Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

NICMAR FINANCIAL FEASIBILITY OF SOLAR POWER PROJECT WITH REFERENCE TO RURAL ELECTRIFICATION OF 39 TALUKAS IN KARNATAKA

By Gunjan Nayak – P41021 J. Mohamed Ibrahim – P41031 Shreyas V. Bhatt – P41053

PGP PEM 4th Batch
(2008- 2010)

Under the guidance of Prof. Vivek Date A Thesis submitted in partial fulfilment of the Academic requirements for the Post Graduate Programme in Project Engineering and Management (PGP PEM)

NATIONAL INSTITUTE OF CONSTRUCTION MANAGEMENT AND RESEARCH PUNE
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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

DECLARATION

I/We declare that the research thesis entitled “Financial feasibility of solar power project with reference to rural electrification of 39 talukas in Karnataka” is bonafide work carried out by me/us, under the guidance of Prof. Vivek Date. Further we declare that this has not previously formed the basis of award of any degree, diploma, associate-ship or other similar degrees or diplomas, and has not been submitted anywhere else.

Mr. Gunjan Nayak (Roll No. P41021)

Mr. J. Mohamed Ibrahim (Roll No. P41031)

Mr. Shreyas V. Bhatt (Roll No. P41053) PGP PEM 4th Batch (2008-2010) NICMAR, Pune.

Date: Place:

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

CERTIFICATE

This is to certify that the research thesis entitled “Financial feasibility of solar power project with reference to rural electrification of 39 talukas in Karnataka” is bonafide work of Mr Gunjan Nayak (P41021), Mr. J. Mohamed Ibrahim (P41031) and Mr. Shreyas V. Bhatt (P41053) in partial fulfilment of the academic requirements for the award of Post Graduate Programme in Project Engineering and Management (PGP PEM). This work is carried out by him/them, under my guidance and supervision.

Guide

Prof. Vivek Date

Counter Signed by:

Prof. P. M. Deshpande Head, PEM

Date: Place:

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

ACKNOWLEDGEMENT
We express our honest gratitude towards respected Director General, Dr. M. G. Koregaonkar, NICMAR, for providing the platform of conducting the thesis work as a part of the curriculum.

We would like to express our deepest and sincere gratitude to our Project Guide Prof. Vivek Date for his continuous guidance, cooperation and motivation which helped us to comprehend this thesis work in better ways. He has been eternal source of inspiration and knowledge.

We hereby take the opportunity to thank Dy. Dean, Prof. Vivek Datey and Head PGP PEM, Prof. Pramod Deshpande for giving their consent to carry our research work and providing all that was essentially needed.

We also take the opportunity to thank our librarian Mr. Jadhav, for extending his support to complete the thesis.

We would like to take the opportunity to thank the whole staff of NICMAR, Pune who have made this endeavour a modest success and also provided us with all the facilities throughout the programme.

We appreciate the support and help rendered in presentation of this thesis by all our friends and all those who have directly or indirectly contributed in making this thesis work a success. We would like to dedicate this thesis work to all these people for their unending support.

Gunjan Nayak J. Mohamed Ibrahim Shreyas V. Bhatt

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

Executive Summary
Objective:
To evaluate the financial feasibility of the solar power project with reference to rural electrification of 39 talukas in Karnataka. Energy is an important input for economic development. Since exhaustible energy sources in the country are limited, there is an urgent need to focus attention on development of renewable energy sources and use of energy efficient technologies. The exploitation and development of various forms of energy and making energy available at affordable rates is one of India‟s major thrust areas. The country is blessed with various sources of non-conventional energy and the efforts of Ministry of Non-Conventional Energy Sources will promote viable technologies that can reach the benefits of such sources to the poorest people in the far-flung regions of the country.
India lies in the sunny regions of the world. Most parts of India receive 4–7 kWh (kilowatt-hour) of solar radiation per square meter per day with 250–300 sunny days in a year. The highest annual radiation energy is received in western Rajasthan while the north-eastern region of the country receives the lowest annual radiation. Solar energy, experienced by us as heat and light, can be used through two routes the thermal route uses the heat for water heating, cooking, drying, water purification, power generation, and other applications; the photovoltaic route converts the light in solar energy into electricity, which can then be used for a number of purposes such as lighting, pumping, communications, and power supply in un electrified areas. Energy from the sun has many features, which make it an attractive and sustainable option: global distribution, pollution free nature, and the virtually inexhaustible supply. Financial analysis seeks to ascertain whether the proposed project will be financially viable in the sense of being able to meet the burden of servicing debt and whether the proposed project will satisfy the return expectations of those who provide the capital. The viability parameters considered are equity IRR, DSC, NPV and payback period. The project under consideration for this thesis is “Rural electrification of 39 Talukas in Karnataka using solar power”. The approach that we have adopted to evaluate the financial feasibility is as follows: 

Technical Analysis in order to estimate the load requirements of the project. ~5~

Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

      

Cost of the project Means of Finance Depreciation Interest calculation Revenue Generated Project Cash flows Scenario & Sensitivity analysis

Considering the tariff of Rs.15 per unit, the following viability parameters of the project are generated.   

Equity IRR NPV DSCR Payback period

- 18.08%, - Rs.3.56 Crore, - 2.05, - 6 years

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

CONTENTS
Declaration........................................................................................... Certificate.............................................................................................. Acknowledgement................................................................................. Executive Summary................................................................................ Content.................................................................................................... List of Figures......................................................................................... List of Tables.......................................................................................... Bibliography........................................................................................... II III IV V VII X XI XII

Chapter - 1 1.1 1.2 1.3 1.4 1.5 Introduction

Introduction..................................................................1 - 6 2 3 3 4 5

Renewable Energy Solar – The centre stage of renewable energy BIPV – The Future of solar energy Key Factors of the project

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

Chapter – 2 2.1 2.2

Renewable Energy.......................................................7 - 14 8 11

Renewable Energy Types of renewable energy

Chapter – 3 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9

Solar energy.................................................................15 -27 16 17 18 21 21 22 23 24 25 25 26

Solar – The centre stage of renewable energy Advantages of Solar energy Solar Photovoltaic Standards of SPV Advantage of SPV system SPV Lighting system SPV Power plant Solar Generators BIPV – Integrated PV system

3.10 SPV Pumping system 3.11 Solar Power in India Chapter – 4 4.1 4.2 4.3 4.4 4.5 4.6 4.7

Building Integrated Photovoltaic system (BIPV).....28 - 50 29 30 33 34 36 40 46
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BIPV – Introduction Types of BIPV System Market Segmentation of BIPV system Global & Indian Scenario Technical Analysis Components of BIPV system Positioning of Panels

Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

Chapter – 5 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8 Objective Introduction

Project Details.............................................................51 - 61 52 52 52 54 58 59 60 61

Remote village electrification programme Guidelines for preparation of proposal Financial assistance guidelines Monitoring General terms & conditions Relevant extract from the National Rural Electrification Policies

Chapter – 6 6.1 6.2 Objective

Financial Appraisals 63 63

Financial Appraisal of the Project

Chapter – 7 Concluding Observation.......................................................71 - 74 7.1 7.2 7.3 Social desirability of the project Technical feasibility of the project Financial aspects of the project 72 72 73

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

LIST OF FIGURES
Sr. No.
3.1 3.2 3.3 3.4 3.5 3.6 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 4.10 4.11 SPV Technology SPV Modules Solar street light SPV Power Plant SPV Pumping system Solar radiation in India Flat rooftop Sloped rooftop Façade mounting Process of PV lamination Types of PV modules Series and parallel connection of solar batteries Charge controllers Ideal positioning of the solar panels Movement of sun during the seasons Solar panel calculator Solar zenith angle

Title of the Figure

Page No.
19 21 23 24 27 28 32 32 33 42 43 46 46 49 50 51 52

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

LIST OF TABLES
Sr. No.
2.1 2.2 2.3 4.1 4.2 4.3 4.4 4.5 6.1 6.2 6.3 6.4 6.5

Title of Table
Sector wise Energy consumption in India Significance of renewable energy Renewable energy- estimated potential and cumulative achievements Country wise comparison of BIPV systems Calculation of per year consumption with listed equipments Efficiencies of various cells and modules Lowest prices of various PV modules List of BIPV suppliers in India Cost of the Project Means of Finance Analysis Scenario analysis Sensitivity analysis

Page No.
10 10 12 36 39 43 44 48 64 66 69 69 70

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

CHAPTER 1

INTRODUCTION

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

CHAPTER – 1
1.1 Introduction
The Sun is a reliable, non-polluting and inexhaustible source of energy. Since the beginning of life on earth, the energy that was received by all living forms was radiated from the sun. It is the time now when the mankind is on a standpoint to again depend and rely upon the sun as the main source of energy. With rapid rise in energy prices, concern over pollution, depletion of resources and environment degradation the awareness for limited resources around the world has increased dramatically. Use of fossil fuels which causes green house emissions, inefficient use of energy and release of harmful pollutants to the atmosphere causing threat such as acid rain must be addressed seriously in new buildings. Governments with vision have come to realise that generation of electrical power through non renewable sources of energy is not enough. The power of the future must be environmentally friendly as well. Photovoltaic is a way by which energy from the sun can be directly used for power generation. This method for electricity generation causes no environmental pollution, has no rotating or moving parts, and causes no material depletion. Photovoltaics are also multifunctional. It can generate and operate illuminations, pump water, operate any house hold equipments and appliances, can operate any electrical gadgets and communication equipment. The photovoltaic finds its wide application in village electrification in the developing countries and electricity production for the buildings, commercial areas and industrial sector in cities. BIPV, a segment of the growing Photovoltaic (PV) market, is becoming a popular way to generate electricity by the use of solar energy. Building integrated photovoltaic (BIPV) projects uses nearly 50% of world production of solar PV cells. However, we in India are yet to initiate the promotion of BIPV. A Building Integrated Photovoltaic (BIPV) system consists of integrating photovoltaic modules into the building envelope, such as the façade or the roof. In this thesis we would be evaluating the financial feasibility of the Electrification of 39 talukas in Karnataka using Building Integrated Photovoltaic technology.
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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

1.2

Renewable Energy
In modern world the demand for energy has increased dramatically in the past century

and it will grow even further in the near future than ever before. Renewable energy is that energy which comes from the natural energy flows on earth. Unlike conventional forms of energy, renewable energy will not get exhausted. Renewable energy is also termed as „green energy‟, „clean energy‟, „sustainable energy‟ and „alternative energy‟. Different types of renewable energy are:      Solar energy Wind energy Biomass energy Hydropower Geothermal

1.3

Solar- The centre stage of renewable energy:
The radiant heat and light energy from the Sun is called as solar energy. This is the most

readily and abundantly available source of energy. Since ancient times this energy has been harnessed by humans using a range of innovations and ever-evolving technologies. The earth receives more energy in just one hour from the sun than what is consumed in the whole world for one year. This energy comes from within the sun itself through process called nuclear fusion reaction. In this reaction four atoms of hydrogen combine to form one helium atom with loss of matter. This matter is emitted as radiant energy. India is a tropical country with sunshine in plenty and long days. About 301 clear sunny days are available in a year. Theoretically, India receives solar power of about 5000 trillion kWh/yr (600 TW approx.) on its land area. On an average, daily solar energy incident over India ranges from 4 to 7 kWh/m2. Depending on the location sunshine hours varies from 2,300–3,200 hours in a year. This is far more than current total energy consumption. For instance, assuming
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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

conversion efficiency of 10% for PV modules, it will still be thousand times greater than the likely electricity demand in India by the year 2015. This energy from the sun is used as solar thermal and solar power applications. Solar thermal energy, through various technologies, is utilised for various purposes which includes Heating, Drying, Cooking, seasoning of timber, water treatment (Distillation and disinfection), Cooling (Refrigeration and Cold storage), High temperature process heat for industrial purposes.

