Key Assumptions

For construction cost, use estimate of

Recent 4
6.06

Financing
Equity
Facility utilised
Return on equity for tariff calculations
Loans
Facility size
Facility utilised
Upfront fee
Interest rate - construction period
Interest rate - operation period
Repayment period
Repayment moratorium
Repayment profile (annuity = 1/amortizing = 0)

Rs Million

6,566
14%
GOAP/KfW
REC/PFC
FIs/Banks
Euro 197 Mn Rs 15,600 Mn
Rs Million
11,783
14,481
0
0.10%
0.10%
9.50%
7.25%
7.25%
9.50%
7.25%
7.25%
years
11
10
10
years
4
3
3
Amortizing
Amortizing
Amortizing

Debt financing as % of project cost

80%

% promoter contribution drawdown upfront

For determination of tariffs, use
In case using fixed number tariff

0%

1
Cost-plus tariff
Rs/kWh

Cost base for tariff determination

Total cost

Based on CEA hard-cost estimate
Based on LI revised hard-cost
Based on EPC estimate

INR Mn
INR Mn
INR Mn

Based on Best estimate

INR Mn

For tariff, use cost base of

2.5
32,830

Recent 4

28,425
31,807
39,087

32,830

Tariff Forecast
FY ending
31-Mar-2010
31-Mar-2011
31-Mar-2012
31-Mar-2013
31-Mar-2014
31-Mar-2015
31-Mar-2016
31-Mar-2017
31-Mar-2018
31-Mar-2019
Levelised (25 years)

Fixed Charges Variable charges
Rs/kWh
Rs/kWh
1.23
1.04
1.45
1.07
1.41
1.10
1.37
1.13
1.33
1.16
1.29
1.20
1.25
1.23
1.22
1.27
1.18
1.31
1.14
1.35

Total Tariff
Rs/kWh
2.27
2.51
2.51
2.50
2.49
2.49
2.49
2.49
2.49
2.49

Err:504

Err:504

Err:504

VTPS-IV Financial Model

V 3.0

Base cost (with physical cont.)
2000
Local Cost
in Rs.
1 Powerplant extension 660 MW Hardware
1.1 Steam Generator
1.2 Steam Turbine Generator Island
1.3 Steam Turbine Generator Auxiliaries
1.4 Water Treatment Plant
1.5 Electrical Equipment (without 220/400 kV Trf.)
1.6 C & I, Communication
1.7 FGD & Auxiliary systems
1.8 Civil
1.9 Interconnection to existing Plant
1.10 Improvement measures to existing Plant
1.11 Initial Spares
2 Site development by EPC Contractor
3 Ocean freight
4 Inland transport
5 Insurance
Total Supply
6
7 Engineering Services of EPC-Contractor
7.1 Engineering, Project Management
7.2 Erection & Commissioning
7.3
7.4 Operator Training
8 Basic Project Cost(EPC) without Taxes & Duties
9 Owners Works
9.1 Development Expenses
9.2 Land Acquisition
9.3 Ash & Gypsum Deposit
9.4 Extension of Township
10 Owners Services
10.1 Owner's Expenses Project Management
10.2 Owners Part in Start-up/ Commissioning
10.3 Consultant
11 Total Owners Investment
12
Total Investment excl . Taxes / Duties
13 Taxes (Excise, CST, Service Tax, R&D Cess,..)
14 Duties
15
Total Investment incl. Taxes / Duties
16 Physical Contingencies
17
Total
18 Price Contingencies
19
Grand Total

2,089
351
683
753
132
308
342
1,544
80
0
61
11

2,967
11

Construction cost related assumptions
Physical contingency
Whether FGD
Cost Fractions
Insurance
Dom. Transport
Ocean Freight
Port Handling & Dom. Transport

Engineering & Project Management
Owners Supervision & Owners Engineer
Owners Project Management

0.30%

Owners part in Start-up & Commissioning

0.20%

Consultant

1.50%

Taxes and Duties
Excise tax
Central Sales Tax
Subcontr. Works Tax
Import duty
Engineering Services dom.
R&D Services Cess (Import)

10%
10%
10%
10%
15%
20%
20%
15%

0
120
300
510
615
825
980
1215

10%
9%
9%
9%
14%
18%
18%
14%

9-Mar-05 e cost (with physical cont.) 2000 Local Cost Forex Cost in Rs.) 2000 Forex Cost in EURO Base cost (w/o physical cont.470 76 0 58 10 92 28 18 40 22 9 23 4 1 0 4 0 2. in EURO Base cost (w/o physical cont.) 2001 Local Cost Forex Cost in Rs.919 15 0 10 0 11 0 39 50 0 200 2 40 52 0 207 2 0 0 0 .990 334 650 717 126 293 326 1.826 15 2.055 345 672 741 130 303 336 1. in EURO 96 29 18 42 23 10 24 4 1 0 4 0 1.519 79 0 60 11 94 28 18 41 22 10 24 4 1 0 4 0 15 2.

0% 1.0% 2.00% 40.50% 31.0% 1.00% 9.0% 4.0% 1.0% 1.0% 2.0% 4.0% 5.38% 5% 5% 1.0% Local Foreign 3% 12% 100% 0% 100% 0% 33% 67% 16.8% 22.5% 2.5% 3.5% 0 4 10 17 20 27 32 40 10% 9% 9% 9% 14% 18% 18% 14% 4 16 28 40 19.5% 0 0.50% .

368 239 Disbursement in year 2003 Local Cost Forex Cost in Rs.433 3 74 1 0 0 56 3 10 0 9 383 0 30 1 5.919 15 0 0 11 0 9.569 186 1.Adjusted project cost 2001 Local Cost Forex Cost in Rs.556 239 1.939 79 326 24 634 15 699 35 122 19 286 8 0 0 1. in EURO Disbursement in year 2004 Local Cost in Rs.097 37 167 22 2.421 0 13.391 0 2. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 56 0 56 0 0 29 11 0 18 85 85 3 0 87 4 92 0 92 .993 197 3. in EURO 5.090 234 299 2 40 2 52 0 0 0 207 0 168 3 50 0 34 0 84 3 467 5 9.

