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Project Cost
Capital Cost / MW
Financial Assumption
Debt: Equity
Dedt Component
Equity Component
Depreciation
Incentives
Working Capital
State Tarif
Assumption
Assumption
Taxes
Unit
Installed Capacity
Capacity Utilization Factor
Generation per MW
Total Generation
Time Involved in Construction
Useful Life
Auxilary consumption
MW
%
KWh
KWh
Crore/MW
Rs.Crore
Rs. Crore
Rs. Crore
Tariff Period
Years
Debt
Eqity
Total Debt Amount
Total Equity Amount
%
%
Rs. Crore
Rs. Crore
years
%
Parameter
Value
5
19%
0.16
0.81
13 months
25
3%
16.9
84.5
0
84.5
25
70%
30%
59.15
25.35
Repayment Schedule
Intrest Rate
Term of Loan
Years
Eqity Amount
Return on Equity for first 10 years
Return on Equity 11th year onward
Rs. Crore
% p.a
% p.a
25.35
19%
24%
% p.a
% p.a
%
%
7%
1.33%
10%
90%
Quarterly
12%
12
12%
Rs. Crore/MW
Rs Crore
0.09
0.45
O&M esclation
% p.a
Rs. / unit
5.72%
11.4
9.2025
10
8
Rs. Crore/ MW
Rs. Crore
%
0.09
0.45
5.72%
Rs. Crore
% of O&M Cost
Rs. Crore
%
0.02
15%
Rs/KWh
%
year
3.92
5%
10
MAT
Corporate Tax
%
%
12%
20%
33.99%
0.09
0.45
5.72%
1
0.45
0.04
2
0.48
0.04
3
0.50
0.04
4
0.53
0.04
5
0.56
0.05
6
0.59
0.05
7
0.63
0.05
1
0.04
0.07
1.13
1.23
0.15
2
0.04
0.07
1.00
1.11
0.13
3
0.04
0.08
0.88
1.00
0.12
4
0.04
0.08
0.76
0.89
0.11
5
0.05
0.08
0.65
0.78
0.09
6
0.05
0.09
0.54
0.68
0.08
7
0.05
0.09
0.43
0.58
0.07
4
7%
5
7%
6
7%
7
7%
12%
15%
YEAR
Rs.Crore
Rs.Crore
Rs.Crore
Rs.Crore
Rs.Crore
YEAR
RATE OF DEPRECIATION
Rs. Crore
7%
1.33%
Differential
St. Line
84.50
FOR FIRST 12 YEARS
FOR 13 YEAR ONWARDS
FOR FIRST 12 YEARS
FOR 13 YEAR ONWARDS
1
7%
2
7%
3
7%
Rs. Crore
Rs. Crore
Rs. Crore
84.50
5.92
78.59
78.59
5.50
73.08
73.08
5.12
67.97
67.97
4.76
63.21
63.21
4.42
58.79
58.79
4.11
54.67
54.67
3.83
50.84
8
0.66
0.06
9
0.70
0.06
10
0.74
0.06
11
0.78
0.07
12
0.83
0.07
13
0.88
0.07
17
1.10
0.09
18
1.16
0.10
19
1.22
0.10
20
1.29
0.11
21
1.37
0.11
22
1.45
0.12
8
0.06
0.10
0.33
0.48
0.06
9
0.06
0.11
0.23
0.39
0.05
10
0.06
0.11
0.13
0.30
0.04
11
0.07
0.12
1.36
1.54
0.19
12
0.07
0.12
1.27
1.46
0.18
13
0.07
0.13
0.95
1.15
0.14
17
0.09
0.16
0.97
1.23
0.15
18
0.10
0.17
0.98
1.25
0.15
19
0.10
0.18
0.99
1.27
0.15
20
0.11
0.19
1.00
1.30
0.16
21
0.11
0.21
1.00
1.32
0.16
22
0.12
0.22
1.01
1.35
0.16
8
7%
9
7%
10
7%
11
7%
12
7%
13
1.33%
17
1.33%
18
1.33%
19
1.33%
20
1.33%
21
1.33%
22
1.33%
50.84
3.56
47.28
47.28
3.31
43.97
43.97
3.08
40.90
40.90
2.86
38.03
38.03
2.66
35.37
35.37
0.47
34.90
33.53
0.45
33.08
33.08
0.44
32.64
32.64
0.43
32.21
32.21
0.43
31.78
31.78
0.42
31.36
31.36
0.42
30.94
23
1.53
0.13
24
1.62
0.13
25
1.71
0.14
23
0.13
0.23
1.02
1.38
0.17
24
0.13
0.24
1.03
1.41
0.17
25
0.14
0.26
1.05
1.44
0.17
23
1.33%
24
1.33%
25
1.33%
30.94
0.41
30.53
30.53
0.41
30.12
30.12
0.40
29.72
Year
No.