1.4

BIPV- The future of solar energy
Solar energy is not only about present but it also about future. The unlimited potential of

Solar is visible in its varied applications of energy generation. One such power of solar can be seen today with homes being energised by solar panels. This energy accelerates cost saving as electricity bill is reduced to about 30% with incorporation of solar power. Buildings are the largest consumers of electricity using over 40% of the world electricity. The developers, consultants, architects, investors and contractors are opting for alternative forms of energy without damaging the environment as we incline towards passive energy buildings. Solar technology in form of solar Photovoltaic is a proving to be a reliable solution for electricity generation. Photovoltaic literally stands for 'electricity from light'. A photovoltaic cell, also called as PV cell, is a special semiconductor diode that converts visible light into DC (direct current). Certain PV cells are able to transform infrared (IR) or ultraviolet (UV) rays into DC power. Solar powered toys, calculators and telephone call boxes are some common application of solar electricity. Photovoltaic cell forms an integral part of solar-electric energy systems, which presently are finding increasingly important place as an alternative utility power source. The PV technology in use today is not very complex. Photovoltaic cell comprises of thin layers (two or more) of semi-conducting material, usually silicon. When this silicon is exposed to light it generates electrical charges and with the use of metal contacts this can be conducted away as direct current (DC). A single cell has small electrical output, so multiple cells are combined together and encapsulated to form a PV module (also called "panel"). This module is the principle and basic building block of entire PV system and numerous modules can be put
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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

together to give the desired electrical output. Contemporary PV cells are able to convert 10 to 20 percent of radiant energy into electrical energy. In years to come, this efficiency will be improved to produce even better results. The different types of PV systems are multi-crystalline Silicon Cells, Mono-crystalline Silicon Cells, Amorphous Silicon, Thick-Film Silicon, Other Thin films. Today the grid connect PV systems are the main area of interest. As these systems are connected to the local electricity network, the electricity produced during the day time can either be used immediately or can be sold to the utility. Also as the sun goes down, power can be bought back from the network. Thus the grid is acting as system for energy storage, i.e. the battery storage need not be included in the PV systems. Stand-alone photovoltaic systems are used where grid power supplies are difficult to connect or unavailable. Applications are in monitoring stations, radio repeater stations and street lighting. PV technology is most widely used in the developing world. The system finds itself the best place where the problems of remote locations and fact of unreliable or non-existent electricity grids are dominant. Here, PV power supply serves as the most economic option. Building Integrated Photovoltaic (BIPV) is a multifunctional solar product that not only generates electricity but also serve as materials for construction. Building Integrated Photovoltaic is where the building envelope is incorporated with PV cells instead of conventional materials of construction. BIPV gives buildings the opportunity to become more self-sufficient by allowing them to generate their own electricity rather than merely consume energy. PV integrated into a building can, as a second function, also provide shade, insulation and help to control the interior climate.

1.5

Key factors of the Project

Key Factors in project concept note regarding the electrification of 39 talukas in Karnataka using BIPV Technology. The government of Karnataka desires to implement the application of solar technology to provide rural energy solutions.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

  

The Solar system application to be implemented in identified cluster villages of the 39 most backward Talukas of the state. Target is to cover villages with minimum of 100 households and above and to cover a minimum of 100 village clusters. Solar Technology applications to be implemented in a comprehensive manner for solutions in following areas. i. Domestic Home Lighting ii. Street lights in village/panchayats limits iii. Shops in village iv. School in village v. Flour mill vi. Clinic vii. Irrigation of agricultural land in the village

  

The solar technology to be inconformity with MNRE GOI, standards/ specifications. The technology provider to indicate the rate at which Kwh or unit of power can be made available. The Solar technology providers to identify cluster of villages/where in they can execute and may come out with RFQs on annuity basis; while taking full responsibility of installation, maintenance and reliable functioning of the technology provided by them on a sustainable basis.

 

KREDL/ RDPR respective Zilla Panchayats (Taluk Panchayats / Grampanchayats ) and respective implementation departments in district level will work in close coordination. Depreciation to be considered is 80% of the total capital cost of the project.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

CHAPTER 2

RENEWABLE ENERGY

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

CHAPTER – 2
2.1 Renewable energy

2.1.1

Need of Renewable Energy: The various activities (such as industrialization) which involve energy consumption that

consequently leads to depletion of energy sources and degradation of environment are stretching the resources of our planet to breaking point. When it comes to the future of energy, the world needs a reality check. The economic growth and prosperity of any country or region in the world is related to the level of its consumption of energy. With the various developments, particularly with the Industrial Revolution, there has been a quantum leap towards the tremendous consumption energy which is supplied through fossil fuels such as gas, petroleum and coal. During 1920s, coal accounted for the maximum part of total energy supply of the world. Later in early 1990s, its share dropped to only 26%, while 40% of the world‟s energy needs was taken by oil. Now the depletion rate of fossil fuels has reached to 100,000 times faster than its formation rate. When the resource under consideration is non-renewable energy source, the problem of depletion is an obvious addition to its consumption. At present, non-renewable fossil fuels (natural gas, coal and petroleum) contribute to 90% of world commercial energy production. The remaining 10% generated from non-conventional form of energy (nuclear, hydropower, geothermal, wind, solar, etc.). Even if the present reserves of fossil fuels may be sufficient enough to meet the global energy demand for years in future, any consumption of such resources represents an absolute loss in its finite supply. Projections on the energy demand in the early years of 21st century are alarming. The estimates are about100 million tonnes per year for petroleum, 400 million tonnes per year for coal and 100,000 MW per year for power. This energy scenario poses a great challenge for our technology, and also to our environment, which is suffering a tremendous pressure.
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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

Sector Industry Transport Residential Agriculture Others

Percentage power consumption 49% 22% 10% 5% 14%

Table 2.1: Sector wise Energy consumption in India The present total installed capacity of electrical power generation in India is 1, 44,912 MW (as on June 2008), produced from various resources as given in table

Resources Thermal Coal Gas Diesel Nuclear Hydro Renewable energy sources (Excluding hydro) Total

Production

Percentage Share

76648 14716 1119 Total = 92563 4120 36033 12194 144910 Table2.2: Significance of renewable energy

52.8 10 0.8 Total = 63.6 2.8 24.8 8.4 100

In modern world the demand for energy has increased dramatically in the past century and it will grow even further in the near future than ever before. Renewable energy is that energy which comes from the natural energy flows on earth. Unlike conventional forms of energy, renewable energy will not get exhausted. Renewable
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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

energy is also termed as „green energy‟, „clean energy‟, „sustainable energy‟ and „alternative energy‟. Merits:     Renewable energy sources are available in nature free of cost They produce no or very little pollution They are inexhaustible They have low gestation period

Demerits   In general , the energy is available in dilute form from these sources Though available freely in nature, the cost of harnessing energy from non-conventional source is generally high  Availability is uncertain; the energy flow depends on various natural phenomena beyond human control  Difficulty in transporting such forms of energy

Located in tropical region, India is endowed with abundant renewable energy resources i.e. solar, wind and biomass including agriculture residue which are perennial in nature. Harnessing these resources is best suited to meet the energy requirement in rural areas in a decentralised manner. India has the potential of generating more than 100000 MW from non-conventional resources. Up to June 30 2008, the electrical power generation by conventional resources has reached 12,194 MW, which is about 8.4% of total installed electrical power generation capacity. The government plans to increase this share to 10% by 2012. The current status of various resources is given in table.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

SL No.

Source/System

Estimated Potential Rural & Decentralised Energy systems

Cumulative achievement

1

Family type biogas plant Solar photovoltaic program Solar street lighting system

120 lakhs 50 MW/sq.Km 140 million

39.40 lakhs 110 MWp (p-peak) 69,849 nos. 363399 nos. 585001 nos. 2.28 MWp sq.m 2.15 million sq.m collector area 6.17 lakhs

2

Home lighting system Solar lantern Solar power plants Solar thermal program

3

Solar water heating system Solar cooker

collector area

4 5 6 7

Wind pumps Aero generator/hybrid system Solar photovoltaic pump Remote village electrification

-

1284 nos. 675.27 KW

-

7068 nos. 3368/830 villages/hamlets

Table2.3: Renewable energy-estimated potential and cumulative achievements (Dec, 2007 data)

2.2

Types of renewable energy:

2.2.1 Solar energy This is the energy that we receive from sun. This energy is converted into heat and electricity. The photovoltaic sector has reached manufacturing output of about 6,850 MW per year in 2008 (according to SEIA-solar energy industries association). Germany is the largest market for PV in the world. Solar thermal power stations are dominant in the Spain and the USA. The largest power station is in the Mojave Desert (354 MW SEGS). India receives a solar energy equivalent of more than 5000 trillion KWh per year, which is far more than its total annual consumption. The daily global radiation is around 5KWh per sq.m per day with sunshine ranging between 2300 and 3200 hours per year in most parts of India. Though the energy density is low and availability is not continuous, it has now become
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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

possible to harness this abundantly available energy very reliably for many purposes by converting it to usable heat or through direct generation of electricity. The conversion systems are modular in nature and can be appropriately used for decentralised application.

2.2.2 Wind energy This involves generation of electricity through wind turbines that harness the power of the wind. This energy is one of the safest and cleanest forms of energy. By 2008, the capacity of wind farm worldwide was around 100000 MW. Wind power contributed about 1.3% of global electricity consumption, with Denmark using 19% of this electricity, 9% used by Portugal and Spain, and the Republic of Ireland and Germany using 6%. The highly successful wind power programme in India was initiated in 1983-84 and is entirely market driven. This sector has been growing over 35% in the last three years. India currently (year 2008) stands fourth in the world among countries having installed large capacity wind generators after Germany, USA and Spain. The current (July 2008) installed capacity for wind power stands at 8696 MW, and is mostly located in Tamil Nadu, Gujarat, Maharashtra and Rajasthan. The government aims to add 10000MW from wind during XI plan period (2007-12).

2.2.3 Biomass energy It uses crops, woods and agricultural wastes to produce electricity and heat. In Brazil ethanol now provides 18 percent of the country's automotive fuel. The USA has wide availability of ethanol fuel and biodiesel. A large quantity of biomass is available in our country in the form of dry waste like agro residue, fuel wood, twigs etc., and wet wastes like cattle dung, organic effluents, sugarcane bagasse, banana stems etc., the potential for generation of electric power/ cogeneration is 16881 MW from agro residues and 5000MW from bagasse through cogeneration. The potential from urban waste is 2700 MW. Also, there is vast scope of production of bio-diesel from some plants. These plants require little care, can be grown on fallow land and can survive in harsh climatic conditions. Energy farming may be adopted in marginal and infertile lands of the country.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

2.2.4 Hydropower It uses energy of moving water to rotate a generator which in turn produces electricity. The world's largest power plant complex for hydroelectricity is the Three Gorges Dam project in Hubei, China, (21,515 MW). The largest single hydroelectric power plant is the Itaipu power plant in Brazil-Paraguay border . In 2008, electricity production was 94,684,781 MWh (94.7 TWh). Hydro resources of capacity less than 25 MW are called small, less than 1 MW are called mini and less than 100KW are called micro hydro resources. The total potential is 15000MW out of which 2015 MW has been realised by approximately 611 plants.