076 .04 Eskalation Factors 1.04 1.48.18 1.

079 154 238 135 73 159 0 104 30 0 55 0 0 70 10 2.437 44 45 2 45 2 0 0 0 0 0 0 30 1 11 0 0 0 19 1 75 3 1.249 49 0 0 2.084 1 41 1 0 0 0 0 0 0 0 7 178 0 10 0 3.091 77 558 13 49 6 509 6 0 0 0 0 3.649 89 0 0 0 0 0 0 0 0 0 0 31 1 12 0 0 0 20 1 31 1 3.249 49 Disbursement in year 2006 Local Cost Forex Cost in Rs. in EURO 854 32 217 12 47 4 113 2 109 6 15 4 32 2 0 0 305 1 8 0 0 0 6 0 10 0 0 2 172 0 10 0 1. 2.307 0 7 3.239 90 262 4 5.501 94 0 0 5.237 262 5.354 41 1.501 94 Disbursement in year 2007 Local Cost in Rs.499 0 5.460 75 0 0 0 75 45 15 4 25 120 3.026 1.902 69 722 28 144 9 280 5 488 13 37 9 106 3 0 0 1.045 34 392 10 66 8 327 2 0 0 0 0 1.499 .148 5.579 510 1.512 47 223 0 407 0 2.680 90 648 0 911 0 5.Disbursement in year 2004 Forex Cost in EURO 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 0 1 0 1 0 1 Disbursement in year 2005 Local Cost Forex Cost in Rs.142 47 107 2 2. in EURO 2.106 1.

78 Eskalation Factors 1.63 58.082 1.Eskalation Factors 56.164 Eskalation Factors 1.104 1.119 Eskalation Factors 1.50 57.061 1.210 .

326 5.585 208 293 9 2.787 0 0 15.228 532 0 199 78 0 218 0 603 0 64 12.468 987 0 17 15.539 17 0 0 0 0 7 0 13 0 2.Disbursement in year 2007 Forex Cost in EURO 86 39 11 7 15 6 4 0 1 0 0 3 0 1 0 0 87 11 5 6 0 0 98 0 0 0 0 0 1 0 0 1 1 99 0 0 99 5 104 0 104 Disbursement in year Aggregated Project Cost 2008 2003 .465 134 134 0 0 0 188 0 0 188 322 15.077 30 15.787 789 16.213 1.231 32 16.749 42 42 5 197 25 1.571 280 avg.576 0 16.075 219 1.231 32 16.579 996 2.278 30 10. Exchange rate: Forex Cost in Rs.524 30 11. 12.576 . in EURO 803 21 6.282 1. in EURO in Rs.673 3 9 0 88 1 0 0 0 0 7 0 68 4 1 0 12 0 0 0 0 10 24 0 444 0 5 0 35 1 834 22 7.993 2.2008 Local Cost Forex Cost Local Cost Forex Cost in Rs.824 261 182 0 358 2 0 0 45 2 0 0 56 0 0 0 0 0 182 0 257 0 64 0 199 3 10 0 59 0 38 0 42 0 16 0 98 3 246 0 556 6 2.759 0 3.643 0 293 0 2.472 1.571 280 0 0 0 0 3.782 266 154 2 789 13 3.311 88 41 3 386 27 120 2 751 17 88 4 821 38 22 2 146 21 43 1 341 9 0 0 0 0 180 0 1.396 3 3.445 8 3.380 266 260 0 1.

02 .126 1.259 1.149 58.96 61.lation Factors 59.16 Eskalation Factors 1.

315 2 Forex Cost % Local Cost % 10% 13% 16% 14% 11% 10% 10% 19% 10% 50% 10% 90% 20% 40% 29% 35% 10% 100% 100% 100% 20% 20% 20% 20% 20% 20% .315 0 3.157 158 3.007 622 166 453 0 3 2.717 164 276 3.1 Local Cost % Total 752 197 175 310 137 87 0 187 17 0 29 1 60 44 10 2.629 49 18 6 0 26 39 6 4 29 88 2.

.

2 3 Forex Cost % Local Cost % 4 Forex Cost % 14% 14% 15% 17% 20% 18% 14% 29% 20% 50% 10% 90% 20% 40% 29% 32% 38% 38% 60% 26% 32% 32% 65% 47% 50% 0% 32% 36% 32% 35% 42% 30% 32% 39% 47% 50% 0% 70% 40% 29% 35% 10% 25% 15% Local Cost % 5 Forex Cost % Local Cost % 46% 39% 31% 16% 49% 46% 46% 6% 33% 44% 40% 43% 38% 28% 42% 44% 22% 23% 12% 10% 15% 10% 14% 12% 12% 10% 10% 80% 10% 10% 70% 40% 29% 80% 0% 10% 15% 28% 10% 15% 28% 5% 14% 25% 39% 20% 37% 20% 35% 20% 38% 50% 50% 50% 30% 30% 100% 70% 25% 10% 25% 25% 10% 25% 15% 90% 15% 100% 20% 20% 20% 20% 20% 20% .

.

5 Forex Cost % 10% 10% 10% 10% 10% 10% 10% 10% 10% Local Cost % Forex Cost % 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 50% 100% 100% 0% 100% 100% 100% 0% 100% 100% 70% 100% 100% 100% 100% 100% 100% 100% 100% 15% 90% 15% 100% 100% 100% 100% 100% 100% 10% 10% 5% 14% 20% 16% .

.

Forex Cost in DM Forex cost in EURO 189 57 36 83 45 19 47 7 3 0 8 0 96 29 18 42 23 10 24 4 1 0 4 0 30 15 0 0 .

