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Depreciation Schedule

Year Year 1 Year 2


Closing Value 2058 2058
Depreciation 0 0

Term Loan Repayment Schedule


Year Year 1 Year 2
Opening 1000.00 1500.00
Repayment 0.00 0.00
Closing 1000.00 1500.00
Average 1000.00 1500.00
Interest 100.00 150.00

Inputs
Capacity/MW 500
Tariff/Kwh Rs 3.5
O and M 1.50%
Fixed Costs/Kwh 1
Tariff Escalation / Per Kwh 0.15
Days Per Year 365
Hour/Day 24
Rs per Crore 10000000
Escalation in O&M 5%
Tax 30%
Depreciation 5%
T&D Loss 5%
Free power first 12 years 12%
Free power after first 12 years 18%
Interest 10%

Notes & Assumptions


Capex is assumed to be injected in rates of 50% , 25% and 25% during the construction period in ye
Normal Capex is 2% of FA for first 5 yrs, then 4%
Working Capital required= 15% of O&M cost , Standard Industry estimates are taken for working cap
Fixed Cost is derived from the standard Industry cost of hydro power production per Kwh(varies from
O&M Expense is taken as variable cost , and not factored for first two years of operation(Case Data)
IRR is derived assuming Unlevered Free Cash Flow(UFCF)
Depreciation is SLM , assuming Fixed Assets (FA) to account for 70% of Project Cost
Repayment Schedule for term loan is estimated assuming average amount outstanding per year
Working Capital and Margin Money are assumed to be self Financed(Not borrowed)
Interest rate for term loan is assumed to be fixed at 10%
Year 3 Year 4 Year 5 Year 6 Year 7
2058 1955 1857 1764 1676
0 103 98 93 88

Year 3 Year 4 Year 5 Year 6 Year 7


2100.00 2100.00 2043.24 1986.49 1929.73
0.00 56.76 56.76 56.76 56.76
2100.00 2043.24 1986.49 1929.73 1872.97
2100.00 2071.62 2014.86 1958.11 1901.35
210.00 207.16 201.49 195.81 190.14

Free Cash Flow Calculation (Rs. In crore)


Year 1 2 3 4
Capacity Utilization Construction Period 48.30%
Revenue(Crores) 740.44
T&D Losses 37.02
Free Power 88.85
Net Revenue 614.56
Fixed Costs 211.55
Variable Cost 0
EBITD 0 0 0 403.01
Interest 100.00 150.00 210.00 207.16
Depreciation 0.00 0.00 0.00 102.90
EBT -100.00 -150.00 -210.00 92.95
Tax 0 0 0 0
PAT -100.00 -150.00 -210.00 92.95
EBIT (1-Tax) 0.00 0.00 0.00 300.11
Capital Investment 1029 514.5 514.5 41.16
Working Capital Change 0 0 0 0
FCF -1029.00 -514.50 -514.50 361.85

IRR 16.55%

, 25% and 25% during the construction period in years 1 ,2 ,3 based on the contruction plan

andard Industry estimates are taken for working capital(WC) and O&M expense
cost of hydro power production per Kwh(varies from 1-2 cent/kwh)
factored for first two years of operation(Case Data)
to account for 70% of Project Cost
assuming average amount outstanding per year
to be self Financed(Not borrowed)
Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15
1592 1513 1437 1365 1297 1232 1171 1112
84 80 76 72 68 65 62 59

Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15


1872.97 1816.22 1759.46 1702.70 1645.95 1589.19 1532.43 1475.68
56.76 56.76 56.76 56.76 56.76 56.76 56.76 56.76
1816.22 1759.46 1702.70 1645.95 1589.19 1532.43 1475.68 1418.92
1844.59 1787.84 1731.08 1674.32 1617.57 1560.81 1504.05 1447.30
184.46 178.78 173.11 167.43 161.76 156.08 150.41 144.73