2.2.5 Geothermal energy It is the heat in the earth which can be utilised to produce energy. The largest geothermal power installation is The Geysers in California (750 MW). The potential in geothermal resources in the country is 10,000MW. As a result of various resource assessment studies/surveys, nearly 340 potential hot springs have been identified throughout the country. Most of them are low-temperature hot-water resources and can best be utilised for direct thermal applications. Only some of them can be considered suitable for electrical power generation. The geothermal reservoirs suitable for power generation have been located at Tattapani in Chhattisgarh and Puga valley of Ladhak, Jammu & Kashmir. A 300 KW demonstration electric power plant is being installed in Tattapani. Hot water resources are located at Badrinath, Kedarnath and few other locations in Himalayan region and elsewhere. They are being used mostly for heating purpose and very little has been developed. Renewable energy carries with itself a number of benefits providing social, environmental and economical security. The following criteria should be met by efficient energy sources:

 

Not deplete or adversely affect natural resources; Have minimal or no negative impact on environment or society;

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

   

Be safe to consume today and not possess the uncertainty risk for future generations. Protect air, land and water against pollution; Have little or no emissions of greenhouse gases or net carbon; Meet the needs of consumer today and in the future in an accessible and efficient way;

All these criteria could be met by renewable energy and thus it could become sustainable for future.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

CHAPTER 3

SOLAR ENERGY

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

CHAPTER – 3

3.1

Solar- The centre stage of renewable energy
The radiant heat and light energy from the Sun is called as solar energy. This is the most

readily and abundantly available source of energy. Since ancient times this energy has been harnessed by humans using a range of innovations and ever-evolving technologies. The earth receives more energy in just one hour from the sun than what is consumed in the whole world for one year. This energy comes from within the sun itself through process called nuclear fusion reaction. In this reaction four atoms of hydrogen combine to form one helium atom with loss of matter. This matter is emitted as radiant energy. India is a tropical country with sunshine in plenty and long days. About 301 clear sunny days are available in a year. Theoretically, India receives solar power of about 5000 trillion kWh/yr (600 TW approx.) on its land area. On an average, daily solar energy incident over India ranges from 4 to 7 kWh/m2. Depending on the location sunshine hours varies from 2,300–3,200 hours in a year. This is far more than current total energy consumption. For instance, assuming conversion efficiency of 10% for PV modules, it will still be thousand times greater than the likely electricity demand in India by the year 2015. This energy from the sun is used as solar thermal and solar power applications. Solar thermal energy, through various technologies, is utilised for various purposes which includes Heating, Drying, Cooking, seasoning of timber, water treatment (Distillation and disinfection), Cooling (Refrigeration and Cold storage), High temperature process heat or industrial purposes Solar power is the conversion of sunlight into electricity. Photovoltaic or PV is used to convert Sunlight directly into electricity, or uses concentrating solar power or CSP to indirectly generate electricity. Solar Photovoltaic or SPV cells convert solar radiation into DC electricity directly. SPV finds a number of applications in areas such as Domestic or household lighting, Street lighting, electrification in rural or village areas, water pumping, desalination of salty water, powering of remote telecommunication repeater stations and railway signals.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

3.2

Advantages of Solar Energy

3.2.1 Environmental friendly  Solar Energy is renewable, clean, and sustainable form of energy which helps in protecting our environment.  It does not create pollution by releasing gases like nitrogen oxide, carbon dioxide, mercury and sulphur dioxide into the atmosphere as many conventional forms of energy do.    Solar Energy, therefore, does not contribute to global warming, acid rain or smog. It actively contributes to the decrease of harmful green house gas emissions. Since solar energy does not use any fuel, it neither increases the cost nor does it add to

the problems of the transportation and recovery of fuel or the storage and disposal of radioactive waste. 3.2.2 Saves money   After the recovery of initial investment, the Sun‟s energy is practically FREE. The payback period for the investment can be short depending on electricity usages of household.   The government provides financial incentives so as to reduce the cost incurred. Your utility company can buy the additional energy that your system produces, building up a credit on your account. This is called net metering.  It's not affected by the supply and demand of fuel and is therefore not subjected to the ever-increasing price of gasoline. 3.2.3 Independent/ semi-independent Solar Energy can be utilized to balance out consumption of energy supplied by utility. It does not only reduce the electricity bill, but will also supply our business/home with electricity whenever there is a power outage. These systems can operate completely independent, without a connection to a gas or power grid at all. Therefore they can be installed in remote locations, like holiday log cabins,
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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

thus these are more practical as well as cost effective as compared to the supply of utility electricity to a remote and new site. Solar Energy enhances local job opportunities and wealth creation, thus contributing to local economies. 3.2.4 Low/ no maintenance  Solar Energy systems once installed will last for decades and are almost maintenance free.   Once installed, there are no recurring costs. They do not consist of moving parts, creates no noise, do not release any offensive smells and do not require addition of any fuel.   Addition of solar panels is easy in case your family's needs grow in future. The dependence on non-renewable sources of energy could be reduced and lesser threat on environment will be posed if we find channels of efficient utilisation of solar energy.

3.3

Solar Photovoltaic
Solar photovoltaic (SPV) is the process of converting solar radiation (sunlight) into

electricity using a device called solar cell. A solar cell is a semi-conducting device made of silicon or other materials, which, when exposed to sunlight, generates electricity. The magnitude of the electric current generated depends on the intensity of the solar radiation, exposed area of the solar cell, the type of material used in fabricating the solar cell, and ambient temperature. Solar cells are connected in series and parallel combinations to form modules that provide the required power.

Figure 3.1: SPV Technology
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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

3.3.1

Crystalline solar cells Most solar cells are made of a single crystal or multi-crystalline silicon material. Silicon

ingots are made by the process of crystal growth, or by casting in specially designed furnaces. The ingots are then sliced into thin wafers. Single crystal wafers are usually of 125 × 125 mm or larger sizes with „pseudo-square‟ shape; multi-crystalline wafers are typically square-shaped with a dimension of 100 × 100 mm or larger. Using high temperature diffusion furnaces, impurities like boron or phosphorous are introduced into the silicon wafers to form a p–n junction. The silicon wafers are thus converted into solar cells. When exposed to sunlight, a current is generated in each cell. Contacts are attached to the top and bottom of each solar cell to enable inter-connections and drawing of the current.

3.3.2

Thin-film solar cells Thin-film solar cells are made from amorphous silicon (a-Si), copper indium

selenide/cadmium sulphide (CuInSe2/CdS) or cadmium telluride/cadmium sulphide (CdTe/CdS), by using thin-film deposition techniques. These technologies are at various stages of development and have not yet reached the maturity of crystalline silicon. Production of thin-film PV modules is also limited.

3.3.3

PV module PV modules are usually made from strings of crystalline silicon solar cells. These cells

are made of extremely thin silicon wafers (about 300 um) and hence are extremely fragile. To protect the cells from damage, a string of cells is hermetically sealed between a layer of toughened glass and layers of ethyl vinyl acetate (EVA). An insulating tedlar sheet is placed beneath the EVA layers to give further protection to the cell string. An outer frame is attached to give strength to the module and to enable easy mounting on structures. A terminal box is attached to the back of a module; here, the two ends (positive and negative) of the solar string are welded or soldered to the terminals. This entire assembly constitutes a PV module. When the PV module is in use, the terminals are connected either directly to a load, or to another module to form an array. Single PV modules of capacities ranging from 10 Wp to 120 Wp can provide power for different loads. For large power applications, a PV array consisting of a number of modules connected in parallel and/or series is used.
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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

3.3.4 Standard Capacity/Ratings and Specifications: The wattage output of a PV module is rated in terms of peak watt (Wp) units. The peak watt output power from a module is defined as the maximum power output that the module could deliver under standard test conditions (STC). The STC conditions used in a laboratory are    1000 watts per square metre solar radiation intensity Air-mass 1.5 reference spectral distribution 25 °C ambient temperature.

Figure 3.2: SPV modules

SPV modules of various capacities are available, and are being used for a variety of applications. Theoretically, a PV module of any capacity (voltage and current) rating can be fabricated. However, the standard capacities available in the country range from 5 Wp to 120 Wp. The voltage output of a PV module depends on the number of solar cells connected in series inside the module. In India, a crystalline silicon module generally contains 36 solar cells connected in series. The module provides a usable direct current (DC) voltage of about 16.5 V, which is normally used to charge a 12-V battery. In an SPV system, the components other than the PV module are collectively known as „balance of system‟ (BoS), which includes batteries for storage of electricity, electronic charge controller, inverter, etc. These batteries are charged during the daytime using the DC power generated by the SPV module. The battery/battery bank supplies power to loads during the night or non-sunny hours. An inverter is required to convert the DC power from the PV module or
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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

battery to AC power for operating the load. Some loads such as DC pumps do not require an inverter or even a battery bank.

3.4

Standards for SPV
Photovoltaic standards in India have been established by the Bureau of Indian Standards

(BIS). So far, there are eight standards prescribed by the BIS for SPV. These standards mainly relate to the areas listed below.       SPV terminology Measurements of cells and modules Methods of correcting the measurements Qualification test procedure for crystalline silicon modules General description of SPV power generating systems Parameters of stand-alone SPV systems

Standards are under preparation for BoS components such as batteries, inverters, and charge controllers. These standards are based mainly on the corresponding International Electro technical Commission (IEC) or European standards.

3.5
     

Advantages of SPV Systems
Abundant solar radiation is available in most parts of India. Hence, SPV systems can be used anywhere in the country. SPV systems are modular in nature. Hence, they can be expanded as desired and used for small and large applications. There are no running costs associated with SPV systems, as solar radiation is free. Electricity is generated by solar cells without noise. PV systems have no moving parts. Hence, they suffer no wear and tear. As most of the components of SPV systems are pre-fabricated, these systems can be installed quickly. Hence, PV projects have short gestation periods.
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The major advantages of using SPV systems are as follows.

Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

SPV modules have long-life, and require no maintenance. Only BoS components such as batteries and inverters require minor maintenance.

3.6

SPV Lighting Systems:
SPV lighting systems are becoming popular in both the rural and urban areas of the

country. In rural areas, SPV lighting systems are being used in the form of portable lanterns, home-lighting systems with one or more fixed lamps, and street-lighting systems. Applications in urban areas include glow-sign display systems on the streets, traffic signalling, message display systems based on light-emitting diodes (LEDs), and systems to illuminate advertisement hoardings.

3.6.1

Solar street lighting system: A solar street-lighting system (SLS) is an outdoor lighting unit used to illuminate a street

or an open area usually in villages. A CFL is fixed inside a luminary which is mounted on a pole. The PV module is placed at the top of the pole, and a battery is placed in a box at the base of the pole. The module is mounted facing south, so that it receives solar radiation throughout the day, without any shadow falling on it.

Figure 3.3: Solar Street Light

A typical street-lighting system consists of a PV module of 74 Wp capacity, a flooded lead–acid battery of 12 V, 75 AH capacity, and a CFL of 11 W rating. This system is designed to
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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

operate from dusk to dawn (that is, throughout the night). The CFL automatically lights up when the surroundings become dark and switches off around sunrise time. The cost of an SLS is about Rs 19 000. Variations in the cost are possible on account of local taxes, additional transportation costs, etc. The Ministry provides financial assistance for the promotion of some of the above solar lighting systems among eligible categories of users.