.

at target availability levels Rs/kWh Energy Charges Rate of Energy Charge from Primary Fuel Rs/kWh Rate of Energy Charge from Secondary Fuel Rs/kWh Rate of Energy Charge Rs/kWh Operating parameters Availability Target availability GWh 4. gross Calorific value Normative Energy provided by specific consumption of SFO kJ/kWh Energy to be provided by coal kJ/kWh Price of fuel Price of SFO Rs/GJ Price of coal Rs/GJ Operation & Maintenance O&M Expenses.439 Gross generation corresponding to Target Generation GWh 4.439 kJ/kWh 8.625 Target Generation GWh 4. normative Rs Mn/MW O&M Expenses.674 % of fixed charge recoverable Plant load factor Station heat rate Station heat rate.830 .0 9-Mar-05 1-Apr-02 31-Mar-03 Fixed Charges Depreciation Interest on loan Return on equity 919 Advance against depreciation Interest on working capital Operations & Maintenance Tax allocation (assumed zero) Total fixed charges Fixed charges per unit. normative Rs Mn Total Project Cost INR Mn Cumulative requirement of funds INR Mn 32.VTPS-IV Financial Model V 3.

Funding sources and upfront drawdowns .560 Closing balance Interest rate Interest amount Equated installment in case of annuity repayments 0 FIs/ Commercial Banks Opening balance Drawdown for the year Repayment for the year 236 Closing balance Interest rate Interest amount Equated installment in case of annuity repayments Capitalisation Additions to Capital Work-in-Progress 0 .600 Debt drawdown of FI/Commercial Banks loan INR Mn 2.308 Debt drawdown of REC/PFC loan INR Mn 15.566 0 Debt INR Mn 26.830 0 For pro-rata drawdowns .264 Debt drawdown of GOAP Loan (KfW) INR Mn 8.356 Equity Opening balance Drawdown for the year Closing balance GOAP Loan (KfW) Opening balance Drawdown for the year Repayment for the year 755 Closing balance Interest rate Interest amount Equated installment in case of annuity repayments 0 REC/PFC Opening balance Drawdown for the year Repayment for the year 1.cumulative INR Mn Cumulative drawdown Equity INR Mn Debt INR Mn Annual drawdown Equity INR Mn 6.cumulative Total Upfront Equity INR Mn 6.566 Debt INR Mn 26.264 0 Total INR Mn 32.

opening balance Depreciation. opening balance Gross block.547 Working capital. normative Cost of coal Cost of SFO O&M expenses (cash) Maintenance spares Receivables for sale of electricity Total working capital Working capital borrowing Working capital borrowing interest Advance against depreciation Ceiling amount for AAD Rs Mn Repayment of loans Rs Mn Depreciation for the year Rs Mn Cumulative repayment of loans Rs Mn Cumulative depreciation including AAD Rs Mn Advance against depreciation Rs Mn 1/10 0 .Gross block. additions Gross block. closing balance Depreciation. closing balance Net Block 90% of gross block 29. for the year Err:522 Depreciation.

00 0.00 0.00 0.296 10.00 0.00 0.00 0.00 0.341 0 0 0 0 3.00 0.00 0.00 0.00 0.830 32.01 1.830 32.00 0.00 0.1-Apr-03 31-Mar-04 1-Apr-04 1-Apr-05 31-Mar-05 31-Mar-06 1-Apr-06 1-Apr-07 1-Apr-08 1-Apr-09 1-Apr-10 1-Apr-11 31-Mar-07 31-Mar-08 31-Mar-09 31-Mar-10 31-Mar-11 31-Mar-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 0.909 13.830 .283 5.18 0 0 0 0 0 0 0 0 3.14 1.283 9.00 0.00 0.00 0.489 32.00 0.830 32.00 0.00 0.00 0.00 0.00 0.00 0.94 0.97 1.00 0.00 0.00 0.05 1.00 0.192 22.09 1.00 0 0 0 0 0 0 0 0% 0% 0% 0% 0% 0% 0% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 342 342 342 342 342 342 342 95 95 95 95 95 95 95 0.00 0.

566 0 657 1.5% 9.830 32.884 0 0 236 660 1.489 .283 9.566 6.560 2.326 5.3% 0 9 32 82 144 162 145 128 0 0 0 0 32.626 7.182 2.3% 7.480 0 0 1.659 2.830 32.356 2.308 8.040 12.192 22.808 6.120 0 236 424 954 742 0 0 0 0 0 0 0 0 236 236 236 0 236 660 1.560 2.3% 7.365 2.686 15.560 1.365 2.3% 0 57 215 546 953 1.182 2.566 6.637 8.040 0 1.498 6.798 9.560 4.566 6.617 0 0 0 0 0 0 0 0 0 755 755 0 831 2.566 6.560 1.068 0 0 6.914 0 0 0 236 424 954 742 0 0 0 0 657 1.838 4.614 2.5% 9.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3.5% 9.920 7.283 9.318 4.498 6.074 961 848 0 0 0 0 1.566 6.496 3.3% 7.3% 7.838 4.914 0 0 0 0 0 0 0 0 1.600 14.318 4.830 0 3.691 8.884 1.617 0 0 0 1.566 6.3% 7.264 26.496 3.498 6.356 2.659 2.5% 0 39 150 381 665 789 753 682 0 0 0 0 12.308 8.326 5.3% 7.264 26.691 8.830 32.728 10.838 4.626 4.368 10.068 0 0 0 2.830 32.566 6.991 26.368 10.192 22.830 32.566 0 2.649 7.5% 9.560 4.264 26.808 6.686 15.3% 7.120 1.830 0 657 1.3% 7.3% 7.5% 9.553 0 831 1.480 10.489 32.273 0 0 0 831 1.553 6.308 7.5% 9.3% 7.308 7.614 2.3% 7.3% 7.566 0 0 831 2.264 0 657 1.5% 9.566 0 0 657 1.600 14.354 17.3% 7.560 0 1.830 32.3% 7.

796 4.796 2.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1.551 0 0 0 0 0 0 0 0 0 0 0 0 0 1.346 6.551 2.897 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 .