Q-1
1
2
3
4
5
6
7
8
9
10
11
12
Loan
1
2
3
4
5
6
7
8
9
10
11
12
12%
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
Q-2
Q-3
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
Closing Balance
Q-4
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
Total
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
Q-1
4.93
4.93
4.93
4.93
4.93
4.93
4.93
4.93
4.93
4.93
4.93
4.93
57.92
52.99
48.06
43.13
38.20
33.27
28.34
23.41
18.48
13.56
8.63
3.70
Q-2
56.69
51.76
46.83
41.90
36.97
32.04
27.11
22.18
17.25
12.32
7.39
2.46
Interest
Q-3
55.45
50.52
45.59
40.67
35.74
30.81
25.88
20.95
16.02
11.09
6.16
1.23 -
Q-4
54.22
49.29
44.36
39.43
34.50
29.58
24.65
19.72
14.79
9.86
4.93
0.00
Q-1
Q-2
1.77
1.63
1.48
1.33
1.18
1.04
0.89
0.74
0.59
0.44
0.30
0.15
Q-3
1.74
1.59
1.44
1.29
1.15
1.00
0.85
0.70
0.55
0.41
0.26
0.11
Q-4
1.70
1.55
1.40
1.26
1.11
0.96
0.81
0.67
0.52
0.37
0.22
0.07
Total
1.66
1.52
1.37
1.22
1.07
0.92
0.78
0.63
0.48
0.33
0.18
0.04
6.88
6.28
5.69
5.10
4.51
3.92
3.33
2.74
2.14
1.55
0.96
0.37
YEAR
MW
crore unit
5
0.81
YEAR
Rs. Crore
Rs. Crore
Rs. Crore
Rs. Crore
Rs. Crore
Rs. Crore
Rs. Crore
6.88
5.92
4.817
0.15
0.45
9.20
9.00
6.28
5.50
4.817
0.13
0.48
9.20
8.01
5.69
5.12
4.817
0.12
0.50
9.20
7.05
5.10
4.76
4.817
0.11
0.53
9.20
6.11
4.51
4.42
4.817
0.09
0.56
9.20
5.20
3.92
4.11
4.82
0.08
0.59
9.20
4.32
3.33
3.83
4.82
0.07
0.63
9.20
3.47
2.74
3.56
4.82
0.06
0.66
9.20
2.63
2.14
3.31
4.82
0.05
0.70
9.20
1.82
1.55
3.08
4.82
0.04
0.74
9.20
1.02
0.96
2.86
6.08
0.19
0.78
0.37
2.66
6.08
0.18
0.83
0.47
6.08
0.14
0.88
0.46
6.08
0.14
0.93
0.46
6.08
0.14
0.98
0.45
6.08
0.14
1.04
0.45
6.08
0.15
1.10
0.44
6.08
0.15
1.16
0.43
6.08
0.15
1.22
0.43
6.08
0.16
1.29
0.42
6.08
0.16
1.37
0.42
6.08
0.16
1.45
0.41
6.08
0.17
1.53
0.41
6.08
0.17
1.62
0.40
6.08
0.17
1.71
10.88
10.12
7.57
7.62
7.66
7.72
7.77
7.83
7.90
7.96
8.03
8.11
8.19
8.28
8.37
YEAR
Rs./Unit
10.00%
Rs./Unit
Rs./Unit
1
11.15
0.91
10.09
8.03
2
9.92
0.83
8.13
3
8.73
0.75
6.56
4
7.57
0.68
5.17
5
6.45
