32.1
11.3
186.8
182.6
180.3
180.3
180.3
186.8
182.6
180.3
180.3
180.3
7
186.77
10
180.30
(39.3)
140.98
180.31
(39.3)
143.25
180.3
180.33
(39.3)
147.43
180.3
182.60
(39.3)
180.3
(39.3)
140.97
140.95
10
154.70
171.33
180.33
180.31
180.30
208.0
208.0
208.0
208.0
208.0
53.30 -
36.67 -
27.67 -
27.69 -
27.70
53.30 -
36.67 -
27.67 -
27.69 -
27.70
6
-
7
92.64 -
8
76.02 -
9
67.02 -
10
67.03 -
67.05
11
12
225.4
13
225.3
225.4
14
94.5
-
225.3
15
94.5
94.5
94.5
94.5
94.5
225.4
225.3
94.5
94.5
94.5
225.4
225.3
94.5
94.5
94.5
11
12
180.3
13
180.3
75.6
180.3
75.6
75.6
15
75.6
180.3
14
75.6
75.6
180.3
180.3
75.6
75.6
75.6
180.3
180.3
75.6
75.6
75.6
11
12
180.28
180.26
(39.3)
(39.3)
140.94
11
13
140.92
12
180.28
14
75.60
75.58
75.56
(10.4)
(10.4)
(10.4)
65.19
65.17
65.15
13
180.26
15
14
75.60
15
75.58
75.56
180.28
180.26
75.60
75.58
75.56
180.28
180.26
75.60
75.58
75.56
11
12
140.94
13
140.92
14
65.19
15
65.17
65.15
16
17
94.4
18
94.4
94.4
19
94.4
-
94.4
20
94.3
94.3
94.4
94.3
94.3
94.4
94.4
94.4
94.3
94.3
94.4
94.4
94.4
94.3
94.3
16
17
75.5
18
75.5
75.5
75.5
75.4
75.5
20
75.5
75.5
19
75.5
75.4
75.5
75.5
75.5
75.5
75.4
75.5
75.5
75.5
75.5
75.4
16
17
18
19
20
75.53
75.51
75.49
75.46
75.43
(10.4)
(10.4)
(10.4)
(10.4)
(10.4)
65.13
65.11
65.08
65.06
65.03
16
17
75.53
18
75.51
19
75.49
20
75.46
75.43
75.53
75.51
75.49
75.46
75.43
75.53
75.51
75.49
75.46
75.43
16
17
65.13
18
65.11
19
65.08
20
65.06
65.03
21
22
94.3
23
94.2
94.3
24
94.2
-
94.2
25
94.1
94.1
94.2
94.1
94.1
94.3
94.2
94.2
94.1
94.1
94.3
94.2
94.2
94.1
94.1
21
22
63.7
23
63.7
63.6
63.7
63.6
63.6
25
63.6
63.7
24
63.6
63.6
63.7
63.7
63.6
63.6
63.6
63.7
63.7
63.6
63.6
63.6
21
22
23
24
25
63.68
63.65
63.63
63.60
63.57
(10.4)
(10.4)
(10.4)
(10.4)
(10.4)
53.28
53.25
53.22
53.19
53.16
21
22
63.68
23
63.65
24
63.63
25
63.60
63.57
63.68
63.65
63.63
63.60
63.57
63.68
63.65
63.63
63.60
63.57
21
22
53.28
23
53.25
24
53.22
25
53.19
53.16
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
Panel
epc
land
margin
Total Cost
8.19

Solar PV Tariff Analysis

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Inputs and Assumptions

Renewable Energy Tariff and Financial Analysis

Note: Accelerated Depreciation (AD) applies only to Solar projects

Depreciation Calculations for SLM

Annual Net Generation

Life of Plant and Machinery / Project Life

Annual Depreciation for period of term loan

Advance Against Depreciation

Amount remaining to be depreciated post-term loan

Depreciation for remaining years (post-term loan)

Book depreciation first year

Book depreciation from second year

Accelerated Depreciation first year

Accelerated Depreciation from second year

Depreciation from the Fifth Year

Plant&Machinery Income Tax Depreciation

Corporate Tax Rate

Cumulative Book Depreciation

Cumulative Accelerated Depreciation

Plant & Machinery Depreciation

Cumulative Plant & Machinery Depreciation

Net depreciation benefit

Net Energy sold (lakh kWhs)

Life of Plant and Machinery / Project Life

33.29 Lakh kWhs

Assumed tariff (Iterative)

Interest on working capital

Life of Plant and Machinery / Project Life

Number of years for initial depreciation rate

Return on Equity - pretax (initial years)

Return on Equity - pretax (later years)

Number of years for initial return on equity

Discount Rate after 10 Years

Annuity Factor (25 Years)

Land Lease Rate

Interest on term loan

Interest on working capital

Levelized Tariff with AD

Nominal Tariff * Discounting Factor

Interest on term loan

Interest on working capital

Levelized Tariff with AD

Land Lease and Royalty (Lakhs/yr)

Life of Plant and Machinery / Project Life

Corporate Tax Rate

Tax Holiday Start Year

Tax Holiday Duration

MAT Setoff Start Year

MAT set off accumulation allowed u/s 115JAA (3A)

MAT Setoff Duration

Net Energy sold (lakh kWhs)

Income From REC Credits

Income from Carbon Market

Interest on term loan and working capital

Depreciation (IT-Written Down Value)

Losses Carried Over

Years for Tax Holiday

Set off under MAT

MAT set off remaining at the end of each year

TAX Paid (MAT or IT)

Life of Plant and Machinery / Project Life

Cash Flow Statement