00 0.00 0.00 0.830 32.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.830 32.62 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.1-Apr-12 1-Apr-13 1-Apr-14 1-Apr-15 1-Apr-16 1-Apr-17 1-Apr-18 1-Apr-19 1-Apr-20 31-Mar-13 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 0.00 0.00 0.00 0.00 0.28 1.830 32.56 1.00 0.50 1.00 0.33 1.00 0.00 0.830 .00 0 0 0 0 0 0 0 0 0 0% 0% 0% 0% 0% 0% 0% 0% 0% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 342 342 342 342 342 342 342 342 342 95 95 95 95 95 95 95 95 95 1.830 32.830 32.00 0.830 32.830 32.830 32.00 0.00 0.00 0.00 0.00 0.69 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 32.00 0.39 1.23 1.44 1.

566 6.3% 735 622 509 396 283 170 57 0 0 0 0 0 0 0 0 0 0 0 1.3% 7.566 6.777 3.566 6.566 6.830 32.830 32.3% 111 94 77 60 43 26 9 0 0 0 0 0 0 0 0 0 0 0 32.830 6.830 32.5% 9.830 32.649 1.413 1.178 942 707 471 236 0 0 0 7.830 32.5% 9.566 6.264 6.5% 9.266 1.566 6.566 6.240 4.566 6.3% 7.830 32.830 32.021 2.3% 7.021 2.830 32.566 6.560 0 0 9.566 0 0 0 0 0 0 0 0 0 6.3% 7.566 6.287 4.5% 9.566 6.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 32.560 1.566 6.560 1.830 32.3% 7.264 26.920 9.532 3.800 6.264 26.287 4.042 5.120 1.566 6.3% 7.566 26.560 1.560 1.264 26.777 3.3% 7.3% 7.830 32.560 0 0 0 7.360 7.3% 7.120 1.5% 9.560 0 0 0 0 0 0 0 0 0 0 0 1.560 1.3% 7.680 3.3% 7.566 6.566 6.566 6.511 755 0 9.532 3.5% 9.5% 610 538 466 395 323 251 179 108 36 0 0 0 0 0 0 0 0 0 10.566 6.264 26.5% 9.511 755 0 0 0 0 0 0 0 0 0 755 755 755 755 755 755 755 755 755 6.566 6.3% 7.413 1.264 26.798 6.830 32.264 26.3% 7.566 6.240 4.566 6.178 942 707 471 236 0 0 0 0 0 0 0 0 0 0 0 236 236 236 236 236 236 236 0 0 1.042 5.264 26.830 32.566 6.266 1.264 26.566 6.566 6.3% 7.830 .566 6.830 32.830 32.5% 9.830 32.560 1.3% 7.830 32.566 6.3% 7.800 6.360 7.680 3.

551 2.551 2.551 2.753 25.101 19.264 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 .551 2.550 17.448 11.551 2.509 26.652 22.999 14.551 2.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2.203 24.551 755 755 0 0 0 0 0 0 0 0 0 9.

00 0.05 2.00 0.31 2.82 1.00 0.22 2.00 0.830 32.00 0 0 0 0 0 0 0 0 0 0% 0% 0% 0% 0% 0% 0% 0% 0% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 342 342 342 342 342 342 342 342 342 95 95 95 95 95 95 95 95 95 1.830 32.00 0.00 0.00 0.00 0.00 0.00 0.90 1.00 0.00 0.00 0.00 0.75 1.00 0.1-Apr-21 1-Apr-22 1-Apr-23 1-Apr-24 1-Apr-25 1-Apr-26 1-Apr-27 1-Apr-28 1-Apr-29 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 0.830 32.00 0.00 0.830 32.00 0.00 0.40 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 32.00 0.830 32.00 0.00 0.830 32.00 0.830 32.00 0.00 0.00 0.00 0.00 0.00 0.13 2.00 0.00 0.830 32.00 0.00 0.00 0.97 2.830 .00 0.

566 6.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 32.566 6.566 6.264 6.566 6.3% 7.830 32.5% 9.830 32.566 6.566 6.3% 7.566 6.830 32.3% 7.5% 9.566 6.3% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 32.566 6.3% 7.566 6.3% 7.5% 9.5% 9.566 6.566 6.264 26.3% 7.830 32.3% 7.830 32.566 6.5% 9.566 6.3% 7.830 32.830 32.566 26.3% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7.566 0 0 0 0 0 0 0 0 0 6.566 6.264 26.830 32.3% 7.264 26.830 32.830 32.264 26.3% 7.264 26.830 .830 32.264 26.566 6.566 6.566 6.3% 7.5% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7.566 6.3% 7.566 6.830 6.3% 7.3% 7.264 26.830 32.566 6.5% 9.830 32.3% 7.830 32.5% 9.566 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9.264 26.566 6.3% 7.830 32.566 6.566 6.830 32.5% 9.

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 .

00 0.00 0.60 2.00 0.00 0.00 0.00 0.830 32.00 0.00 0.70 2.16 3.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.830 32.92 3.00 0.00 0.00 0.00 0.00 0.50 2.830 32.830 .00 0.830 32.830 32.04 3.41 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 32.28 3.830 32.830 32.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 0 0 0 0 0 0 0 0 0% 0% 0% 0% 0% 0% 0% 0% 0% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 342 342 342 342 342 342 342 342 342 95 95 95 95 95 95 95 95 95 2.1-Apr-30 1-Apr-31 1-Apr-32 1-Apr-33 1-Apr-34 1-Apr-35 1-Apr-36 1-Apr-37 1-Apr-38 31-Mar-31 31-Mar-32 31-Mar-33 31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 0.00 0.00 0.00 0.81 2.830 32.

566 6.830 32.566 6.566 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9.566 6.3% 7.264 26.566 6.566 6.566 6.566 6.264 26.830 6.566 6.830 32.566 6.566 6.830 32.830 .3% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7.566 6.830 32.5% 9.5% 9.3% 7.566 6.264 26.566 6.830 32.264 26.566 6.3% 7.3% 7.566 6.3% 7.264 26.830 32.830 32.264 26.264 6.566 6.566 6.5% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7.5% 9.5% 9.830 32.566 0 0 0 0 0 0 0 0 0 6.830 32.3% 7.5% 9.830 32.3% 7.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 32.566 6.830 32.5% 9.3% 7.566 26.566 6.5% 9.566 6.264 26.5% 9.566 6.3% 7.3% 7.566 6.3% 7.830 32.3% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 32.3% 7.566 6.3% 7.566 6.264 26.830 32.830 32.3% 7.830 32.3% 7.3% 7.830 32.