5 6 7 8 9 10 11 12
48.30% 48.30% 48.30% 48.30% 48.30% 48.30% 48.30% 48.30%
772.17 803.91 835.64 867.37 899.1 930.84 962.57 994.3
38.61 40.2 41.78 43.37 44.96 46.54 48.13 49.72
92.66 96.47 100.28 104.08 107.89 111.7 115.51 119.32
640.9 667.24 693.58 719.92 746.26 772.6 798.93 825.27
211.55 211.55 211.55 211.55 211.55 211.55 211.55 211.55
0 3.17 3.33 3.5 3.67 3.86 4.05 4.25
429.35 452.51 478.69 504.87 531.03 557.18 583.33 609.47
201.49 195.81 190.14 184.46 178.78 173.11 167.43 161.76
97.76 92.87 88.22 83.81 79.62 75.64 71.86 68.27
130.11 163.84 200.33 236.59 272.62 308.43 344.04 379.44
0 0 0 0 0 0 103.21 113.83
130.11 163.84 200.33 236.59 272.62 308.43 240.83 265.61
331.59 359.65 390.47 421.05 451.41 481.54 358.03 378.84
41.16 41.16 41.16 41.16 82.32 82.32 82.32 82.32
0 0.48 0.5 0.52 0.55 0.58 0.61 0.64
388.19 410.88 437.03 463.18 448.16 474.29 346.96 364.15
Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23
1056 1004 953 906 860 817 777 738
56 53 50 48 45 43 41 39

Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23


1418.92 1362.16 1305.41 1248.65 1191.89 1135.14 1078.38 1021.62
56.76 56.76 56.76 56.76 56.76 56.76 56.76 56.76
1362.16 1305.41 1248.65 1191.89 1135.14 1078.38 1021.62 964.86
1390.54 1333.78 1277.03 1220.27 1163.51 1106.76 1050.00 993.24
139.05 133.38 127.70 122.03 116.35 110.68 105.00 99.32

13 14 15 16 17 18 19 20
48.30% 48.30% 48.30% 48.30% 48.30% 48.30% 48.30% 48.30%
1026.04 1057.77 1089.5 1121.24 1152.97 1184.7 1216.44 1248.17
51.3 52.89 54.48 56.06 57.65 59.24 60.82 62.41
123.12 126.93 130.74 201.82 207.53 213.25 218.96 224.67
851.61 877.95 904.29 863.35 887.79 912.22 936.66 961.09
211.55 211.55 211.55 211.55 211.55 211.55 211.55 211.55
4.47 4.69 4.92 5.17 5.43 5.7 5.98 6.28
635.59 661.71 687.81 646.63 670.8 694.97 719.12 743.25
156.08 150.41 144.73 139.05 133.38 127.70 122.03 116.35
64.85 61.61 58.53 55.60 52.82 50.18 47.67 45.29
414.66 449.69 484.55 451.97 484.60 517.08 549.42 581.61
124.4 134.91 145.37 135.59 145.38 155.13 164.83 174.48
290.26 314.78 339.19 316.38 339.22 361.96 384.59 407.13
399.52 420.07 440.50 413.72 432.59 451.35 470.01 488.57
82.32 82.32 82.32 82.32 82.32 82.32 82.32 82.32
0.67 0.7 0.74 0.78 0.81 0.85 0.9 0.94
381.38 398.65 415.97 386.23 402.28 418.36 434.47 450.60
Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 Year 31
701 666 633 601 571 542 515 489
37 35 33 32 30 29 27 26

Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 Year 31


964.86 908.11 851.35 794.59 737.84 681.08 624.32 567.57
56.76 56.76 56.76 56.76 56.76 56.76 56.76 56.76
908.11 851.35 794.59 737.84 681.08 624.32 567.57 510.81
936.49 879.73 822.97 766.22 709.46 652.70 595.95 539.19
93.65 87.97 82.30 76.62 70.95 65.27 59.59 53.92