0.62
4.00
6
5.36
0.56
3.02
7
4.29
0.51
2.20
8
3.26
0.47
1.52
9
2.25
0.42
0.95
10
1.27
0.39
0.49
11
13.48
0.35
4.72
12
12.54
0.32
3.99
13
9.38
0.29
2.72
14
9.43
0.26
2.48
15
9.50
0.24
2.27
16
9.56
0.22
2.08
17
9.63
0.20
1.91
18
9.70
0.18
1.75
19
9.78
0.16
1.60
20
9.86
0.15
1.47
21
9.95
0.14
1.34
22
10.05
0.12
1.23
23
10.15
0.11
1.13
24
10.25
0.10
1.04
25
10.37
0.09
0.96
5
0.81
3
5
0.81
4
5
0.81
5
5
0.81
6
5
0.81
7
5
0.81
8
5
0.81
9
5
0.81
10
5
0.81
11
5
0.81
12
5
0.81
13
5
0.81
14
5
0.81
15
5
0.81
16
5
0.81
17
5
0.81
18
5
0.81
19
5
0.81
20
5
0.81
21
5
0.81
22
5
0.81
23
5
0.81
24
5
0.81
25
5
0.81
TARIFF COMPONENTS
INTREST ON CAPITAL
DEPRECIATION
RETURN ON EQUITY
INTREST ON WORKING CAPITAL
O& M COST
GBI
TOTAL COST
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
LEVELLISED TARIFF
NOMINAL TARIFF
DISCOUNT FACTOR
PV OF NOMINAL TARIFF
LEVELLISED TARIFF
Description
Outstanding Loan
59.15
54.22
49.29
44.36
39.43
34.50
25.35
25.35
25.35
25.35
25.35
25.35
4.93
4.93
4.93
4.93
4.93
4.93
6.88
6.28
5.69
5.10
4.51
3.92
11.81
11.21
10.62
10.03
9.44
8.85
Total (c+d)
Profitability Statement
Sl.No.
Description
0 yr
Income
1
0.81
0.81
0.81
0.81
0.81
0.81
3.92
3.92
3.92
3.92
3.92
3.92
GBI Rs./KWh
8.00
8.00
8.00
8.00
8.00
8.00
Return on Equity
4.82
4.82
4.82
4.82
4.82
4.82
14.44
14.44
14.44
14.44
14.44
14.44
0.45
0.48
0.50
0.53
0.56
0.59
0.15
0.13
0.12
0.11
0.09
0.08
6.88
6.28
5.69
5.10
4.51
3.92
Depriciation
5.92
5.50
5.12
4.76
4.42
4.11
13.39
12.39
11.43
10.50
9.59
8.71
1.86
2.04
3.01
3.94
4.85
5.73
10
0.37
0.57
0.76
0.95
1.13
1.31
11
Net Profit
1.49
1.47
2.24
2.99
3.72
4.42
12
1.49
3.77
6.01
9.00
12.72
17.14
Cost of Production
Sl.No.
Description
Total Expenses
Generation
0 yr
1 yr
2 yr
3 yr
4 yr
5 yr
6 yr
13.39
12.39
11.43
10.50
9.59
8.71
0.81
0.81
0.81
0.81
0.81
0.81
16.59
15.35
14.16
13.00
11.88
10.79
1 yr
2 yr
3 yr
4 yr
5 yr
6 yr
8.73
8.33
8.70
9.04
9.36
9.65
8.73
8.33
8.70
9.04
9.36
9.65
4.93
4.93
4.93
4.93
4.93
4.93
Cashflow Statement
Sl.No.