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 .

830 32.00 0.00 0.1-Apr-39 1-Apr-40 31-Mar-40 31-Mar-41 0 0 0 0 0 0 0 0 0 0 0 0 Err:522 Err:522 0.830 .55 3.69 0 0 0 0 32.00 0.00 0.00 0.00 0 0 0% 0% 0 0 0 0 0 0 0 0 0 0 0 0 342 342 95 95 3.00 0.00 0.

830 .3% 7.566 0 0 6.5% 9.3% 7.830 6.566 6.3% 0 0 0 0 0 0 0 0 0 0 0 0 7.264 6.566 6.3% 0 0 0 0 32.830 32.566 26.566 0 0 0 0 0 0 0 0 9.5% 0 0 0 0 0 0 0 0 0 0 0 0 7.264 26.0 0 0 0 0 0 32.566 6.830 32.

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 .

taxes and duties 311 29. contingency.453 Local costs INR Mn 16. actual Rs/kWh Rs Mn 3.216 1-Apr-01 1-Apr-02 31-Mar-02 31-Mar-03 .2 3.3 Availability Gross Capacity MW Available hours hours Gross availability GWh Auxiliary consumption % Net availability GWh Plant load factor Gross generation GWh Net generation GWh Station heat rate Gross station heat rate 1.CEA Local costs INR Mn Foreign currency costs € Mn 11.1 3.0 Operating parameters 1.VTPS-IV Financial Model V 3.191 Foreign currency costs € Mn Total in equivalent INR INR Mn 24.LI revised 243 Base Construction Cost .2 1.4 80% kJ/kWh Calorific value Actual 1.1 1.097 Foreign currency costs € Mn Total in equivalent INR INR Mn 232 Base Construction Cost . net 2.0 9-Mar-05 1.KfW Base Construction Cost incl.0 Construction cost schedule 3.6 Energy provided by specific consumption of SFO kJ/kWh Energy to be provided by coal.4 Base Construction Cost .5 1.585 Local costs INR Mn 14.3 3. gross SHR kJ/kWh Price of fuel Price of SFO Rs/GJ Price of coal Rs/GJ Cost of fuel Actual cost of fuel.0 O&M Expenses.799 Total in equivalent INR INR Mn 21.

566 0 Debt INR Mn 26.308 Debt drawdown of REC/PFC loan INR Mn 15.0 Cumulative requirement of funds INR Mn 3.0 Loan schedules 9.281 3.cumulative INR Mn 6.0 Equity Opening balance Drawdown for the year Closing balance 9.264 0 Total INR Mn 32.0 Cumulative drawdown Equity INR Mn Debt INR Mn 7.549 INR Mn 8 INR Mn 14 INR Mn 3. IDC Financing Fees Upfront fees REC/PFC FIs/ Commercial Banks Total upfront fees Interest during construction GOAP Loan (KfW) REC/PFC FIs/ Commercial Banks Total IDC Total financing and IDC charges 5.1 GOAP Loan (KfW) Opening balance Drawdown for the year Repayment for the year Closing balance Interest rate Interest amount 1.830 4.273 INR Mn 3.0 Funding sources and upfront drawdowns .549 0 Financing.cumulative Total Upfront Equity INR Mn 6.Local costs INR Mn Foreign currency costs € Mn Total in equivalent INR INR Mn 29.6 Total requirements of funds INR Mn 32.5 29.356 8.830 0 For pro-rata drawdowns .566 Debt INR Mn 26.0 Annual drawdown Equity INR Mn 6.264 Debt drawdown of GOAP Loan (KfW) INR Mn 8.071 .600 Debt drawdown of FI/Commercial Banks loan INR Mn 2.

3 0 FIs/ Commercial Banks Opening balance Drawdown for the year Repayment for the year 0 Closing balance Interest rate Interest amount Equated installment in case of annuity repayments 0 10. opening balance Depreciation.547 .0 Capitalisation Capital Work-in-Progress Gross block.448 Closing balance Interest rate Interest amount Equated installment in case of annuity repayments 9.0 Income tax depreciation Opening block Depreciation Closing block 12. for the year Depreciation. closing balance Depreciation.0 Working capital borrowings Opening balance Additions Closing balance Working capital interest 29. opening balance Gross block. closing balance Net Block 90% of gross block 11.0 Working capital Inventories Coal stock SFO stock Maintenance spares Receivable for sale of power Payables for fuel Payables for O&M 13. additions Gross block.2 0 REC/PFC Opening balance Drawdown for the year Repayment for the year 1.Equated installment in case of annuity repayments 9.

0 Additional borrowings Opening balance Additions Repayments Closing balance Working capital interest .14.

00 0.470 0 24 44 98 77 0 2.180 2.00 0.779 3.554 5.00 0.799 0 1.203 .1-Apr-03 31-Mar-04 1-Apr-04 1-Apr-05 31-Mar-05 31-Mar-06 1-Apr-06 1-Apr-07 1-Apr-08 1-Apr-09 1-Apr-10 1-Apr-11 31-Mar-07 31-Mar-08 31-Mar-09 31-Mar-10 31-Mar-11 31-Mar-12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% 0.0% 0.747 4.742 6.897 6.885 8.402 9.00 0.703 0 1.158 3.832 9.922 5.0% 0.071 0 31 56 126 98 0 2.0% 0.00 0.00 0.124 4.717 0 23 42 94 73 0 2.00 0 0 0 0 723 752 782 0% 10% 18% 41% 32% 0 1.445 4.519 5.0% 0.610 2.0% 0.419 2.0% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 342 342 342 342 342 342 342 95 95 95 95 95 95 95 0.903 7.259 11.