3.7

SPV power plants:
In an SPV power plant, electricity is centrally generated. This electricity is either made

available to users through a local grid in a „stand-alone‟ mode, or connected to the conventional power grid in a „grid-interactive‟ mode. Stand-alone power plants provide grid-quality power locally to people to meet their requirements for lighting and other needs. Power plants are preferred over individual SPV systems if a number of users are in close proximity. The cost of power may be of the order of Rs 15 per kWh for a grid-interactive power plant and higher for stand-alone power plant.

Figure 3.4: SPV Power Plant

3.7.1

Stand-alone SPV power plant: A stand-alone SPV power plant is typically designed for specific requirements. The

capacity of a stand-alone power plant varies from 1 kWp to 25 kWp, and in some cases even higher. These systems are used where conventional grid supply is not available, or is erratic or irregular. A stand-alone power plant functions like an uninterrupted power supply system (UPS)
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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

and provides a constant, stable, and reliable supply to the loads. These power plants can also be used in areas where grid supply is available; in such places the power plants operate like a hybrid power plant, working with grid, as well as with SPV. The capacity of its battery bank depends on user requirements. The most common use for such plants is the electrification of remote villages. Other uses include power for hospitals, hotels, communications equipment, railway stations, border outposts, etc., Stand-alone SPV power plants comprise PV array, battery bank, inverter, and charge controller. Depending on the system voltage, SPV modules are arranged in series and parallel combinations. The standard combinations are 2, 4, 6, 10, 20 or more modules. The corresponding system voltages are in the range of 24 to 240 V. The size of the battery bank is determined by the system voltage and ampere-hour requirements of the load. The inverter is selected based on the system voltage and peak-load capacities. Other components such as junction boxes, distribution boxes, and cables are selected according to the maximum amount of current to be handled by them. The cost of a stand-alone power plant depends on the PV array size, battery bank capacity, inverter, etc. The approximate cost of a standalone power plant is between Rs 3.00 lakhs and Rs 3.50 lakhs per kW of PV capacity. Distribution costs (such as in a village) may be extra.

3.8

Solar Generators
A solar generator is a small capacity, stand-alone SPV power system based on a PV

array, connected to a battery bank and an inverter of appropriate size. This system is designed to supply power to limited loads (such as lights and fans) for a period of two to three hours daily in situations such as conventional power failure or load-shedding. The MNES currently promotes four models of solar generators, with capacities of 150, 350, 450, and 600 Wp. These solar generators are mainly meant to replace the conventional small-capacity petrol-based generators that are used during routine load-shedding periods in urban areas by shops, clinics, and other small establishments. The components of a typical solar generator are a small SPV array connected to a battery bank of appropriate size and an inverter based on 12, 24, or 48 V. The system is designed to supply power to loads such as lights, fans, credit-card operating machines, and personal computers for a period of two to three hours. The cost of the four solar generator models promoted by the MNES varies from Rs 35 000 to Rs 145 000.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

3.9

Building-integrated PV Systems
In a building-integrated photovoltaic (BIPV) system, PV panels are integrated into the

roof or façade of a building. BIPV systems are becoming common in Europe, the USA, and Japan. The SPV panels generate electricity during the daytime, which is used to meet a part of the electrical energy needs of the building. BIPV systems have significant potential in India, where a large number of buildings are constructed every year for different purposes, and where energy consumption in buildings is growing at a rapid rate. Although the initial costs of a BIPV system are high, long-term savings result from a reduction in electricity consumption. India needs more experience in the field of BIPV technology. In order to encourage this application and to prepare manufacturers and users, the Ministry supports BIPV projects by meeting 80% of the cost of PV modules installed in the systems on government and semi government buildings.

3.10 SPV Pumping System
Water pumping is one of the most important applications of PV in India. An SPV water pump is a DC or AC, surface-mounted or submersible or floating pump that runs on power from an SPV array. The array is mounted on a suitable structure and placed in a shadow free open space with its modules facing south and inclined at local latitude. A typical SPV water-pumping system consists of an SPV array of 200–3000 Wp capacity, mounted on a tracking/non-tracking type of structure. The array is connected to a DC or AC pump of matching capacity that can be of s u r f a c e - m o u n t e d, submersible, or floating type. Interconnecting cables and electronics make up the rest of the system. SPV water pumps are used to draw water for irrigation as well as for drinking. The normal pumping heads are in the range of 10 metres (m) for irrigation, and 30 m for drinking water. It is possible to use pumps with even greater head, especially for drinking water supply. The SPV array converts sunlight into electricity and delivers it to run the motor and pump up water. The water can be stored in tanks for use during non-sunny hours, if necessary. For maximum power output from the SPV array, the structure on which it is mounted should track the sun. Electronic devices are used to do this in some models, thereby enabling the systems to operate at maximum power output. The power from the SPV array is directly delivered to the pump in the case of DC pumps.
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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

In the case of AC pumps, however, an inverter is used to convert the DC output of the array into AC. No storage batteries are used in an SPV pump. An SPV pump based on a onehorsepower motor can irrigate about 1–1.5 hectares of land under a variety of crops except paddy and sugar cane (assuming a 10-m water table). Using the same pump along with drip irrigation, it is possible to irrigate up to 6 hectares of land for certain crops. A two-horsepower SPV pump could irrigate about 2–3 hectares of land under many crops except paddy and sugar cane (again assuming a 10-m water table).

Figure 3.5: SPV pumping systems

The cost of an SPV pump depends on the capacity and type of pump. For example, a DC surface pump with a 900 W array may cost about Rs 150 000; a similar pump of 1800 W may cost about Rs 300 000; and an 1800 W AC submersible pump may cost about Rs 422 000.

3.11 Solar Energy in India
India lies in the sunny regions of the world. Most parts of India receive 4–7 kWh (kilowatt-hour) of solar radiation per square metre per day with 250–300 sunny days in a year. The highest annual radiation energy is received in western Rajasthan while the north-eastern region of the country receives the lowest annual radiation. Solar energy, experienced by us as heat and light, can be used through two routes: the thermal route uses the heat for water heating, cooking, drying, water purification, power generation, and other applications; the photovoltaic route converts the light in solar energy into electricity, which can then be used for a number of purposes such as lighting, pumping, communications, and power supply in un-electrified areas.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

Energy from the sun has many features, which make it an attractive and sustainable option: global distribution, pollution free nature, and the virtually inexhaustible supply.

Figure 3.6: Solar Radiation in India.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

CHAPTER 4

BIPV- BUILDING INTEGRATED PHOTOVOLTAIC SYSTEMS

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

CHAPTER -4

4.1

BIPV - Introduction

4.1.1 General terminology: “BIPV refers to photovoltaic systems integrated with an object's building phase. It means that they are built /constructed along with an object. They are also planned together with the object. Yet, they could be built later on. Due to specific task, cooperation of many different experts, such as architects, civil engineers and PV system designers, is necessary.” 4.1.2 Expert’s terminology: “Building Integrated Photovoltaic (BIPV) refers to the architectural, structural and aesthetic integration of photovoltaic (PV) materials into buildings. They form part of the building exterior such as the roof, façade or skylight.” They are usually used for off grid micro-generation for buildings, although on-grid applications can also be found. BIPV can be integrated into the building at the time of construction as well as it can be added once the building has been prepared. These two approaches are respectively known as fresh fit and retrofit. The former that is the fresh fit is usually more preferred due to cost savings in labour and materials. Additionally, this method also allows for greater aesthetic planning, allowing the solar modules to blend in better with the structure. The above definition gives a fair idea about BIPV stating that its an integration to the building but its not simply the similar kind of integration just because of the orientation of the sun which is the ultimate focus of the whole BIPV system, thus it is necessary to place the components of BIPV system keeping in mind the peak intensity of the solar radiation. Keeping in mind the above fundamental, there are a number of building integrated photovoltaic system are in use so as to capture the maximum of the solar radiation throughout the year, thus in the section given below we will discuss about the various types of BIPV system.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

4.2

Types of BIPV system

We have classified BIPV into the following four types: 1. 2. 3. 4. Roof integrated systems Facade integrated systems Retrofit roof or facade systems PV used as a shading system – either built with the building or retrofit.

Description of all the above four techniques are as given below: 4.2.1 Roof integrated systems: The roof integrated BIPV system which is the integration of the panels into the roof of the building serves two purposes, first as a roof and secondly as an electricity generator. It replaces the conventional roof while allowing the natural sunlight to filter through. As a roof, the BIPV serves as structural and weather condition requirements by providing structural strength and stability; it protects against the damages like chemical and mechanical damage; preventing against fires; protecting against rain, sun, wind, and moisture; it allows heat absorption and heat storage; controls the diffusion of light, etc. In addition to these features it serves as an electricity generator through meeting part of the electrical load requirements of the building. The BIPV modules for roofs (which are based on crystalline technology) are available in the three forms. Although the detail about the module is being covered in the technical analysis chapter but readers are advised to once go through it because it is appropriate to describe this here.   Single glass element: Here the solar cells are laminated on a single glass with transparent encapsulation that allows light to pass through space between cells. Double glass element: In this case, the solar cells are sandwiched between two glasses with transparent encapsulation; this encapsulation reduces heat losses from indoor building spaces.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

Double glazing element, in which a third glass is fixed at the bottom of the double glass element, with vacuum in between the second and the third glass to reduce heat losses.

Figure 4.1: Flat rooftop 4.2.2 Facade mounting:

Figure 4.2: Sloped rooftop

The word façade comes from the French language, literally meaning "frontage" or "face". A façade is generally one side of the exterior of a building, especially the front, but also sometimes the sides and rear. In case of façade integrated system, PV in integrated once the building is constructed. PV is usually integrated into the south façade, for maximum utilization. Module comes in different colour so adding more flexibility to the architects as far as the aesthetic view is concerned. The typical BIPV façade is vertical, and integrated with clear glazing and semi-transparent PV modules. However, vertically oriented PV panels produce less electricity as compare to the solar panels slanting towards the sun. The reduction is greatest in the summer when the sun is high up. So facades can be sloped in to a saw tooth design top absorb maximum solar energy. Semi transparent glazing does not allow direct sunlight to enter the building, thus reducing cooling loads and glare. Opaque PV material can be used in building structural members. Integrated façade system requires a high degree of refinement to get sufficient cooling of the modules. In architecture, the facade of a building is often the most important from a design
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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

standpoint, as it sets the tone for the rest of the building. Many facades are historic, and local zoning regulations or other laws greatly restrict or even forbid their alteration.

Figure 4.3: Facade mounting The low powered systems of up to some 10 kW are usually integrated into the south facade. Facade integrated photovoltaic systems could consist of different transparent module types, such as:   Crystalline PV modules Micro-perforated amorphous transparent modules. In such case a part of natural light is transferred into the building through the modules. Solar cells are available in different colours; therefore, there is no limitation for imagination of the architect or the designer. We can say that such constructed buildings give the term architecture a completely new meaning. The best results and efficiency can be reached with systems, which are tightly integrated into the passive solar buildings; however, the use of active solar systems is an additional possibility. This is where the modules are partially transmitting allowing natural light to penetrate the building. Undoubtedly, such systems challenge even the best of architects. High level of expertise is required for successful BIPV systems planning, not only in regard to architecture, but also to civil and photovoltaic engineering. The projects realized in the past show that a successful BIPV system designing is based heavily on technical experience and

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

knowledge. Poorly designed systems usually have to be redesigned or repaired later, consequently swelling maintenance costs and lowering system efficiency rate. Inside the BIPV system, photovoltaic (PV) panels are integrated into some of the building components, such as glass plates on curtain wall glass system, window shades, skylight systems, etc. They functioned as normal parts of a building and at the same time generate electricity.