Description
0 yr
Sources of Funds
a
59.15
Own Funds
25.35
84.50
Disposition of Funds
d
84.50
6.88
6.28
5.69
5.10
4.51
3.92
Taxation
0.37
0.57
0.76
0.95
1.13
1.31
II
84.50
12.18
11.78
11.39
10.98
10.57
10.16
0.00
0.00
-3.44
-6.09
-7.97
-9.10
-10.31
0.00
-3.44
-2.65
-1.88
-1.13
-1.21
-0.51
0.00
-3.44
-6.09
-7.97
-9.10
-10.31
-10.82
10
11
12
13
14
15
16
17
18
29.58
24.65
19.72
14.79
9.86
4.93
9.86
4.93
0.00
25.35
25.35
25.35
25.35
25.35
25.35
25.35
25.35
25.35
25.35
25.35
25.35
4.93
4.93
4.93
4.93
4.93
4.93
3.33
2.74
2.14
1.55
0.96
0.37
8.26
7.66
7.07
6.48
5.89
5.30
0.00
0.00
0.00
0.00
0.00
0.00
10
11
12
13
14
15
16
17
18
0.81
0.81
0.81
0.81
0.81
0.81
0.81
0.81
0.81
0.81
0.81
0.81
3.92
3.92
3.92
3.92
4.12
4.32
4.54
4.76
5.00
5.25
5.52
5.79
8.00
8.00
8.00
8.00
4.82
4.82
4.82
4.82
6.08
6.08
6.08
6.08
6.08
6.08
6.08
6.08
14.44
14.44
14.44
14.44
9.41
9.57
9.75
9.93
10.12
10.32
10.54
10.76
0.63
0.66
0.70
0.74
0.78
0.83
0.88
0.93
0.98
1.04
1.10
1.16
0.07
0.06
0.05
0.04
0.19
0.18
0.14
0.14
0.14
0.14
0.15
0.15
3.33
2.74
2.14
1.55
0.96
0.37
0.00
3.83
3.56
3.31
3.08
2.86
2.66
0.47
0.46
0.46
0.45
0.45
0.44
7.85
7.02
6.20
5.41
4.79
4.04
1.49
1.53
1.58
1.63
1.69
1.75
6.59
7.42
8.24
9.03
4.61
5.54
8.26
8.40
8.54
8.69
8.85
9.01
1.48
1.65
1.81
1.97
1.57
1.88
2.81
2.85
2.90
2.95
3.01
3.06
5.11
5.78
6.43
7.06
3.04
3.65
5.45
5.54
5.64
5.74
5.84
5.95
22.25
28.02
34.45
41.51
44.56
48.21
53.67
59.21
64.85
70.59
76.43
82.37
7 yr
8 yr
9 yr
10 yr
11 yr
12 yr
13 yr
14 yr
15 yr
16 yr
17 yr
18 yr
7.85
7.02
6.20
5.41
4.79
4.04
1.49
1.53
1.58
1.63
1.69
1.75
0.81
0.81
0.81
0.81
0.81
0.81
0.81
0.81
0.81
0.81
0.81
0.81
9.73
8.69
7.68
6.70
5.94
5.00
1.84
1.90
1.96
2.02
2.09
2.17
(Rs. in Lakhs)
7 yr
8 yr
9 yr
10 yr
11 yr
12 yr
13 yr
14 yr
15 yr
16 yr
17 yr
18 yr
9.91
10.16
10.38
10.58
5.57
5.91
8.26
8.40
8.54
8.69
8.85
9.01
9.91
10.16
10.38
10.58
5.57
5.91
8.26
8.40
8.54
8.69
8.85
9.01
4.93
4.93
4.93
4.93
4.93
4.93
0.00
3.33
2.74
2.14
1.55
0.96
0.37
0.00
0.00
1.48
1.65
1.81
1.97
1.57
1.88
2.81
2.85
2.90
2.95
3.01
3.06
9.74
9.31
8.88
8.45
7.46
7.18
2.81
2.85
2.90
2.95
3.01
3.06
-10.82
-10.64
-9.79
-8.30
-6.16
-8.05
-9.32
-3.87
1.67
7.31
13.05
18.89
0.18
0.85
1.50
2.13
-1.88
-1.27
5.45
5.54
5.64
5.74
5.84
5.95
-10.64
-9.79
-8.30
-6.16
-8.05
-9.32
-3.87
1.67
7.31
13.05
18.89
24.84
19
20
21
22
23
24
25
25.35
25.35
25.35
25.35
25.35
25.35
25.35
0.00
0.00
0.00
0.00
0.00
0.00
0.00
19
20
21
22
23
24
25
0.81
0.81
0.81
0.81
0.81
0.81
0.81
6.08
