Parameter

Baseload wholesale power tariff

Peakload wholesale electricity tariff
General Inflation rate
Wholsesale Electricity Inflation rate
Percent solar resource during peak period
PV plant array capacity (dc)
PV plant array-to-system capacity
PV plant initial capacity factor (ac basis)
PV plant annual capacity degradation
PV Module unit price
PV Array Structure and Wiring unit price
PV Power Inverters unit price
PV Plant planning costs, fees, permits
PV System Construction unit price
PV plant cost
Exchange rate
MNRE/MERC incentive production tarriff
Term of MNRE/MERC incentive
GEF Incentive Available
GEF Incentive "buydown"
PV Plant Cost Net of GEF incentive
Equity investment
Debt financing required
EXIM Debt limit % US exports
EXIM Debt financing
EXIM Debt Interest Rate
Exim Debt Term
EXIM Debt fee
Comm Debt Financing
Comm Debt Interest Rate
Comm Debt Term
Comm Debt fee
O&M Cost (percent of capital cost)
Terminal Value
Project Life / Return on Equity Investment

Input

$
$
$
$
$

$
$

3.00
7.00
8.0%
8.0%
25.0%
4.00
80%
20.0%
0.5%
3.10
0.50
0.25
0.25
0.25
48.25
15.00
10
5,000,000
5,000,000
598,300,000
20%

Units
Rs/kWh
Rs/kWh
per annum
per annum

Calculate

Units

75.0% Base
3.2 MW(ac)

MW(dc)

5,606 MWh/yr
per annum
USD/Wdc
USD/Wdc
USD/Wdc
USD/Wdc
USD/Wdc $
Rs/USD
Rs/kWh
years
USD
USD
Rs

130%

5.44 USD/Wac installed total cost

839,550,000 Rs

241,250,000
150
119,660,000
478,640,000
840,515,000
478,640,000

Rs
Rs/Wdc
Rs
Rs
Rs
Rs

3.82% per annum

15 years
8.1% one time
7.00%
10
5.0%
1.0%
25%
15

Rs

per annum
years
one time
per annum
years

19.6% ROI

Calculate

Units

USD/Wac installed total cost

$ 17,400,000 USD

$
$
$

30% Cost limit %

3.10 USD/Wdc
9,920,000 USD
17,420,000 USD

77% % US goods

31.04 USD/MWh
Fixed Array

Cash Flow
$5,000,000

$4,000,000

$3,000,000

US Dollars

$2,000,000

$1,000,000

$0
1

10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27

($1,000,000)

($2,000,000)

($3,000,000)
Project Year

Year
Project year
Baseload power
Peak power
MNRE/MERC tarriff

Rs/kWh
Rs/kWh
Rs/kWh

PV Production

kWh/year

kWh revenue

India Incentive Tarrif (Rs)

Commercial Tarrif (Rs)
Total (Rs)

Terminal value
Plant Construction
GEF incentive
EXIM Debt
Comm Debt
Tata investment
EXIM Fee
Comm Fee
O&M Expense
EXIM Debt payments
Comm debt payments

Tata equity investment

Cash Flow
Cash Flow
Return on Investment

2009
0
3.00
7.00
15.00
0.00

2010
1
3.24
7.56
15.00

2011
2
3.50
8.16
15.00

5,606,400

5,578,368

84,096,000
84,096,000

83,675,520
83,675,520

(839,550,000)
241,250,000
517,409,840
0
119,660,000
(38,769,840)
0

Rs
Rs
Rs

Rs
Rs
Rs

(8,395,500)
(45,952,593)
-

Rs
Rs
USD

(119,660,000)
(119,660,000) 29,747,907
$ (2,480,000) $
616,537
19.6%

(9,067,140)
(45,952,593)
-

28,655,787
593,902

2012
3
3.78
8.82
15.00

2013
4
4.08
9.52
15.00

2015
6
4.76
11.11
15.00

2016
7
5.14
12.00
15.00

2017
8
5.55
12.96
15.00

2018
9
6.00
13.99
15.00

5,550,476

5,522,724

5,495,110

5,467,635

5,440,296

5,413,095

5,386,029

83,257,142
83,257,142

82,840,857
82,840,857

82,426,652
82,426,652

82,014,519
82,014,519

81,604,447
81,604,447

81,196,424
81,196,424

80,790,442
80,790,442

(9,792,511)
(45,952,593)
-

2014
5
4.41
10.29
15.00

27,512,038
570,198

(10,575,912)
(45,952,593)
-

26,312,352
545,334

(11,421,985)
(45,952,593)
-

25,052,075
519,214

(12,335,744)
(45,952,593)
-

23,726,182
491,734

(13,322,603)
(45,952,593)
-

22,329,250
462,782

(14,388,412)
(45,952,593)
-

20,855,420
432,237

(15,539,485)
(45,952,593)
-

19,298,365
399,966

2019
10
6.48
15.11
15.00

2020
11
6.99
16.32
0.00

2022
13
8.16
19.04
0.00

2023
14
8.81
20.56
0.00

2024
15
9.52
22.21
0.00

2025
16
10.28
23.98
0.00

5,359,099

5,332,304

5,305,642

5,279,114

5,252,719

5,226,455

80,386,490
80,386,490

49,732,030
49,732,030

53,442,040
53,442,040

57,428,816
57,428,816

61,713,006
61,713,006

66,316,796
66,316,796

209,887,500

(24,659,209)
(45,952,593)
-

(16,782,643)
(45,952,593)
-

2021
12
7.55
17.63
0.00

17,651,254
365,829

(18,125,255)
(45,952,593)
-

(19,575,275)
(45,952,593)
-

(21,141,297)
(45,952,593)
-

(22,832,601)
(45,952,593)
-

(14,345,817) (12,085,828)
(9,665,074)
(7,072,188) 205,592,494
(297,323) $ (250,483) $ (200,312) $ (146,574) $ 4,260,984

2026
17
11.10
25.90
0.00

2027
18
11.99
27.97
0.00

2028
19
12.95
30.21
0.00

2029
20
13.98
32.63
0.00

2030
21
15.10
35.24
0.00

2031
22
16.31
38.06
0.00

2032
23
17.61
41.10
0.00

2033
24
19.02
44.39
0.00

2034
25
20.55
47.94
0.00

2035
26
22.19
51.77
0.00

Design and Construction ($/Wdc)

PV Module unit price
Array Structure and Wiring
Power Inverters
Plant planning costs, fees, permits
System Construction
Total Capital Cost
Finance and Operation
Cost of money (%/yr)
Annual O&M (% of capital cost)
Plant Module DC to Inveter AC losses
Generation capacity factor
Annual Production (kWh/W)
Annual plant cost ($/Wdc)
Average kWh cost ($/kWh)

$
$
$
$
$
$

2.75
0.20
0.20
0.15
0.20
3.50

5%
0.5%
80%
20.0%
1.40
$0.28
$0.20