Parameter Input Units Calculate Units

Baseload wholesale power tariff 3.00 Rs/kWh

Peakload wholesale electricity tariff 7.00 Rs/kWh
General Inflation rate 8.0% per annum
Wholsesale Electricity Inflation rate 8.0% per annum
Percent solar resource during peak period 25.0% 75.0% Base
PV plant array capacity (dc) 4.00 MW(dc) 3.2 MW(ac)
PV plant array-to-system capacity 80%
PV plant initial capacity factor (ac basis) 20.0% 5,606 MWh/yr
PV plant annual capacity degradation 0.5% per annum
PV Module unit price $ 3.10 USD/Wdc
PV Array Structure and Wiring unit price $ 0.50 USD/Wdc
PV Power Inverters unit price $ 0.25 USD/Wdc
PV Plant planning costs, fees, permits $ 0.25 USD/Wdc
PV System Construction unit price $ 0.25 USD/Wdc $ 5.44 USD/Wac installed total cost
PV plant cost 839,550,000 Rs
Exchange rate 48.25 Rs/USD
MNRE/MERC incentive production tarriff 15.00 Rs/kWh
Term of MNRE/MERC incentive 10 years
GEF Incentive Available $ 5,000,000 USD
GEF Incentive "buydown" $ 5,000,000 USD 241,250,000 Rs
PV Plant Cost Net of GEF incentive 598,300,000 Rs 150 Rs/Wdc
Equity investment 20% 119,660,000 Rs
Debt financing required 478,640,000 Rs
EXIM Debt limit % US exports 130% 840,515,000 Rs
EXIM Debt financing 478,640,000 Rs
EXIM Debt Interest Rate 3.82% per annum
Exim Debt Term 15 years
EXIM Debt fee 8.1% one time
Comm Debt Financing - Rs
Comm Debt Interest Rate 7.00% per annum
Comm Debt Term 10 years
Comm Debt fee 5.0% one time
O&M Cost (percent of capital cost) 1.0% per annum
Terminal Value 25%
Project Life / Return on Equity Investment 15 years 19.6% ROI

Edward C. Kern, Jr.:

Use Tools >> Scenarios from Menu bar above to look at
results for varied GEF and EXIM bank options and for fixed
versus tracking flat plate array options.
 Calculate Units

USD/Wac installed total cost

$ 17,400,000 USD

30% Cost limit %

$ 3.10 USD/Wdc

$ 9,920,000 USD
$ 17,420,000 USD

77% % US goods

31.04 USD/MWh

Fixed Array
 Fixed Array

0.2

0.5

0.01

Fixed Array

Page 3
30% GEF incentive

0.3

Page 4
No GEF incentive

Page 5
 130% EXIM

1.3

Page 6
 100% EXIM

Page 7
 0% EXIM

Page 8
 33% Terminal value

0.25

Page 9
 25% Terminal value

0.25

Page 10
 Cash Flow

5000000

4000000

3000000
US Dollars

2000000

1000000

0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27

-1000000

-2000000

-3000000 Project Year

Year 2009 2010 2011
Project year 0 1 2
Baseload power Rs/kWh 3.00 3.24 3.50
Peak power Rs/kWh 7.00 7.56 8.16
MNRE/MERC tarriff Rs/kWh 15.00 15.00 15.00

PV Production kWh/year 0.00 5,606,400 5,578,368

kWh revenue India Incentive Tarrif (Rs) 84,096,000 83,675,520

Commercial Tarrif (Rs) - -
Total (Rs) 84,096,000 83,675,520

Terminal value - -
Plant Construction (839,550,000)
GEF incentive Rs 241,250,000
EXIM Debt Rs 517,409,840
Comm Debt 0
Tata investment Rs 119,660,000
EXIM Fee (38,769,840)
Comm Fee 0
O&M Expense Rs (8,395,500) (9,067,140)
EXIM Debt payments Rs (45,952,593) (45,952,593)
Comm debt payments Rs - -