318 4.830 32.308 7.512 12.566 6.009 1.659 2.170 5.762 0 0 0 113 397 1.5% 9.287 8.296 10.326 5.566 6.991 26.637 8.166 9.496 3.659 2.326 5.566 0 0 831 2.830 0 657 1.489 32.626 4.283 5.182 2.566 6.617 0 0 0 0 0 0 0 0 0 1.512 12.182 2.580 0 8 14 0 14 0 39 150 381 665 0 0 0 57 215 546 953 0 0 0 9 32 82 144 0 0 0 105 397 1.192 22.566 0 2.354 17.264 26.566 0 657 1.691 8.830 32.5% 9.273 0 0 0 831 1.308 7.009 1.914 0 0 0 236 424 954 742 0 0 0 0 657 1.498 6.691 8.237 0 831 1.170 5.830 32.5% 9.287 8.566 6.838 4.5% 9.496 3.626 7.830 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3.068 0 0 0 0 657 1.909 13.830 32.838 4.566 6.5% 9.283 9.0 3.283 9.498 6.566 6.489 32.838 4.498 6.365 2.237 6.728 10.071 0 831 2.560 2.566 6.5% 9.308 8.308 8.808 6.068 0 0 0 2.762 0 0 0 3.580 0 0 0 0 0 0 3.5% 9.5% 0 39 150 381 665 789 738 637 .192 22.264 26.617 0 0 0 1.341 0 0 0 3.071 1.365 2.264 0 657 1.

3% 7.686 15.560 4.356 2.448 1.600 14.3% 7.3% 7.600 14.356 2.3% 7.283 9.192 22.3% 7.368 10.3% 7.0 0 0 0 12.448 1.560 4.256 7.808 6.3% 7.914 0 0 0 0 0 0 0 0 1.3% 0 57 215 546 953 1.3% 7.830 32.3% 7.079 974 869 0 0 0 0 0 0 236 660 1.704 11.356 2.704 0 0 1.356 2.489 32.356 0 236 424 954 742 0 0 0 0 0 0 0 0 0 0 0 0 236 660 1.152 0 1.3% 7.830 32.318 4.686 15.560 2.356 2.356 7.3% 0 9 32 82 144 171 171 171 0 0 0 0 0 3.3% 7.368 10.448 0 1.3% 7.152 12.3% 7.614 2.614 2.830 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 #REF! 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 #VALUE! #VALUE! #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! .3% 7.

0 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! .

070 1.0% 0.00 813 845 879 914 951 989 1.00 0.0% 0.0% 0.113 .00 0.1-Apr-12 1-Apr-13 1-Apr-14 1-Apr-15 1-Apr-16 1-Apr-17 1-Apr-18 1-Apr-19 1-Apr-20 31-Mar-13 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0.00 0.00 0.00 0.0% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 342 342 342 342 342 342 342 342 342 95 95 95 95 95 95 95 95 95 0.00 0.00 0.029 1.0% 0.0% 0.00 0.

566 6.881 810 -261 -1.071 1.5% 9.566 6.095 4.166 5.566 6.566 6.5% 9.404 -3.071 5.952 1.566 6.566 6.5% 9.332 -2.566 6.475 9.881 810 -261 -1.566 6.566 6.071 1.566 6.5% 9.071 1.566 6.5% 9.071 1.071 1.024 2.952 1.404 0 0 0 0 0 0 0 0 0 1.095 4.071 1.566 0 0 0 0 0 0 0 0 0 6.5% 9.566 6.5% 9.566 6.566 6.5% 535 433 331 230 128 26 -76 -177 -279 .071 1.566 6.566 6.566 6.332 -2.6.071 1.5% 9.024 2.

0

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1-Apr-21

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1-Apr-24

1-Apr-25

1-Apr-26

1-Apr-27

1-Apr-28

1-Apr-29

31-Mar-22

31-Mar-23

31-Mar-24

31-Mar-25

31-Mar-26

31-Mar-27

31-Mar-28

31-Mar-29

31-Mar-30

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1-Apr-30 1-Apr-31 1-Apr-32 1-Apr-33 1-Apr-34 1-Apr-35 1-Apr-36 1-Apr-37 1-Apr-38 31-Mar-31 31-Mar-32 31-Mar-33 31-Mar-34 31-Mar-35 31-Mar-36 31-Mar-37 31-Mar-38 31-Mar-39 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.852 0 0 0 0 0 .647 1.00 0.0% 0.00 0.00 0.0% 0.0% 0.00 0.00 0.781 1.0% 0.00 0.0% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 342 342 342 342 342 342 342 342 342 95 95 95 95 95 95 95 95 95 0.0% 0.00 0.0% 0.00 0.713 1.00 1.0% 0.0% 0.

475 -3.566 6.6.475 -3.566 6.5% 9.566 6.566 0 0 0 0 0 0 0 0 0 6.566 6.5% 9.5% 9.475 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -3.566 6.566 6.566 6.5% 9.566 6.5% 9.475 -3.475 9.475 -3.475 -3.566 6.566 6.566 6.475 -3.475 -3.5% 9.475 -3.5% -330 -330 -330 -330 -330 -330 -330 -330 -330 .475 -3.566 6.475 -3.566 6.475 -3.566 6.475 -3.5% 9.475 -3.566 6.475 -3.475 -3.475 -3.5% 9.566 6.566 -3.

356 2.356 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2.3% 7.0 0 0 0 0 0 0 0 0 1.3% 7.119 1.3% 7.356 2.119 1.3% 7.119 1.3% 7.356 2.3% 7.119 7.3% 7.356 2.356 7.119 1.119 1.3% 7.3% 7.3% 7.119 1.3% 7.119 1.119 1.119 1.356 2.119 1.119 1.356 2.356 2.356 2.119 1.356 2.119 1.3% 7.356 2.3% 7.119 1.356 2.3% 81 81 81 81 81 81 81 81 81 0 0 0 0 0 0 0 0 0 2.356 2.119 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1.356 2.119 1.356 2.3% 7.356 2.3% 7.3% 7.356 2.119 1.3% 171 171 171 171 171 171 171 171 171 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! .

#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! .

