1. SOLAR PV POWER PLANT
Assumptions Supporting Financial Projections
Parameters Values
Installed Capacity ( MW) 1.50
Gross Annual generation (GWh) 2.31
Transmission Loss 2.00%
Net Annual generation (GWh) 2.27
Eletricity price from grid (INR/ kWh) for 25 years 17.91
O&M cost (Mill/Year) (inclusive of salaries & insurance)
For First Year 0.27
Yearly Increase (%) on O &M Cost 6%
Term Loan Details
Interest on Term Loan 11.50%
Moratorium Period (months) 12
Loan Repayment Period in years (inclusive of moratorioum) 8
Other Details
Book Depreciation 11.09
Income Tax 33.99%
Emission Factor (tCO2e/ GWh) 906
CER price Euro/Ton 12
Exchange rate Euro=INR 67
Incentives
Tax holiday / years 10
MAT 16.99%

2. Project Cost and Means of Finance
COST OF THE PROJECT Rs.million
Solar Modules 165.00
Electric Equipments 30.00
Civil Work 15.00
Land 1.25
15.50EPC 13.65
Preoperative and Consultancy 0.60
TOTAL 225.50
Means of Finance Rs.million
Debt:Equity = 75:25
Share Capital 56.38
Tem Loans 169.13
TOTAL 225.50

3. Estimation of Interest on Term Loan
(Rs.Million)
Month O.Bala Inst C.Bal Int Interest Instalments
11.50%
1st Month 169.13 0.00 169.13 1.62
2nd Month 169.13 0.00 169.13 1.62
3rd Month 169.13 0.00 169.13 1.62
4th Month 169.13 0.00 169.13 1.62
5th Month 169.13 0.00 169.13 1.62
6th Month 169.13 0.00 169.13 1.62
7th Month 169.13 0.00 169.13 1.62
8th Month 169.13 0.00 169.13 1.62
9th Month 169.13 0.00 169.13 1.62
10th Month 169.13 0.00 169.13 1.62
11th Month 169.13 0.00 169.13 1.62
12th Month 169.13 0.00 169.13 1.62
1st Month 169.13 2.01 167.11 1.62 19.45 0.00
2nd Month 167.11 2.01 165.10 1.60
3rd Month 165.10 2.01 163.08 1.58
4th Month 163.08 2.01 161.07 1.56
5th Month 161.07 2.01 159.06 1.54
6th Month 159.06 2.01 157.04 1.52
7th Month 157.04 2.01 155.03 1.51
8th Month 155.03 2.01 153.02 1.49
9th Month 153.02 2.01 151.00 1.47
10th Month 151.00 2.01 148.99 1.45
11th Month 148.99 2.01 146.98 1.43
12th Month 146.98 2.01 144.96 1.41

4. 1st Month 144.96 2.01 142.95 1.39 18.18 24.16
2nd Month 142.95 2.01 140.94 1.37
3rd Month 140.94 2.01 138.92 1.35
4th Month 138.92 2.01 136.91 1.33
5th Month 136.91 2.01 134.90 1.31
6th Month 134.90 2.01 132.88 1.29
7th Month 132.88 2.01 130.87 1.27
8th Month 130.87 2.01 128.86 1.25
9th Month 128.86 2.01 126.84 1.23
10th Month 126.84 2.01 124.83 1.22
11th Month 124.83 2.01 122.82 1.20
12th Month 122.82 2.01 120.80 1.18
1st Month 120.80 2.01 118.79 1.16 15.40 24.16
2nd Month 118.79 2.01 116.78 1.14
3rd Month 116.78 2.01 114.76 1.12
4th Month 114.76 2.01 112.75 1.10
5th Month 112.75 2.01 110.74 1.08
6th Month 110.74 2.01 108.72 1.06
7th Month 108.72 2.01 106.71 1.04
8th Month 106.71 2.01 104.70 1.02
9th Month 104.70 2.01 102.68 1.00
10th Month 102.68 2.01 100.67 0.98
11th Month 100.67 2.01 98.66 0.96
12th Month 98.66 2.01 96.64 0.95

5. 1st Month 96.64 2.01 94.63 0.93 12.62 24.16
2nd Month 94.63 2.01 92.62 0.91
3rd Month 92.62 2.01 90.60 0.89
4th Month 90.60 2.01 88.59 0.87
5th Month 88.59 2.01 86.58 0.85
6th Month 86.58 2.01 84.56 0.83
7th Month 84.56 2.01 82.55 0.81
8th Month 82.55 2.01 80.54 0.79
9th Month 80.54 2.01 78.52 0.77
10th Month 78.52 2.01 76.51 0.75
11th Month 76.51 2.01 74.50 0.73
12th Month 74.50 2.01 72.48 0.71
1st Month 72.48 2.01 70.47 0.69 9.84 24.16
2nd Month 70.47 2.01 68.46 0.68
3rd Month 68.46 2.01 66.44 0.66
4th Month 66.44 2.01 64.43 0.64
5th Month 64.43 2.01 62.42 0.62
6th Month 62.42 2.01 60.40 0.60
7th Month 60.40 2.01 58.39 0.58
8th Month 58.39 2.01 56.37 0.56
9th Month 56.37 2.01 54.36 0.54
10th Month 54.36 2.01 52.35 0.52
11th Month 52.35 2.01 50.33 0.50
12th Month 50.33 2.01 48.32 0.48

6. 1st Month 48.32 2.01 46.31 0.46 7.06 24.16
2nd Month 46.31 2.01 44.29 0.44
3rd Month 44.29 2.01 42.28 0.42
4th Month 42.28 2.01 40.27 0.41
5th Month 40.27 2.01 38.25 0.39
6th Month 38.25 2.01 36.24 0.37
7th Month 36.24 2.01 34.23 0.35
8th Month 34.23 2.01 32.21 0.33
9th Month 32.21 2.01 30.20 0.31
10th Month 30.20 2.01 28.19 0.29
11th Month 28.19 2.01 26.17 0.27
12th Month 26.17 2.01 24.16 0.25
1st Month 24.16 2.01 22.15 0.23 4.28 24.16
2nd Month 22.15 2.01 20.13 0.21
3rd Month 20.13 2.01 18.12 0.19
4th Month 18.12 2.01 16.11 0.17
5th Month 16.11 2.01 14.09 0.15
6th Month 14.09 2.01 12.08 0.14
7th Month 12.08 2.01 10.07 0.12
8th Month 10.07 2.01 8.05 0.10
9th Month 8.05 2.01 6.04 0.08
10th Month 6.04 2.01 4.03 0.06
11th Month 4.03 2.01 2.01 0.04
12th Month 2.01 2.01 0.00 0.02
Total no. of monthly installments 84.00 1.27 24.16

7. Estimation of Depreciation - St. Line basis
Particulars
Total Cost Depreciation
Rate (in %)
Amount
Land 1.25 0.00 0.00
Civil Work 15.00 5.28 0.79
Solar Module 165.00 5.28 8.71
Electrical Equipment+ Electric Lines 30.00 5.28 1.58
Total 211.25 11.09
Weighted Average Cost of Capital 12.78%
Sensitivity Analysis
Equity IRR with CDM
Benefits
Project IRR
with CDM
Benefits
Benchmark IRR
(calculated by
WACC method)
At Guaranteed Generation 21.03% 22.10% 12.78%