10 MWp Solar PV Power Project, Rajasthan – INDIA

– Detailed Financial Report

M/s XXXXX, New Delhi

10 MWp Solar PV Power Financial

DETAILED FINANCIAL REPORT

10 MWp SOLAR PHOTOVOLTAIC POWER PLANT,

PLANT LOCATION: VILLAGE: AAAAA, DISTT: BBBBB, RAJASTHAN, INDIA
Project Developers

XXXXXXXX

Project Consultants

Pan Exergy Pvt Ltd
D-32, Sector-7, Noida – 201301, INDIA. Ph: +91-9999676750; +91-9654436886 Web: www.exergy.in Email: info@exergy.in

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10 MWp Solar PV Power Financial

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1.1

PROJECT FINANCIALS
Project Cost

The cost of the power project is estimated, on the basis of the prevailing prices rates and the estimation is for the installation of power generation facilities described in the earlier sections of this report.

The cost of the Solar PV power plant, presented in this section of the report covers all the costs associated with the construction of the plant and included civil construction cost, cost of equipment for power generation, cost of auxiliaries and utilities.
Note: CER distribution: yr-1, 100% to project developer (PD); yr-2, 90% to PD; yr-3, 80% to PD; yr-4, 70% to PD; yr-5, 60% to PD; year 6 onwards, 50% to PD.

1.2

Data Sheet
Mandali 0.1 17 1465238 30

Site Information
Site Name Price of Land/Acre (Rs Lakh) Distance from the Evacuation Point(Km) Estimated Generation (KwH/MW) Cost of Evacuation/Km (Rs. Lakh/Km)

Technology Information
Technology Used Cost of Solar Modules/MW (Rs. Lakh) Area Required (Acre/MW) Solar Semi (Poly Crystalline) 850 6

Cost Estimates Per MW
Item Solar Panel Inverter (Central Inverter) Power Evacuation Cost (Total) BOS & Commissioning Cost Total Technology Cost/MW Cost (Rs Lakh) 850 150 510 250 1250

Financial Information
Tariff (Rs/Unit) Debt Interest Rate (%) 15.3 12.50%

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10 MWp Solar PV Power Financial

1.3
Sl No

Assumptions
Assumption Head Sub-Head Sub-Head (2) Installed Capacity Units MW % % Years Rs Lakh/MW Rs Lakh Rs Lakh/Acre Acre/MW Rs Laks Years Rs % % Rs Lakh Rs Lakh Rs Lakh Years Years % Rs Lakh % % Yes/No % % Years Lakh/MW % CER/MW/Year Rs/CER Rs Lakh/MW Assumptions 10 16.73% 0.80% 25 1250 510 0.1 6 13016 25 15.3 70% 30% 9111.2 3904.8 9111.2 0 10 12.50% 3904.8 33.22% 19.931% Yes 7% 1.33% 10 9.00 5.72% 1500 744.7 150

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Power Generation

Capacity

CUF Deration Factor Useful Life Power Plant Cost Power Evacuation Cost Land Cost Land Needed Total Fixed cost/PW Tariff Period Tariff Debt Equity Total Debt Amount Total Equity Amount Loan Amount Moratorium Period Repayment Period (Inc Moratorium Period) Interest Rate

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Project Cost

Capital Cost/MW

Debt-Equity 3 Financial Assumptions Debt Component

Equity Component Fiscal Assumptions 4 Financial Assumptions (2) Depreciation Operations & Maintenance CDM Benefits CER Produced CER Price Inverter Replacement to be done after every 10 years

Equity Amount Income Tax MAT Rate (for 10 years) 80 IA Benefit Depreciation Rate for First 10 Years Depreciation Rate 11th year onwards Years of 7% rate O&M Total O&M escalation Expected to be generated per year for next 21 years Based on Average ECX rates,( conversion rate of 1EUR=INR65.26) Current Price of Inverter

5

6

7

Inverter

Replacement year

Year

10

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10 MWp Solar PV Power Financial

1.4

Cash Flow

Note: Detailed Cash Flow for 25years can be provided if asked for

Pre Tax Equity IRR Pre Tax Project IRR

18% 15%

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10 MWp Solar PV Power Financial

1.5
Year Profit Before Tax ROE (Before Tax) ROI (Before Tax) Tax Profit after tax ROE(After Tax) ROI (After Tax)

Profit & Loss Account
1 Rs Lakh % % Rs Lakh Rs Lakh % % 213.92 5% 2% 43 171.29 4% 0% 2 243.02 6% 2% 48 194.58 5% 0% 3 279.88 7% 2% 56 224.10 6% 0% 4 325.48 8% 3% 65 260.61 7% 0% 5 380.92 10% 3% 76 305.00 8% 1% 6 561.57 14% 4% 112 449.65 12% 1% 7 537.55 14% 4% 107 430.41 11% 1% 8 641.69 16% 5% 128 513.80 13% 1% 9 761.62 20% 6% 152 609.82 16% 1% 10 899.30 23% 7% 179 720.06 18% 1% 11 294.64 8% 2% 98 196.77 5% 1% 12 1769.12 45% 14% 588 1181.46 30% 5% 13 1743.21 45% 13% 579 1164.16 30% 4%

Year Profit Before Tax ROE (Before Tax) ROI (Before Tax) Tax Profit after tax ROE(After Tax) ROI (After Tax)

14 Rs Lakh % % Rs Lakh Rs Lakh % % 1716.88 44% 13% 570 1146.58 29% 4%

15 1690.12 43% 13% 561 1128.70 29% 4%

16 1662.88 43% 13% 552 1110.51 28% 4%

17 1635.12 42% 13% 543 1091.97 28% 4%

18 1606.81 41% 12% 534 1073.07 27% 4%

19 1577.91 40% 12% 524 1053.77 27% 4%

20 1548.38 40% 12% 514 1034.05 26% 4%

21 18.17 0% 0% 6 12.14 0% 0%

22 1431.39 37% 11% 475 955.92 24% 4%

23 1399.68 36% 11% 465 934.74 24% 4%

24 1367.15 35% 11% 454 913.02 23% 3%

25 1333.74 34% 10% 443 890.70 23% 3%

Average ROE (BT) Average ROI (BT) Average ROE (AT) Average ROI (AT)

26.27% 7.88% 18.20% 2.42%

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