0% AUX 0 0 0 0 0 0 0 0 0 0 0 0 342 342 95 95 0.00 0.1-Apr-39 1-Apr-40 31-Mar-40 s_date 31-Mar-41 e_date 0 0 0 0 0 0.0% 0 0.00 0 0 .

475 -3.6.475 0 0 0 0 -3.475 -3.475 9.5% 9.566 0 0 6.566 6.5% -330 -330 .566 -3.566 6.

3% 81 81 0 0 2.119 1.356 2.3% 7.119 1.119 7.356 0 0 0 0 2.356 2.3% 171 171 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! .119 0 0 0 0 1.356 7.0 0 1.3% 7.

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8 67.0% 3.0% 2.0% 3.0% 4.1 173.8 348.3 142.0% 2.1 156.8 335.884 80% 7.008 7.0 128.0% 6.9 84.5 192.5 92.0 149.8 335.0% 1.0% 6.0 68.5 87.0% 57.1 341.0% 6.0% 2.3 96.446 7.0% 63.0% 3.0% 2.7 98.9 108.008 7.0 Price assumptions Domestic coal price (washed) at plant gate Low Medium High Secondary Fuel Oil Price Low Medium High 3.0% 3.4 341.0% 6.0% 76.9 150.5 95.3 73.8 348.7 3.2 48.8 335.8 348.0% 2.4 341.0% 2.008 7.0% 1.0% 3.6 75.3 341.0% 2.3 341.0% 2.4 161.1 259.0% 3.9 62.008 7.0% 92.5 133.0% 4.4 106.4 221.8 348.446 7.4 341.7 101.884 80% 7.0% 2.884 80% 7.2 68.008 7.0% 4.5 3.446 7.0% 4.1 127.008 7.5 116.0 65.4 103.0 180.008 7.0% 3.4 123.1 64.8 335.9 60.9 175.0 95.0% 74.008 7.0% 6.0% 4.1 125.0% 4.0% 2.0% 4.9 71.4 341.0% 6.3 3.0% 6.4 341.0% 4.1 113.7 63.3 70.0% 4.0 118.0% 1.7 67.884 80% 7.008 7.0% 42.0% 6.0% 3.008 7.8 335.0 95.0% 3.0% 85.8 348.3 77.6 85.8 348.4 3.9 182.0% 1.3 87.0% 2.1 189.0 1% 2% 3% Rs/Euro 1% 2% 5% 2.008 7.8 348.0% 4.4 122.1 129.0% 2.008 7.a.6 111.3 341.0% 6.8 335.446 7.9 3.0% 4.0% 66.0% 2.3 186.1 147.6 66.5 109.0% 89.0% 2.1 3.0% 4.6 341.8 348.0% 2.0% 2.0% 61.3 222.0% 4.4 341.0% 2.0% 4.4 341.884 80% Rs/GJ Rs/GJ Rs/GJ 1.4 72.0% 2.0% 4.0% 2.446 7.4 341.9 92.0% 4.3 3.0% 4.0% 4.5 3.0% 4.7 71.008 7.0% 2.3 68.9 79.0% 1.008 7.0% 3.0 197.0% 1.9 128.446 7.008 7.0% 6.008 7.2 106.0% 4.1 7.008 7. Low Medium High Foreign inflation rate Low Medium High Euro-INR exchange rate Low Medium High 3.884 80% 7.0% 2.446 7.0% 3.8 335.9 341.0% 60.0 341.6 123.8 348.4 341.6 80.0 63.0% 2.0% 2.8% 2.1 71.4 109.2 66.6% 1-Apr-04 1-Apr-05 31-Mar-05 31-Mar-06 3.4 341.7 90.0 180.0% 3.008 7.3 3.0 116.0% 1.0% 3.446 7.008 7.8 335.4 114.0 180.0% 2.4 341.4 341.0% 1.8 348.1 106.0% 58.1 161.2 58.0% 90.2 138.8 335.6 341.0% 6.1 181.0% 6.008 7.446 7.008 7.6 57.0 3.0% 87.0% 2.7 341.0% 3.884 80% 7.8 335.8 348.008 7.4 341.008 7.884 80% 7.8 198.884 80% 7.8 348.884 80% 7.1 143.6 3.008 7.2 126.0% 4.0% 4.446 7.0% 1.0% 4.8 348.4 341.2 270.3 341.3 165.0% 4.1 147.4 59.2 60.1 116.0% 2.7 136.3 156.8 170.9 341.1 166.1 186.008 7.008 7.0% 4.4 341.446 7.0% 73.446 7.8 348.8 335.0% 2.2 3.008 7.8 348.4 99.1 341.4 112.0% 2.0 107.4 240.5 100.0% 3.884 80% 7.1 192.884 80% 7.446 7.0% 79.9 79.1 204.0% 77.0% 2.3 210.0% 2.5 216.4 341.4 210.4 101.8 139.0% 2.884 80% 7.4 105.884 80% 7.008 7.7 3.5 73.008 7.0 117.0% 71.9 3.8 348.0% 2.8 231.884 80% 7.0% 2.6 69.8 335.008 7.9 104.0 102.0% 3.0% 1.0% 2.0% 1.884 80% 7.0 Plant operational parameters Available hours of operations Low Medium High Plant load factor 9-Mar-05 hours hours hours 1-Apr-06 31-Mar-07 1-Apr-07 31-Mar-08 1-Apr-08 31-Mar-09 1-Apr-09 31-Mar-10 1-Apr-10 31-Mar-11 1-Apr-11 31-Mar-12 1-Apr-12 31-Mar-13 1-Apr-13 31-Mar-14 1-Apr-14 31-Mar-15 1-Apr-15 31-Mar-16 1-Apr-16 31-Mar-17 1-Apr-17 31-Mar-18 1-Apr-18 31-Mar-19 1-Apr-19 31-Mar-20 1-Apr-20 31-Mar-21 1-Apr-21 31-Mar-22 1-Apr-22 31-Mar-23 1-Apr-23 31-Mar-24 1-Apr-24 31-Mar-25 1-Apr-25 31-Mar-26 1-Apr-26 31-Mar-27 1-Apr-27 31-Mar-28 1-Apr-28 31-Mar-29 1-Apr-29 31-Mar-30 1-Apr-30 31-Mar-31 1-Apr-31 31-Mar-32 1-Apr-32 31-Mar-33 4.0% 1.7 3.4 341.4 73.9 3.5 3.8 3.9 3.9 74.0% 6.8 223.6 64.0% 4.0% 2.0% 4.0% 4.1 216.0% 6.2 162.0% 1.9 341.0% 96.008 7.8 348.4 341.0% 4.9 96.0% 2.446 7.0% 2.0% 2.1 134.008 7.008 7.0% 1.1 170.0% 4.0% 6.VTPS-IV Financial Model V 3.5 200.008 7.0% 94.008 7.0% 6.4 341.0% 4.9 176.446 7.0% 80.8 335.0% 3.4 341.1 151.884 80% 7.0% 2.0 204.8 335.0% 6.4 341.8 61.0% 4.0% 2.8 348.9 205.884 80% 7.0% 4.3 341.8 335.7 131.4 74.884 80% 7.884 80% 7.446 7.008 7.0% 6.5 61.0% 6.8 134.4 341.446 7.0% 3.8 335.008 7.008 7.6 341.008 7.1 341.008 7.4 341.8 348.0 70.0% 6.0% 1.6 76.0% 3% 4% 6% 2.4 341.0% 6.6 123.5 281.0% 4.008 7.0% 4.0% 4.6 59.0% 3.008 7.008 7.5 119.2 61.0% 2.0% 4.884 80% .8 348.2 151.1 131.3 3.0% 4.5 3.0% 2.2 83.0% 84.0 58.0% 4.008 7.7 114.0% 6.8 348.884 80% 7.5 341.446 7.446 7.4 341.4 62.0% 6.0 3.884 80% 7.008 7.4 341.8 348.0% 6.0% 1.5 113.0% 1.0% 1.0% 4.8 335.0% 3.0% 1.0% 3.008 7.0% 1.5 3.0% 2.0 292.0% 4.1 66.4 182.0% 1.3 63.1 223.0% 4.0% 4.0% 4.0% 2.4 103.4 341.0% 70.5 3.0 65.8 121.1 118.0% 4.1 106.1 109.008 7.0% 3.8 62.7 341.0% 1.8 335.8 335.4 168.0% 62.0% 2.0% 1.6 157.0% 2.0% 68.6 64.8 335.3% 1-Apr-02 31-Mar-03 1-Apr-03 31-Mar-04 1.8 341.0% 4.0% 1.0% 4.4 98.0 Macro-economic assumptions Indian inflation rate % p.9 143.7 72.4 68.6 58.0% 3.1 115.0% 4.884 80% 7.008 7.008 7.8 348.3 3.884 80% 7.0% 2.6 60.0% 4.0% 2.0% 2.0% 4.446 7.446 7.0% 4.0 144.008 7.0% 64.1 57.0% 6.8 335.8 335.1 176.1 341.3 120.5 127.6 341.5 3.0% 4.0% 2.1 181.0% 2.446 7.0% 98.8 335.008 7.0% 3.8 335.5 105.0% 2.0% 67.0 341.8 348.9 117.8 335.3 82.0% 3.5 103.4 341.3 341.0% 6.0 109.008 7.8 348.0% 3.8 335.0% 2.0% 1.0% 3.1 123.008 7.0% 3.446 7.6 166.008 7.446 7.4 341.0% 4.884 80% 7.4 3.4 341.446 7.0% 6.1 210.1 80% 80% 85% 90% 80% 7.0% 2.0% 2.446 7.0% Rs/GJ Rs/GJ Rs/GJ 6% 8% 10% 100.0% 4.8 348.446 7.0% 2.0 156.8 335.4 341.8 348.0% 6.2 94.0% 2.0% 1.2 249.0% 4.7 101.8 57.4 341.5 100.0% 82.884 80% 7.8 335.0% 3.0% 2.8 348.0% 1.0% 3.0% 1.2 56.2 110.446 7.008 7.2 123.0% 4.3 341.1 139.0 1.1 213.7 191.9 113.1 198.1 119.0% 2.884 80% 7.6 127.008 7.0 89.