21 22 23 24 25 26 27 28
48.30% 48.30% 48.30% 48.30% 48.30% 48.30% 48.30% 48.30%
1279.9 1311.63 1343.37 1375.1 1406.83 1438.57 1470.3 1502.03
64 65.58 67.17 68.76 70.34 71.93 73.52 75.1
230.38 236.09 241.81 247.52 253.23 258.94 264.65 270.37
985.52 1009.96 1034.39 1058.83 1083.26 1107.7 1132.13 1156.57
211.55 211.55 211.55 211.55 211.55 211.55 211.55 211.55
6.6 6.93 7.27 7.64 8.02 8.42 8.84 9.28
767.37 791.48 815.57 839.64 863.69 887.72 911.74 935.73
110.68 105.00 99.32 93.65 87.97 82.30 76.62 70.95
43.02 40.87 38.83 36.89 35.04 33.29 31.63 30.05
613.67 645.60 677.41 709.10 740.67 772.13 803.49 834.74
184.1 193.68 203.22 212.73 222.2 231.64 241.05 250.42
429.57 451.92 474.19 496.37 518.47 540.49 562.44 584.32
507.04 525.42 543.72 561.92 580.05 598.10 616.08 633.98
82.32 82.32 82.32 82.32 82.32 82.32 82.32 82.32
0.99 1.04 1.09 1.15 1.2 1.26 1.33 1.39
466.76 482.94 499.13 515.35 531.57 547.81 564.06 580.31
Year 32 Year 33 Year 34 Year 35 Year 36 Year 37 Year 38 Year 39
465 442 420 399 379 360 342 325
24 23 22 21 20 19 18 17

Year 32 Year 33 Year 34 Year 35 Year 36 Year 37 Year 38 Year 39


510.81 454.05 397.30 340.54 283.78 227.03 170.27 113.51
56.76 56.76 56.76 56.76 56.76 56.76 56.76 56.76
454.05 397.30 340.54 283.78 227.03 170.27 113.51 56.76
482.43 425.68 368.92 312.16 255.41 198.65 141.89 85.14
48.24 42.57 36.89 31.22 25.54 19.86 14.19 8.51

29 30 31 32 33 34 35 36
48.30% 48.30% 48.30% 48.30% 48.30% 48.30% 48.30% 48.30%
1533.77 1565.5 1597.23 1628.97 1660.7 1692.43 1724.17 1755.9
76.69 78.27 79.86 81.45 83.03 84.62 86.21 87.79
276.08 281.79 287.5 293.21 298.93 304.64 310.35 316.06
1181 1205.43 1229.87 1254.3 1278.74 1303.17 1327.61 1352.04
211.55 211.55 211.55 211.55 211.55 211.55 211.55 211.55
9.75 10.23 10.75 11.28 11.85 12.44 13.06 13.71
959.7 983.65 1007.57 1031.47 1055.34 1079.18 1102.99 1126.77
65.27 59.59 53.92 48.24 42.57 36.89 31.22 25.54
28.54 27.12 25.76 24.47 23.25 22.09 20.98 19.93
865.89 896.94 927.89 958.75 989.52 1020.20 1050.79 1081.30
259.77 269.08 278.37 287.63 296.86 306.06 315.24 324.39
606.12 627.85 649.52 671.13 692.66 714.14 735.56 756.91
651.81 669.57 687.27 704.90 722.46 739.96 757.41 774.79
82.32 82.32 82.32 82.32 82.32 82.32 82.32 82.32
1.46 1.54 1.61 1.69 1.78 1.87 1.96 2.06
596.57 612.83 629.09 645.36 661.61 677.87 694.11 710.34
Year 40
308
16

Year 40
56.76
56.76
0.00
28.38
2.84

37 38 39 40
48.30% 48.30% 48.30% 48.30%
1787.63 1819.36 1851.1 1882.83
89.38 90.97 92.55 94.14
321.77 327.49 333.2 338.91
1376.48 1400.91 1425.35 1449.78
211.55 211.55 211.55 211.55
14.4 15.12 15.88 16.67
1150.52 1174.24 1197.91 1221.56
19.86 14.19 8.51 2.84
18.94 17.99 17.09 16.24
1111.72 1142.06 1172.31 1202.48
333.52 342.62 351.69 360.74
778.20 799.44 820.62 841.74
792.11 809.37 826.58 843.72
82.32 82.32 82.32 82.32
2.16 2.27 2.38 2.5
726.57 742.77 758.97 775.14

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