4.3
used.

Market Segmentation of BIPV system:

Market segmentation describes about the four types of building where BIPV system in mostly

1. Residential buildings – These mainly use roof integrated systems. Cost is a major concern for this segment, with the focus being on lower RoI time and increased efficiency. The residential buildings that we are considering for the analysis are single dwelling, attached and multi unit house buildings. 2. Commercial buildings – These are large BIPV systems used by major companies and organisations where they feel that it is more cost effective in the long term than conventional power sources. This is usually done in parts of Europe where there is a large support policy for BIPV. 3. Industrial buildings - since industrial buildings are large in area and hence if we can even prove BIPV in one such building then this could be an initiative towards the grand success of BIPV in industrial buildings. 4. Government and PSU buildings: Its is a difficult task to convince customer without showing the practical viability of the similar kind of the projects thus if BIPV is first being proved to the government buildings then it could serve as a showcase for all the BIPV customers.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

4.4
Factor

Global & Indian Scenario
Japan Germany Italy Spain India US

Solar isolation Installed PV Feed-in tariff (Euro/kwp)

~1051 kWh/kWp/yr 1919MW

~950 kWh/kWp/yr 3862MW

~1000-1500 kWh/kWp/yr 120.2MW

~1300 kWh/kWp/yr 655MW

~1700-2500 kWh/kWp/yr 112MW

~1000-2100 kWh/kWp/yr 830.5MW

-

0.32 to 0.43 (Depending on capacity)

0.44 to 0.49

0.32 to 0.34

0.23 maximum

$0.39/kWh(>1 00kWh) $2.50/Wp $0.39/kWh (<100kWh) or

Subsidies

50% system installation cost,

of

Subsidized loan at 5.2% fixed for 5 or 10 yrs upto 20 yrs

-

-

50% of costs for modules of 5 kWp maximum, at Rs. 200,000/kWp, 50% of cost for modules of 1 kWp maximum capped at Rs. 100,000/kWp

$2.50/Wp (for residential purpose), $3.25/Wp for govt Based on PBI(performa nce index)& EPBB(Expect ed PerformanceBased Down) Buybased

33% for local govt

Tax credits

3-year property tax credit PV with system

NO

55% Only for solar thermal

4% (2009) on total capacity installed

100% credits

tax on

10% tax credit after 2008

installations

=>100kW

Table 4.1: Country wise Comparison of BIPV system Source: Solar global report card.2008

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

4.4.1 

Indian scenario: Installed PV Capacity:     Cumulative installed as of September 2007: 112 MW2 (97.3% off-grid) Cumulative installed end 2006: ~100MW (98% off-grid) Cumulative installations growth rate: 2005-2006: +16.3% 2006-2007: +12% Annual installations growth rate 2006-2007: -14%

State-level feed-in tariffs:    Punjab: ~Rs 8.93/kWh NSRE policy West Bengal: Rs 11/kWh Haryana: ~Rs 15.75/kWh

Direct Capital Subsidies:   Building Integrated PV systems: 50% of costs for modules of 5 kWp maximum, capped at Rs. 200,000/kWp (US$ 4,860). Solar power packs‟: 50% of cost for modules of 1 kWp maximum capped at Rs. 100,000/kWp (US$ 2,430).

Tax Credits:     80% accelerated depreciation in the first year for grid-connected systems. Not available in conjunction with the Generation Based Incentive. No cap. Ten consecutive-year tax exemption on income from sale of electricity within 15 years of setting up of the project. Import duty exemptions

Subsidized Loans: IREDA may provide loans at 9-10%. Source: Global solar report card, 2008

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4.5

Technical Analysis

4.5.1 Installation of BIPV & Component details:  Installation Of BIPV

As the title indicates, this part of the report gives a fair detail to the layman about how to install BIPV system and what are the basic components of the BIPV system  How to install a BIPV system:

To install BIPV in newly constructing house or to the home already constructed the very first thing we need to decide that whether we need to fulfill all our electricity requirements by solar BIPV or to utilize BIPV as a substitute to the presently used conventional electricity. Once we have decided this, the very second step is to decide the capacity being installed accordingly, it needs a little knowledge of electrical terminologies otherwise we require to take the help of a consultant or directly the BIPV installers to calculate it. Let‟s understand how to calculate the household power capacity required.  Step-1: Calculate daily power used:

Method 1: To do this, take the last 12 monthly power bills and calculate the average kilowatt hour (kWh) usage per month. The reason we use 12 is because our power consumption fluctuates with the seasons. Then divide the monthly usage by 30 (the average number of days in a month, to get the daily power used. So for example: If the monthly power consumption of 800 kWh (which is generally in a double story upper class 4 bhk house), then the daily consumption is 800/30= 26.7 kWh per day. Now if we want to halve the power bill then you need to produce 26.7 / 2 = 13.4 kWh of solar panel watt power per day.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

Method 2: If we don‟t have the electricity bill then there is a way to calculate the power consumption by means of the electrical appliances used. All it needs to know is the capacity, hours of use and the hours of use per day of these equipments. Some of these appliances with all the details are as given below: Sr Equipment no 1 2 3 4 Tube-light Bulb Air-conditioner Fan 5-10 watts(taking 10w) 60 watts 1000 watts 10-50 30w) 5 6 Computer Television Total 370 watts 100 watts 1 1 8 hrs/day 2hrs/day 1080400 watt 73000 watt 3147800 watt = 3147.80 kw Table 4.2: Calculation of the per year consumption with the listed equipments Source: Power consumption of equipments is taken from www.absak.com Power consumption per year = 3147.80 kWh (from table 3.1) Power consumption per day = 3147.80/365 = 8.62 kWh Power consumption per hour = 7.66/24 = 0.359 kW  watts 5 5 1 (taking 4 Capacity Number Hours of Consumption use/day 8hrs/day 4 hrs/day 4hrs/day 8hrs /year 146000 watt 438000 watt 1060000 watt 350400 watt

Step 2 - Calculate total solar panel watt needs: To do this, first determine how many usable hours of sunlight the area receives per day.

This is taken from a solar insulation map. For example sunshine hour per year in India = from 2300 to 3200 = 2750 (average) Thus average sunshine hours per day = 2750/365= 7.5 hours per day
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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

Now we know the daily sunlight hours (i.e. 7.5 hours) and we have calculated per hour power consumption in Step1 (i.e. 13.4 kWh from method 1), thus if we divide the per hour power consumption by total sunshine hours in a day then we will get the power capacity required. This is calculated below:13.4 KWh / 7.5hrs = 1.78 kW or 1780 Watts

Thus 1.78kW is the power that we require for our house but since there are some energy losses from the solar panel watt wiring, battery, and inverter which is approximately 25% thus to get the desired power we need to install system which is capable of generating 1.78kW power with 25% energy losses. Thus the system would be 125% of the desired power. Hence solar panel capacity should be: 1780*1.25 = 2225 watts Now we are able to calculate the BIPV capacity that the house will require. After knowing this we need to calculate the cost of the BIPV system which requires the financial analysis of the 2.234 kW BIPV system which is being detailed out in a topic named financial analysis. For a fair idea the general cost for a 2kW BIPV system could be around 8 lakhs with major of the cost required for PV module.  Step 3 - Calculate solar panel watt costs This step will help to work out the cost of the solar panels needed to make 2234 Watts of power. At the moment the lowest cost for solar panels based on multi-crystalline technology is Rs. 180 from the Indian manufacturer. Since PV modules participate generally around 68% of the total cost of the BIPV system thus we can arrive at a rough estimate of the total BIPV cost that we are going to install. The detailed analysis of all these components and their financial part is described in the further part of the report - In our example: It will cost us at the most 2234 x Rs.180 = Rs. 4, 02,120 to install solar panels to halve our power bill.
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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

Since this forms only around 68% of the system cost, thus the total system cost could be = Rs. 5, 91,352.9 which comes around Rs. 264.7/watt. General cost breakup component-wise:       Module: 68% Inverter: 11% Support structure: 7% Mechanical work: 6% Electrical work: 5% Quality control: 3%

Source: ENVISION consulting report  Step 4 - Offset tax credits and rebates We need to take tax incentives and rebates in account which we get from the government and thus we need to deduct that from the initial amount. With the BIPV installation subsidy of subsidy of 50% of module cost maximum up to Rs. 2, 00, 000. Hence 50% of module cost= 50% of Rs. 4, 02,120= Rs. 2, 01,060 would be paid by the government. Source: MNRE website Thus the price reduces to Rs. 5, 91,352.9 - Rs. 2, 01,060 = Rs. 3, 90,293 i.e. Rs. 174.7/watt Since there are many factors that go into calculating the solar panel watt costs, please only these steps as a rough estimate The above are the general steps which give a layman a fair idea on deciding whether to install BIPV system in the house or not.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

4.6

Components of BIPV System
As we discussed earlier, A BIPV system typically have 4 basic components named as PV

module, inverters, battery and BOS (balance of system). Given below we have discussed the description, technical and electronic details and some other information of all these components.  PV module: In the terms of photovoltaic, a photovoltaic module or photovoltaic panel is a packaged interconnected assembly of photovoltaic cells, also known as solar cells.. An installation of photovoltaic modules or panels is known as a photovoltaic array. Photovoltaic cells typically require protection from the environment. For cost and practicality reasons a number of cells are connected electrically and packaged in a photovoltaic module, while a collection of these modules that are mechanically fastened together, wired, and designed to be a field-installable unit, sometimes with a glass covering and a frame and backing made of metal, plastic or fiberglass, are known as a photovoltaic panel or simply solar panel.

Figure 4.4: Process of PV lamination While describing about the PV module the very common term being used is Photovoltaic cells known as PV cells or solar cells. Thus as mentioned below we have described about what is PV cell.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

Solar PV technologies used in BIPV

Crystalline silicon solar cells

Thin film solar cells

Mono crystalline PV modules

Poly crystalline PV modules

Amorphous silicon PV modules

Cadmium telluride PV modules

Copper indium diselenide PV PV modules

Figure 4.5: Types of PV modules Module and cell efficiency: Technology A-SI Cell efficiency Module efficiency Area neededPer KW(for modules) CdTe Thin films CI(G)S A-si/µSi Crystalline silicon mono multi 16-22% 4-7% 8-10% 7-11% 6-8% 2-4% 13-19% 12-15% 14-16%

Dye s. cells

~15m2

~11m2

~10m2

~12m2

~7m2

~8m2

Table 4.3: Efficiencies of various cells and modules Source: EPIA report of September 2008

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

Lowest Prices PV Module ($/Wp): Crystalline silicon (mono) A-si thin film CdTe thin film C(I)GS A-si/µSi Dye s. cells $2.9/watt(DM solar) $1.85/watt (Aten solar) $1.5/watt (first solar) $6/watt(global solar) Table 4.4 lowest prices of various PV modules Photovoltaic cells are one of the most basic components of solar energy production. A solar cell or photovoltaic cell is a device that converts sunlight directly into electricity by the photovoltaic effect. Sometimes the term solar cell is used for devices that are intended specifically to capture energy from sunlight, while the term photovoltaic cell is used when the light source is unspecified. Assemblies of cells are used to make solar panels, solar modules, or photovoltaic arrays. Photovoltaic is the field of technology and research related to the application of solar cells in producing electricity for practical use. The energy generated this way is an example of solar energy (also called solar power).  Solar inverter:

A solar inverter is a type of electrical inverter that is made to change the direct current (DC) electricity from a photovoltaic array into alternating current (AC) for use with home appliances and possibly a utility grid. Solar inverters may be classified into three broad types:

Stand-alone inverters: used in isolated systems where the inverter draws its DC energy from batteries charged by photovoltaic arrays and/or other sources, such as wind turbines, hydro turbines, or engine generators.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

Grid-tie inverters: which match phase with a utility-supplied sine wave. Grid-tie inverters are designed to shut down automatically upon loss of utility supply, for safety reasons. They do not provide backup power during utility outages.