Tata equity investment Rs (119,660,000)

Cash Flow Rs (119,660,000) 29,747,907 28,655,787
Cash Flow USD $ (2,480,000) $ 616,537 $ 593,902
Return on Investment 19.6%
 2012 2013 2014 2015 2016 2017 2018
3 4 5 6 7 8 9
3.78 4.08 4.41 4.76 5.14 5.55 6.00
8.82 9.52 10.29 11.11 12.00 12.96 13.99
15.00 15.00 15.00 15.00 15.00 15.00 15.00

5,550,476 5,522,724 5,495,110 5,467,635 5,440,296 5,413,095 5,386,029

83,257,142 82,840,857 82,426,652 82,014,519 81,604,447 81,196,424 80,790,442

- - - - - - -
83,257,142 82,840,857 82,426,652 82,014,519 81,604,447 81,196,424 80,790,442

- - - - - - -

(9,792,511) (10,575,912) (11,421,985) (12,335,744) (13,322,603) (14,388,412) (15,539,485)

(45,952,593) (45,952,593) (45,952,593) (45,952,593) (45,952,593) (45,952,593) (45,952,593)
- - - - - - -

27,512,038 26,312,352 25,052,075 23,726,182 22,329,250 20,855,420 19,298,365

$ 570,198 $ 545,334 $ 519,214 $ 491,734 $ 462,782 $ 432,237 $ 399,966
 2019 2020 2021 2022 2023 2024 2025
10 11 12 13 14 15 16
6.48 6.99 7.55 8.16 8.81 9.52 10.28
15.11 16.32 17.63 19.04 20.56 22.21 23.98
15.00 0.00 0.00 0.00 0.00 0.00 0.00

5,359,099 5,332,304 5,305,642 5,279,114 5,252,719 5,226,455 -

80,386,490 - - - - - -
- 49,732,030 53,442,040 57,428,816 61,713,006 66,316,796 -
80,386,490 49,732,030 53,442,040 57,428,816 61,713,006 66,316,796 -

- - - - - 209,887,500 -

(16,782,643) (18,125,255) (19,575,275) (21,141,297) (22,832,601) (24,659,209) -

(45,952,593) (45,952,593) (45,952,593) (45,952,593) (45,952,593) (45,952,593) -
- - - - - - -

17,651,254 (14,345,817) (12,085,828) (9,665,074) (7,072,188) 205,592,494 -

$ 365,829 $ (297,323) $ (250,483) $ (200,312) $ (146,574) $ 4,260,984 $ -
 2026 2027 2028 2029 2030 2031 2032
17 18 19 20 21 22 23
11.10 11.99 12.95 13.98 15.10 16.31 17.61
25.90 27.97 30.21 32.63 35.24 38.06 41.10
0.00 0.00 0.00 0.00 0.00 0.00 0.00

- - - - - - -

- - - - - - -
- - - - - - -
- - - - - - -

- - - - - - -

- - - - - - -
- - - - - - -
- - - - - - -

- - - - - - -
$ - $ - $ - $ - $ - $ - $ -
 2033 2034 2035
24 25 26
19.02 20.55 22.19
44.39 47.94 51.77
0.00 0.00 0.00

- - -

- -
- -
- - -

- - -

- - -
- - -
- - -

- - -
$ - $ - $ -
Design and Construction ($/Wdc)
PV Module unit price $ 2.75
Array Structure and Wiring $ 0.20
Power Inverters $ 0.20
Plant planning costs, fees, permits $ 0.15
System Construction $ 0.20
Total Capital Cost $ 3.50

Finance and Operation

Cost of money (%/yr) 5%
Annual O&M (% of capital cost) 0.5%
Plant Module DC to Inveter AC losses 80%
Generation capacity factor 20.0%
Annual Production (kWh/W) 1.40
Annual plant cost ($/Wdc) $0.28
Average kWh cost ($/kWh) $0.20