gross (5% less than plant parameter) Station heat rate.5 kJ/ml Rs/GJ 42 316 Calorific value of SFO Price of SFO 41.674 80% 0.Dates Commencement of construction date Construction period Scheduled COD PPA duration End of contract Plant Performance Plant parameters Installed Capacity Auxiliary consumption Net capacity Availability months years MW % MW % Efficiency.01% 43.936 4% Carbon credits Baseline Price of carbon tCO2e/MWh Eur/tCO2e #REF! 0 Rebate for prompt payment 1% Working capital norms for Tariff Cost of coal Cost of SFO O&M expenses Maintenance spares Receivables for sale of electricity % of working capital funded by borrowings Working capital borrowing interest rate Months Months Months % Months % % 2 2 1 1% 2 100% 9% Working capital. normative Rs Mn/MW % 0.03% 633 80% Efficiency.50% 8. normative Annual escalation.25 1.8% 635 80% 42.69% 8.5 660 4. normative ml/kWh Fuel Average landed price of washed coal Rs/GJ 97.240 80% 0. actual Cost stock SFO stock Maintenance spares Receivables for sale of electricity Months Months % Months 2 2 1% 2 Months Months 1 1 100% 9% Payables for O&M Payables for fuel % of working capital funded by borrowings Working capital borrowing interest rate . actual ml/kWh Normative. for tariff setting Installed Capacity Auxiliary Consumption Net capacity Target availability for recovery of fixed charge MW % MW % 1-Dec-05 40 1-Apr-09 25 31-Mar-34 660 3. gross Gross station heat rate Plant Load Factor % % kJ/kWh % SFO consumption. net Efficiency. gross Target PLF over which incentive payable Rate of incentive % kJ/kWh % Rs/kWh SFO consumption.5 Operations & Maintenance O&M costs (base year: 2004-05).

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