Battery backup inverters: These are special inverters which are designed to draw energy from a battery, manage the battery charge via an onboard charger, and export excess energy to the utility grid. These inverters are capable of supplying AC energy to selected loads during a utility outage, and are required to have anti-islanding protection.

Battery: A battery is an electric storage device, which can be found in any number of shapes,

sizes, voltages and capacities. When two conducting materials (often-dissimilar metals) are immersed in a solution, an electrical potential will exist between them. If connected together through a closed circuit, a current will flow. Batteries can be connected in series to achieve whatever voltage is required (add the number of 2 volt cells), and in parallel to achieve the capacity required (add the capacities of each parallel battery or string of batteries). For larger systems, a number of series of strings may be connected in parallel with each other. This achieves both a higher voltage and capacity. Series Wiring refers to connecting batteries to increase volts, but not amps. If you have two 6 volt batteries like the Trojan L16 rated at 350 amp hours, for example, by connecting the positive terminal of one battery to the negative terminal of the other, then you have series wired the two together. In this case, you now have a 12 volt battery and the rated 350 amps do not change. If you were to series wire four L16's you'd have 24 volts at 350 amps, and so on. Parallel wiring refers to connecting batteries to increase amps, but not volts. If you have two 6 volt batteries like the Trojan L16 rated at 350 amp hours, for example, by connecting the

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

positive terminal of one battery to the positive terminal of the other, and the same with the negative terminal, then you have parallel wired the two together.

Batteries in parallel

Batteries in series

Batteries in series & parallel

Fig 4.6: Series and parallel connection of solar batteries  Charge controller: Charge controllers, which protect battery from over charging and/or excessive discharge, are the essential component of Solar PV system.

Figure 4.7: Charge Controllers A solar charge controller (or solar regulator) is an essential component of most solar charging systems over 10W. A charge controller protects your battery from overcharging and protects your panel from reverse current flow.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

Components of solar charge controllers:  TCB – PV combiner box  Power Meters  Battery Cables  Ground Fault Protection  Fuse Blocks & Fuses

Different types of charge controllers:    Controller up to 10 A Controller up to 30 A Dual solar controllers 24 V solar controller

Charge controllers are sold to consumers as separate devices, often in conjunction with solar or wind power generators, for uses such as RV, boat, and off-the-grid home battery storage systems. In solar applications, charge controllers may also be called solar regulators. Types of charge controllers: 1. Series charge controller 2. Shunt charge controller A series charge controller or series regulator disables further current flow into batteries when they are full. A shunt charge controller or shunt regulator diverts excess electricity to an auxiliary or "shunt" load, such as an electric water heater, when batteries are full. Simple charge controllers stop charging a battery when they exceed a set high voltage level, and re-enable charging when battery voltage drops back below that level.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

Company Sunglow Energy Ltd. Tata BP solar NYX Solar-Apps

Products/Services BIPV, solar power plants, hybrid energy, windfarms , biofuels BIPV components Switchable glass, BIPV, e glass, led glass, speciality glass Marketing, sales, distribution, solar, module, light, logistics, technology, manufacturing, road studs, street light, BIPV, thin film, licensing

PV

Power Solar panel, photovoltaic modules, BIPV

Technologies Pvt Ltd Solar boards, solar system, hand water pumps, solar pumps, solar led light kit, advertising and promotional material, Inventure overseas inc balloons, inflatable, led lamps, water heaters, solar hoardings, bands, solar ups, water pumps, solar display box, solar for security Alpex Exports Pvt Ltd Solar Panels, BIPV Solar Panels, Photovoltaic Table 4.5 List of BIPV suppliers in India Sources: Websites of the above mentioned companies  Metering  Net meter:

Net meter is a single meter which is used to measure in- and out-flow; the customer automatically receives compensation from the utility for any excess electricity produced at the full retail electricity rate. Net metering is an electricity policy for consumers who own (generally small) renewable energy facilities, such as wind, solar power or home fuel cells. "Net", in this context, is used in the sense of meaning "what remains after deductions.  Dual meter:

Without net meter, a small-solar system owner would be required to use two electric meters--one to measure electricity consumed from the grid, and the other, installed at the customer‟s expense, to measure any extra electricity sent back to the grid when the PV system produces more than needed.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

4.7

Positioning of Panels
The direction and angle that the panel faces can have a big impact on its performance by

affecting the amount of light that hits the panel each day through the year. Some solar panels move continuously to track the sun but most will not go to the expense and difficulty of implementing that. To get it right we have to make sure that the panels get hit by the maximum amount of light. This happens when the sun is directly above the panel.

Figure 4.8: Ideal positioning of the solar panels

As you can see from above, the angle that the sun hits a panel changes the amount of exposure. At 30 degrees from the panel, the panel is only exposed to 50% of the light of the sun, at 60 degrees, 87% and at 90 degrees, 100%. This happens because the sun emits the same number of photons in a square cm, but once we put our panels on an angle, those photons are spread across a larger area. As we all know, at different times of the day the sun moves through the sky and so any stationary panels get exposed to different angles, so what is directly above at one time of the day will not be at the next. What you might not know through is when the sun it at its highest it is not necessarily straight up, but may be off by an angle. And that angle is different at different times of the year and different at different latitudes. This angle is to the south in the northern hemisphere and the north in the southern hemisphere.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

Figure 4.9: Movement of sun during the seasons So we need to take all of this into account. Luckily what is good for your neighbor (aka your rough latitude), is good for you too. So below is a table that will show you what angles to have your panels on, at different latitudes, at different times of the year. 4.7.1 Solar panel calculator: The benefits of this calculator over the above data is that it gives the solar zenith angle by means of which we can calculate that what should be the ideal angle of our panel with respect to the perpendicular position from the earth so as to get the optimum amount of efficiency from the solar panels. The only thing you need to know is the latitude, longitude, pressure and temperature of your city which is easily available from the internet. Thus by means of the solar panel calculator one can calculate the angle with which the panel needs to be set every second of the minute of the hour to get the maximum amount of efficiency but since it is not possible to change your panel position every single second thus one can calculate it once in a week or simply for a month.Given below is a sample for the Bangalore city showing the solar zenith angle and other details. The entry is based on the following assumption: Latitude of Bangalore city - 12° 58' N
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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

Longitude of Bangalore city - 77° 38' E Data about Bangalore conditions as on 17 June 2009 (Time 1:05 minutes 15 seconds): Pressure (mB) Temperature (C) 29.85 inches / 1011 mB Hi:81°F/27°C Lo: 68°F / 20°C

Interface of the solar calculator:

Solar Position Calculator Results:

Figure 4.10: solar panel calculator interface showing the details for Bangalore city Reference: http://solardat.uoregon.edu/SolarPositionCalculator.html By clicking in the above link we can calculate the solar zenith for any specified area by giving the latitude, longitude and some other useful details as asked in the calculator interface.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

Solar zenith angle: The angle between the local zenith and the line of sight to the sun. If: point A = the ground site (where you are); point Z = any point directly above point A (The zenith); point B = the sun; then the solar zenith angle = the angle ZAB.

Figure 4.11: showing solar zenith angle Since we know that the peak efficiency from the sun can be achieved if the position of the solar panel is forming 90º with the sun. Now, once we know about the solar zenith angle at different times of the year, we can manipulate the rotation of the PV module so as to form the 90 º so as to get the peak efficiency of the modules throughout the year. For example if the solar zenith angle comes to be 66.72º then we need to place the solar panel by 23.28º from the vertical position to the earth.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

CHAPTER 5

PROJECT DETAILS

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

CHAPTER - 5

5.1

Objective:
To provide alternative solar energy solutions for domestic, industrial and commercial

establishments, in order to mitigate the energy problems in backward villages of the state. To develop and deploy village specific electricity generation system and package based on Solar Technology/ Solar Wind Hybrid Technology.

5.2

Introduction
During 2006-07, the Government of India notified „The Rural Electrification Policy‟,

which lay down the broad framework for rural electrification programs in the country. The Rural Electrification Policy has laid down that in “villages/habitations where grid connectivity would not be feasible or not cost effective, off-grid solutions based on stand-alone systems may be taken up for supply of electricity. Solar stand alone is one such system. India receives solar energy equivalent to over 5,000 trillion kWh per year. The daily average solar energy incident varies from 4 -7 kWh per square meter depending upon the location. The annual average global solar radiation on horizontal surface, incident over India is about 5.5 kWh per square meter per day. There are about 300 clear sunny days in most parts of the country. Karnataka is ideally suited for exploiting the solar potential for electrification with the available technology.

5.3

Remote Village Electrification Programme
The Remote Village Electrification Programme of the Ministry was initiated for

electrification through renewable energy sources of those un-electrified remote census villages and remote un-electrified hamlets of electrified census villages where grid connectivity is either not feasible or not cost effective. The RVE Programme has also been suitably adapted with the rural electrification policy.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

The government of Karnataka desires to implement the application of solar technology to provide rural energy solutions. The meeting held on 15.01.2009 and in this regard, presided by Hon‟ble RDPR minister, Government of Karnataka, Miss. Shobha karandlaje deliberated the matter in detail. The following were the resolutions.    The Solar system application to be implemented in identified cluster villages of the 39 most backward Talukas of the state as per Dr. D.M Nanjundappa Committee Report. Target is to cover villages with minimum of 100 households and above and to cover a minimum of 100 village clusters during the current financial year 2009-10. Solar Technology applications to be implemented in a comprehensive manner for solutions in following areas. i. Domestic Home Lighting ii. Street lights in village/panchayats limits iii. Heating applications iv. Drinking water purification with special emphasis on deflourination. v. Applications in milk pasteurization plants at village/hobli levels. vi. Shallow well irrigation pumps for agriculture. vii. Irrigation pumps in lift irrigation schemes. viii. Any other.    The solar technology to be inconformity with MNRE GOI, standards/ specifications. The technology provider to indicate the rate at which Kwh or unit of power can be made available. The Solar technology providers to identify cluster of villages/where in they can execute and may come out with RFQs on annuity basis; while taking full responsibility of installation, maintenance and reliable functioning of the technology provided by them on a sustainable basis.  KREDL/ RDPR respective Zilla Panchayats (Taluka Panchayats / Gram panchayats) and respective implementation departments in district level will work in close coordination.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

5.4

Guidelines for Preparation of Proposals:
 Eligible Projects & Eligibility Criterion: Stand alone individual village based or decentralized solar power generation and

distribution facilities including solar wind hybrid systems for a village cluster in the 39 most backward Talukas identified by the Dr D M Nanjundappa Committee (Annexure-3).There may be around 3900 Villages, per Taluka@ 90 to 100 villages.

The Rural Solar Power generation and Supply Projects will be undertaken on Build Own and Operate basis. The projects should be owned by the solar technology provider with the responsibility for overall operation / management resting with them for a period of initial 10 years.