6.39
6.70
7.04
7.39
7.76
8.15
6.08
6.08
6.08
6.08
6.08
6.08
6.08
10.99
11.24
11.50
11.77
12.05
12.35
12.66
1.22
1.29
1.37
1.45
1.53
1.62
1.71
0.15
0.16
0.16
0.16
0.17
0.17
0.17
0.43
0.43
0.42
0.42
0.41
0.41
0.40
1.81
1.88
1.95
2.03
2.11
2.19
2.28
9.18
9.36
9.55
9.74
9.94
10.16
10.38
3.12
3.18
3.24
3.31
3.38
3.45
3.53
6.06
6.18
6.30
6.43
6.56
6.70
6.85
88.43
94.61
100.91
107.34
113.91
120.61
127.46
19 yr
20 yr
21 yr
22 yr
23 yr
24 yr
25 yr
1.81
1.88
1.95
2.03
2.11
2.19
2.28
0.81
0.81
0.81
0.81
0.81
0.81
0.81
2.24
2.33
2.42
2.51
2.61
2.72
2.83
19 yr
20 yr
21 yr
22 yr
23 yr
24 yr
25 yr
9.18
9.36
9.55
9.74
9.94
10.16
10.38
9.18
9.36
9.55
9.74
9.94
10.16
10.38
3.12
3.18
3.24
3.31
3.38
3.45
3.53
3.12
3.18
3.24
3.31
3.38
3.45
3.53
24.84
30.90
37.08
43.38
49.81
56.37
63.08
6.06
6.18
6.30
6.43
6.56
6.70
6.85
30.90
37.08
43.38
49.81
56.37
63.08
69.93
IRR
Years
PBT
Interest added back
Cash Outflow
Equity IRR
Years
PBT
Cash Flow
10.16%
0
-85
1
1.86
6.88
8.73
2
2.85
6.28
9.14
3
3.81
5.69
9.51
4
4.75
5.10
9.85
5
5.66
4.51
10.17
6
6.54
3.92
10.46
1
1.86
1.86
2
2.85
2.85
3
3.81
3.81
4
4.75
4.75
5
5.66
5.66
6
6.54
6.54
1
1.49
5.92
6.88
4.93
2
2.28
5.50
6.28
4.93
3
3.05
5.12
5.69
4.93
4
3.80
4.76
5.10
4.93
5
4.52
4.42
4.51
4.93
6
5.23
4.11
3.92
4.93
20.11%
0
-25.35
1.44
0
7
7.39
3.33
10.72
8
8.23
2.74
10.96
9
9.04
2.14
11.19
10
9.84
1.55
11.39
11
4.61
0.96
5.57
12
5.54
0.37
5.91
13
8.26
0.00
8.26
14
8.40
0.00
8.40
15
8.54
0.00
8.54
16
8.69
0.00
8.69
17
8.85
0.00
8.85
18
9.01
0.00
9.01
7
7.39
7.39
8
8.23
8.23
9
9.04
9.04
10
9.84
9.84
11
4.61
4.61
12
5.54
5.54
13
8.26
8.26
14
8.40
8.40
15
8.54
8.54
16
8.69
8.69
17
8.85
8.85
18
9.01
9.01
7
5.92
3.83
3.33
4.93
8
6.58
3.56
2.74
4.93
9
7.23
3.31
2.14
4.93
10
7.87
3.08
1.55
4.93
11
3.04
2.86
0.96
4.93
12
3.65
2.66
0.37
4.93
13
5.45
0.47
0.00
0.00
14
5.54
0.46
0.00
0.00
15
5.64
0.46
0.00
0.00
16
5.74
0.45
0.00
0.00
17
5.84
0.45
0.00
0.00
18
5.95
0.44
0.00
0.00
19
9.18
0.00
9.18
20
9.36
0.00
9.36
21
9.55
0.00
9.55
22
9.74
0.00
9.74
23
9.94
0.00
9.94
24
10.16
0.00
10.16
25
10.38
0.00
10.38
19
9.18
9.18
20
9.36
9.36
21
9.55
9.55
22
9.74
9.74
23
9.94
9.94
24
10.16
10.16
25
10.38
10.38
19
6.06
0.43
0.00
0.00
20
6.18
0.43
0.00
0.00
21
6.30
0.42
0.00
0.00
22
6.43
0.42
0.00
0.00
23
6.56
0.41
0.00
0.00
24
6.70
0.41
0.00
0.00
25
6.85
0.40
0.00
0.00
KEY RESULTS
Internal Rate Of Return (IRR)
Equity Internal Rate of Return
Debt Service Coverage Ratio (DSCR)
EY RESULTS
10.16
20.14
1.44