The capital cost would have to be mobilized by the solar energy technology provider from the user fee to be collected on monthly basis as annuity over a period of 10 years after deducting the MNRE incentive if any considered. The Technology provider will be eligible for MNRE incentives as per norms.  Technical Performance Optimization:

With a view to encourage technology development and reduction in the cost of the project developers are expected to utilize the state of the art technology to set up the projects. They are expected to use large capacity and higher power output PV / Thermal modules available for the specific technology used in setting up the power projects. Qualification of PV modules, to be used in grid interactive power plants, in accordance the standards issued by BIS or IEC 61215 certification or other international Certification on qualification of PV modules will be necessary.. The electronics, cables, controls, structures etc. must qualify to latest BIS or International standards which are acceptable to utilities and which fulfill all safety norms for grid/off grid power projects. The Solar PV/Thermal power project developers will provide a copy of the test certificate(s)/ report(s) latest with the proposals.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

The PV /Thermal power project technology providers are required to optimize generation of electricity in terms of kWh generated per MWp of PV/thermal capacity installed vis-à-vis available solar radiation at the site (may be obtained through use of efficient electronics, lower cable losses, maximization of power transfer from the modules to electronics and the grid, maximization of power generation by enhancing incident radiation by optional methods like seasonally changing tilt angles etc).

PV power project developers will be required to maintain and provide to KREDL technical information on daily solar radiation availability, hours of sunshine, duration of plant operation and the quantum of power fed to the grid. The project developer will install suitable instruments, meters and data loggers for this purpose. This information will be provided at the time of commissioning. This will help in estimation of generation in kWh per MWp PV array capacity installed at the site.

Identification of villages / hamlets:

Identification of suitable villages / hamlets, which have a conducive environment for implementation of such Rural Solar energy Projects is critical. The village / hamlet identified should be backward /remote, and may include a tribal or forest-fringe village / hamlet. A cohesive and progressive social structure is also an important requirement. The village / hamlet should have a minimum of 100 and maximum of 500 households and should be identified in consultation with ZP TP GP and rural development departments / agencies.

Preparation of a Village Energy Plan:

A Village Energy Plan will have to be prepared, with active and full participation of the village community. An assessment of the total energy demand should be made. The minimum energy services to be provided for in any project should include requirements.

Based on the total energy requirements production system would have to be configured and latest Solar Technology Solutions offered.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

Formation of a Village Energy Committee:

Full participation of the village community should be secured from inception. The constitution of a Village Energy Committee should be through the Gram Sabha and got duly notified by the Gram Panchayat as a Sub-Committee or Standing Committee of the Gram Panchayat as per the relevant provisions of the Panchayati Raj Act and rules in this regard. Care should be taken that the elected Panchayat member/s from that village are ex-officio members of the VEC. The respective Zilla Panchayat should actively co-ordinate the formation of VECs.  Creation of a Village Energy Fund: A Village Energy Fund should be got created under the provisions of the Panchayati Raj Act, initially with nominal beneficiary contributions of Rs 200 per household for sustained operation and management of the project. Subsequent monthly / annual user charges would have to be deposited in this account. Grants from other Government programmes such as rural development, tribal development, etc., if available, should be placed in this account. The Fund should be managed by the Village Energy Committee with two signatories nominated by the Committee. One of the signatories would be the Gram Panchayat member who is the ex-officio member on the Committee. A separate capital account should also be got created, for receipts towards supply and installation of the energy production units. This Capital Account would also be operated by the VEC in accordance with the same procedure of joint signature and maintenance of accounts, which govern the Village Energy Fund. Both the VEF and the Capital Account of the VEC, being the accounts of the Gram Panchayat under the provisions of the law, would be subject to the processes of accounts maintenance and audit that apply to the Gram Panchayat. Expenditure of funds by the VEC should be disclosed to the Gram Panchayat at its monthly meeting as prescribed under the Panchayati Raj Act and Rules. VEC, being a SubCommittee of a Standing Committee of the Gram Panchayat would also be under obligation to disclose information in accordance with the Right to Information legislation. It will also be authorized to submit the Utilisation Certificate to the Gram Panchayat, which in turn will submit the Utilisation Certificate to the agency concerned at the district level.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

 Guidelines for Implementation of The Rural Solar Energy Projects: The projects would be undertaken by the solar technology providers duly facilitated by implementing agencies such as Grama Panchayats, Taluka Panchayats and Zilla Panchayats, NGOs, entrepreneurs, franchises, co-operatives, etc. An implementing agency would forward the proposals for the projects to the RDPR through the KREDL.

The proposals should, inter-alia, include the following information:-

1. Village Energy Plan 2. Confirmation about setting up of Village Energy Committee 3. Creation of Village Energy Fund 4. Implementation modalities and Technology 5. O&M arrangements - Phase - I, 10 Years and phase –II, 11 to 20 years (20 years). 6. Per unit energy cost to be supplied on a sustainable basis - Phase-I, 10 Years phase –II, 11 to 20 years on a yearly basis. 7. Commitment about capital cost and funds for operation and management - Phase - I, 10 Years and phase –II, 11 to 20 years 8. Recovery pattern from village energy users per energy unit on monthly basis. 9. Plan for Training village community. 10. Minimum hours of supply / day on sustainable basis and

The projects should be owned by the solar technology provider with the responsibility for overall operation / management resting with them for a period of initial 20 years/ extendable. During this period, the implementing agency would train local youth in the operation and management of the unit. After this period, the responsibility of operation / management should be undertaken by the Village Energy Committee. The District Advisory Committees on Renewable Energy with the Deputy Commissioners as the Chairman, CEO ZP as MemberSecretary and comprising district-level functional heads and prominent citizens should be involved in the implementation of the projects. The KREDL would have to closely monitor the implementation of the projects. The Zilla Panchayath will provide monthly progress reports to

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

the RDPR and KREDL until commissioning. Thereafter, they should forward quarterly reports on performance and other feedback to the RDPR and KREDL  Implementation mode: The following sequence of activities will be adopted for implementation of projects:   

Notification by the state Government for the Rural Solar Technology Programme in Cluster villages of 39 most backward Talukas. Submission of proposals to the Government on Village/cluster of Villages basis in the 39 most backward Talukas. Preparation of Detailed Project Reports by the Solar technology Providing agency as per the enclosed format for the villages/hamlets to be taken up for electrification under the Programme;

Preparation of the plan for sustained operation of the projects O&M including the revenue model/user fee collection proposed; and coordination with the village level bodies for actual implementation the project.

  

Approval of the DPRs and the proposals by the Government. Implementation of the project. Certification by the authorized villages/district level officials/bodies as per the requirements of the National Rural Electrification Policies.

5.5

Financial Assistance Guidelines
The capital cost would have to be mobilized by the solar energy technology provider and

the Rural Solar Energy Project to be operational. Solar energy technology provider will subsequently recover the costs from the user fee to be collected on monthly basis as annuity over a period of 10 years after deducting the MNRE incentives that may be passed on to the solar energy technology provider as per rules. Release of the State Financial Assistance (SFA) towards the capital cost will be into the designated capital account of the Village Energy Committee as per the following pattern:-

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

Initial and full release of state financial assistance along with the 10% solar energy production system configured based on the total energy requirements with due formation of VEC and latest Solar Technology Solutions offered indicating the supply cost /rate per unit in the DPR against work order with agreement execution.

The operation, maintenance and management costs would have to be met through user charges for the energy services technology provider. However, if it becomes critical for the sustainability of the project, financial assistance towards operation, maintenance and management costs will be provided. Evidence of serious efforts made to recover user charges would have to be provided. Service charges @10% for monitoring, evaluation and reporting feedback on performance. Funds for awareness creation, training, seminars, workshops, etc. will be provided on merit on case by case basis. Service charges released to the KREDL after completion of the project. Certificate of a project having been successfully implemented and made operational, as per the Sanction Order, shall have to be provided by the State Nodal Agency KREDL, after obtaining the same from the Village Energy Committee..

5.6

Monitoring:
The Rural Solar Power Project Technology Providers will install suitable instruments and

make adequate arrangements to monitor the performance and ensure satisfactory operation to supply rural energy needs on a sustained basis.

KREDL will make suitable arrangements to monitor the progress and performance of the Rural Solar Power Project. The KREDL may also visit the project site and provide their feedback and recommendation to RDPR/Government. All Rural Solar Power Projects will be open to inspection by the officials from the Government and any independent organization appointed by the Government for performance monitoring. The KREDL may also undertake field evaluation studies for any of the Rural Solar Power Projects through professional and independent organizations.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

Progress Report: The project developers of all approved projects will be required to submit annual

progress report about the project and the annual report of the company, which has set up and own the rural solar power project plant.

5.7
  

General Terms and Conditions:
Mere submission of application/proposal would not mean approval of government to any of the project. The government may through KREDL or through hired experts, get the performance of the approved project appraised, for its operations as per stated conditions. The government may also designate outside consultants/institutions for monitoring the performance after commissioning. The technology provider will undertake as a precondition to provide all necessary assistance and data to the authorized consultant.   The technology provider will be required to provide data on performance of the project on quarterly basis to the concerned ZP/TP/GP and also to KREDL. The technology provider will have to submit the operating and design data for a period up to 5 years after commissioning and the government /KREDL may use it in whatever manner deemed necessary for promotion of the programme and fulfillment of the objectives.  The government /KREDL will have right to publish case studies/success stories/articles technical papers on the performance of the project, wherein due acknowledgement to the technology provider will be given.    The achievements made during the course of the project will be covered photographically/electronically and sent to the ZP/TP/GP/KREDL. The technology provider will display a notice board at a prominent place at the project site to the effect that the project is a pilot project for Rural Solar Technology. The award of the project by the Government/ KREDL/ ZP/TP/GP will not make it a party to any liability which may arise on account of operation of the project such as accidental injury to human or livestock, damage of any property or surroundings etc.
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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

5.8

Relevant extracts from the National Rural Electrification Policies, 2006
Goals include provision of access to electricity to all households by the year 2009, quality

and reliable power supply at reasonable rates, and minimum lifeline consumption of 1 unit/household/day as a merit good by year 2012. For villages/habitations where grid connectivity would not be feasible or not cost effective, off-grid solutions based on stand-alone systems may be taken up for supply of electricity. Where these also are not feasible and if only alternative is to use isolated lighting technologies like solar photovoltaic, these may be adopted. However, such remote villages may not be designated as electrified. State government should, within 6 months, prepare and notify a rural electrification plan which should map and detail the electrification delivery mechanism. The plan may be linked to and integrated with district development plans. The plan should also be intimated to the appropriate commission. Gram panchayat shall issue the first certificate at the time of the village becoming eligible for declaration as electrified. Subsequently, the Gram Panchayat shall certify and confirm the electrified status of the village as on 31st March each year. The state government should set up a committee at the district level within 3 months, under the chairmanship of chairperson of the Zila Panchayat and with repressentations from district level agencies, consumer associations, and important stakeholders with adequate representation of women. The district committee would coordinate and review the extension of electrification in the district and consumer satisfaction, etc. Panchayat Raj institutions would have a supervisory/advisory role. Institutional arrangements for backup services and technical support to systems based on nonconventional sources of energy will have to be created by the state government

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

CHAPTER 6

FINANCIAL APPRAISAL

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

CHAPTER - 6

6.1

Objective

The objective of the financial appraisal is to find whether the project is financially is viable or not. The viability of the project is determined by the following two aspects;
 

Servicing of debt. Meeting returns expectations.

6.2

Financial Appraisal of the Project

The financial appraisal of the project would review the estimated cost of the project, proposed means of financing, cash flow projections, viability parameters and sensitivity as well as scenario analysis.  Cost of Project

Cost of project consists of broadly following components: 1. Cost of construction. 2. Project management consultancy cost 3. Preliminary expenses 4. Preoperative expenses like Administration and establishment, legal and audit fees etc. 5. Bank commission and appraisal charges 6. Interest During construction

Cost of construction: As elaborated in the previous chapter the cost of construction for Solar photovoltaic comes out to be Rs. 270/ watt. A contingency of 1% has considered in the cost of construction. Hence the cost of construction of the project of 144.45 MW comes out to be Rs. 3919.26
Crore.

Project management consultancy Fees: The PMC fees considered under the total project cost is 1% of the cost of construction. ~ 74 ~

Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

Preliminary expenses: The preliminary expenses in form of market survey and preparation of feasibility report are considered Rs. 5 crore.

Preoperative expenses: Preoperative expenses like Administration and establishment , legal and audit fees re considered at Rs. 4 crore approximately.

Bank commission and appraisal charges: Bank commission charges for providing bank guarantee is considered at the rate of 1% per annum of Bank guarantee provided. Bank appraisal fees of Rs. 50 lacs is considered which be initially paid to the bank.

Interest during construction: Interest during construction in case of our project has two components viz., Interest for Long term loan @ 12% p.a. and Interest for bridge loan @ 14% p.a.

After taking all the components of cost into consideration the total project cost comes out to be Rs. 4177.08 crore.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

Phase - I 1st & 2nd Qtr. COST OF CONSTRUCTION PV modules Inverter Battery Charge controller Support Structure mechanical Work Electrical Work Quality Control, System Design Miscellaneous Contingency TOTAL OTHER COST PMC Fees Admin & establishment expenses Legal & Audit Fees Insurance TOTAL OTHERS Interest during construction Total Capitalized cost BASE CASE COST COST TO BE WRITTEN OFF Bank Commission charges Bank Appraisal charges Market survey and Preparation of Feasibility reports (Preliminary Exp) TOTAL BANK GUARANTEE MARGIN TOTAL PROJECT COST 941.18 154.35 677.65 135.53 97.88 82.82 67.76 41.41 21.99 2220.58 22.21 3.90 0.01 4.44 30.56 74.96 2326.10 2251.13 0.001 0.50 5 5.501 0.02 2331.616

Phase - II 3rd Qtr. 383.60 62.91 276.19 55.24 39.89 33.76 27.62 16.88 8.96 905.06 9.05

Phase - III 4th Qtr. 336.38 55.17 242.19 48.44 34.98 29.60 24.22 14.80 7.86 793.63 7.94 Year 2

Total

1661.15 272.43 1196.03 239.21 172.76 146.18 119.60 73.09 38.80 3919.26 39.19

1.81 10.86 915.92 915.92

3.90 0.01 1.59 7.84 9.52 50.94 126.39 201.35 929.55 4171.56 803.15 3970.20 0.001 0.5 5 5.501 0.02

915.916

929.545

4177.08

Table 6.1 Cost of Project

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

Means of finance:

To meet the cost of project the following means of finance are considered: 1. State financial assistance. 2. Central financial assistance. 3. Equity. 4. Long term debt 5. Bridge loan.  State financial assistance: A state financial assistance up to 10% of total capital cost (i.e. Rs. 391.926 crore) will be provided by the state government (Karnataka government) during the initial stage of project.

Central financial assistance: Central Financial Assistance (CFA) in form of capital subsidy

will be available from the Ministry for installation of the SPV systems. Stand-alone SPV Power plants more than 1 kWp the subsidy given is Rs.125/Wp. 50% of CFA will be released in advance along with sanction of project. 

Equity: Effective equity required for the project under consideration comes out to be 25%

of total project cost. A major of the equity would be used in paying the interest for both long term debt and Bridge loan. 

Long term debt: The Effective long term debt component is 24% of total project cost. The normative interest rate considered is 12%. The repayment of loan begins from the first year of commercial year of operation. The normative loan outstanding as on April 1st of every year is worked out by deducting the cumulative repayment up to March 31st of previous year from the gross normative loan. Loan tenure of 1 year is considered.

Bridge loan: A bridge loan (i.e. short term loan) of amount equivalent to the central financial assistance is used for meeting the payments to suppliers of equipments. The
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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

interest rate considered is 14%. The loan is entirely repaid after completion of project i.e at the start of second year.

State financial assistance CFA Equity debt - Long term debt - Bridge Loan TOTAL

391.926 902.801 367.405 669.484 0.000

0 0 274.775 189.741 451.401

0 0 367.338 110.807 451.401 -902.801

391.926 902.80 1805.603 1009.518 970.031 0.000 4177.08

Table 6.2 Means of Finance 

Depreciation Value base for depreciation considered is capital cost of asset. Accelerated depreciation of 80% of capital cost is considered through written down value method.

Revenue The tariff considered is Rs15/unit.

Project cash flows The cash flow statement shows the movement of cash into and out of the project during its life time. Since the project is being appraised from the point of view of developer so we have laid stress on equity cash flows of the project. The key assumptions are as follows:  

Operation and maintenance expenses: The O & M expenses assumed are Rs. 9 lakhs/ MW. The escalation rate considered is 5.72% per year. Revenues: The main components considered under revenues are: 1) Revenues from the sale of electricity. 2) CDM benefits availed per year

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

Taxes: Exemption under section 80 IA of income tax act is considered. The tax rate considered is 33.66%. The rate considered for MAT ( i.e. minimum alternate tax ) is 17%.

Financial viability parameters The key financial parameters considered are as follows:     IRR (Internal rate of return) NPV ( Net present value) DSCR (Debt service coverage ratio) Payback period

Analysis Two types of risk analysis have been done in the appraisal:   Sensitivity analysis Scenario analysis

The three most sensitive factors considered are

1. Cost of construction: From the table below we can analyse the variation of the Equity IRR with variation in the cost of construction. By increasing the cost by 10% the equity IRR reduces to 13.02% and reducing the cost of construction by 10% the equity IRR increases to 25.11%. By this analysis we come to know that cost of construction is the most important factor and it has the highest impact in the rate of return on the project.

2. Tariff rate: The tariff rate is the criteria based on which the developer proposal will be evaluated. By the analysis we have found out that in order to get the required rate of return the tariff to be quoted is Rs. 15 per unit.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

3. Interest rate for long term debt: The interest rate is not as sensitive as the cost of construction and tariff, due to availability of the government subsidy the proportion of debt is less. Yr.
2010-11 Cost of Construction Other Costs Interest During Construction Costs to be written off Bank Guarantee margin MEANS OF FINANCE State Financial Assistance Central financial Assistance Equity Debt 3919.3 50.9 201.4 5.5 0.02 4177.1 GROSS FLOWS REPAYMENT

COST OF PROJECT

391.9 1805.6 1009.5 970.0 4177.1

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

1181.4 290.7 270.9 265.5 272.4 281.6 291.4 301.2 311.1 316.8 252.4 251.5 250.6 249.7 248.6 247.6 246.4 245.2 244.0

1010.6 107.8 107.8 107.8 107.8 107.8 107.8 107.8 107.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1872.83

RESULTS
Equity IRR

NPV DSCR Payback

18.08% 3.56 2.05 6 yrs.

Table 6.3 Analysis SCENARIO ANALYSIS Cost of Tariff consrucution Rate % Rs/Unit +10% 13.00 0.00 15.00 -10% 17.00 Table 6.4 Scenario Analysis
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Scenario

Interest % 13% 12% 11%

IRR % 8.71% 18.08% 31.33%

Most Pessimistic Base Case Most Optimistic

Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

SENSITIVITY ANALYSIS
Most pessimistic Base Case Most optimistic

Cost of Construction IRR% Tarrif Rate IRR% Interest Rate IRR%

+10% 13.02% 13 13.55% 13% 17.53%

0.00 18.08% 15 18.08% 12% 18.08%

-10% 25.11% 17 22.68% 11% 18.65%

Table 6.5 Sensitivity Analysis

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

CHAPTER 7

CONCLUDING OBSERVATION

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

CHAPTER – 7

7.1

Social Desirability of the project

The government of karnataka has taken the initiative to electrify remote villages of 39 talukas through this project.  The villages considered are very remote, where the possibility of electrification through grid system is not feasible. Hence solar PV stand alone system is implemented in this project.  The benefits availed by the villagers through this project are      Domestic lighting improves the standard of living. Irrigation through SPV pumping system will increase the agricultural productivity. Electrification of schools would enhance the education level in the village. Electrification of shops, Milk pasteurization plant would increase the business opportunities in the village. Electrification of clinics would help the villagers in availing better medical facilities.

7.2

Technical Feasibility of the project
The present cost of installing the SPV stand alone system is Rs.270/W. The PV modules

considered are crystalline modules having an efficiency of 20%. But due to extensive R&D in this area it is expected that the cost of the system could gradually decrease and gain parity with other sources of power production It is estimated that the cost of the SPV system will decrease by approx 20% with doubling of the total installed solar power capacity from present level.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

7.3

Financial Aspects of Project
Cost of project  The implementation of the solar technology for electrification of villages proves to be a very costly for the developer. Hence many private players are not interested in such type of projects.  However the government in order to encourage the private players to participate in such projects, it provides various subsides to the tune of 50% of the total project cost.  The cost of the project we have considered in this appraisal is likely to decrease due to the enhancement of the technology in the future.  The equipments that are used in the project are purchased in India, Government is taking initiative to setup solar module manufacturing units in India so that the module cost will further decrease in turn decreasing the project cost. 

O & M Expenses  The O & M expenses are very less compared with other sources of production. They normally come to be 0.05% of the total cost of the project.

Revenue  The tariff considered here is Rs.15 per unit in order to obtain the required rate of return. This tariff is very high and it is not feasible for the consumers to pay. Hence it is divided into two components, Government subsidy and tariff from the consumers.  Initially the consumer will hesitate to pay more for the usage of electricity. Hence we propose that the tariff should increase gradually over the life time of the project (i.e Rs 14 per unit initially and gradually increase it to Rs 16 per unit).  The village energy committee is formed for the successful implementation of the project. They are also responsible for creating village energy fund for sustained operation and management of the project. Subsequent monthly / annual user charges would have to be deposited in this account.
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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

 The recovery of the monthly user charges from the consumer is backed by the government. 

Means of Finance  As the cost of the project is high the long term debt that is provided by the bank is also high. Hence to make is feasible for bank to finance the DSCR should be more than 2.  The repayment period can also be increase by 2 years in order to make the project feasible for the developers.

Returns  In this appraisal the equity IRR obtained is 18.08% at a tariff rate of Rs.15 per unit, which is comfortable for the developer.  Since this project is first of its kind the above rate of return is reasonably substantial.

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Financial Feasibility of solar power project with special reference to rural electrification of 39 talukas in Karnataka

BIBLIOGRAPHY
BOOKS Khan B.H, Non Conventional Energy Resources, The McGraw Hill, 2009 Prasanna Chandra, Projects Planning, Analysis, Selection, Financing, Implementation and Review, Tata McGraw-Hill, 2002

WEBSITES www.mnes.nic.in www.kredl.kar.nic.in www.solar4power.com www.solarbuzz.com www.cercind.gov.in www.kerc.org

DRAFTS Jawaharlal Nehru National Solar Mission Implementation of Solar Photovoltaic Programme – MNRE (Solar Photovoltaic group)

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