Annexure VII Final Rec

Order - Solar Tariff
Annexure-VII
TARIFF DETERMINATION FOR SOLAR PHOTO VOLTAIC POWER PLANTS LOCATED IN RAJASTHAN
25 yrs Levelised Tariff (Rs/kWh)

Accelerated Depreciation(Rs/kWh)
S. No.
1
Assumption
Head
Sub-Head
Sub-Head (2)
6.96
0.87
Unit
Base Case
(SPV)
Power Generation
Capacity
Installed Power Generation Capacity MW
CUF
%
Deration p.a. after 2nd year
%
Auxiliary Consumption
Tariff Period
Life of Power Plant
%
Years
Years
1.1
19.00%
0.70%
0.25%
25
25
2 Project Cost
Capital Cost/MW
Project Cost
inc Land,Trans &Connectivity chargesRs Lacs/MW

Power Plant Cost
Rs Lacs
875
937.5
Tranmssion line Cost
Rs Lacs/MW
25
Connectivity Charges
Rs Lacs/MW
3 Sources of Fund
Debt: Equity
Debt
%
Equity
%
Total Debt Amount
Rs Lacs
Total Equity Amout
Rs Lacs
Funding Options-1 (Domestic Loan Source-1)
Loan Amount
Rs Lacs
Moratorium Period
years
Repayment Period(incld Moratorium) years
Intrest Rate
%
Funding Options-2 ( Equity Finance )
Equity amount
Rs Lacs
Return on Equity for first 10 yrs
% p.a
Return on Equity from 11th yr onwards
% p.a
Discount Rate (equiv. to WACC)
4
66.00%
34.00%
618.75
318.75
618.75
0
10
9.00%
318.75
13.00%
13.00%
10.36%
Financial Assumptions
Fiscal Assumptions
Income Tax
%
MAT Rate (for yr-1)
yr-2 )
%
MAT Rate (for yr-2 to yr-10)
80 IA benefits
Yes/No
Accelerated Depreciation(for 20 years)Rs/kWh
30.90%
19.93%
18.54%
18.54%
Yes
0.00
Depreciation
Depreciation Rate(upto 12-yrs)
Depreciation Rate(after 12-yrs)
Years for 5.28% SLM rate
5 Working Capital
For Fixed Charges
O&M Charges
Maintenance Spare (% of O&M expenses)
Receivables for Debtors
Intrest On Working Capital
6 Operation & Maintenance
power plant
Rs per MW
Insurance
% of depreciated capital cost
Total O & M Expenses Escalation
%
%
years
Months
5.28%
2.05%
12
Months
%
1
15.00%
1.5
8.00%
Rs Lacs
%
%
9.51
0.30%
5.72%
60
60
Annexure-VIIcontd
Units Generation
Aux Consumption
Installed Capacity
Deration factor
Generation
Cost of generation
O&M Expenses
Depreciation
Interest on term loan
Return on Equity
Total Cost of generation
Per unit Cost of generation
Levellised cost of generation (Rs/kWh) (25 yrs)
Unit
%
MW
%
MU
Year--->
Unit
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Rs/kWh
6.96
Year--->
0.70%
1
0.25%
2
0.25%
3
0.25%
4
0.25%
5
0.25%
6
0.25%
7
0.25%
8
0.25%
9
0.25%
10
0.25%
11
0.25%
12
0.25%
13
0.25%
14
0.25%
15
0.25%
16
0.25%
17
0.25%
18
0.25%
19
0.25%
20
0.25%
21
0.25%
22
0.25%
23
0.25%
24
0.25%
1.1
1
1.83
1.1
1.000
1.83
1.1
0.993
1.81
1.1
0.986
1.80
1.1
0.979
1.79
1.1
0.972
1.78
1.1
0.965
1.76
1.1
0.959
1.75
1.1
0.952
1.74
1.1
0.945
1.73
1.1
0.939
1.71
1.1
0.932
1.70
1.1
0.926
1.69
1.1
0.919
1.68
1.1
0.913
1.67
1.1
0.906
1.66
1.1
0.900
1.64
1.1
0.894
1.63
1.1
0.887
1.62
1.1
0.881
1.61
1.1
0.875
1.60
1.1
0.869
1.59
1.1
0.863
1.58
1.1
0.857
1.56
1
12.25
61.88
52.90
41.44
168.47
9.22
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
12.65
13.08
13.54
14.04
14.57
15.15
15.76
16.42
17.12
17.87
18.76
19.71
20.71
21.78
22.90
24.10
25.36
26.71
28.13
29.64
31.24
32.93
34.72
0.00
41.44
59.31
3.46
0.00
41.44
60.20
3.54
0.00
41.44
61.15
3.62
0.00
41.44
62.15
3.70
0.00
41.44
63.21
3.79
0.00
41.44
64.34
3.89
0.00
41.44
65.54
3.99
0.00
41.44
66.80
4.09
0.00
41.44
68.15
4.20
0.00
41.44
69.57
4.32
0.00
41.44
71.08
4.45
0.00
41.44
72.67
4.58
0.00
41.44
74.37
4.72
0.00
41.44
76.16
4.87
61.88
47.33
41.44
163.30
8.94
61.88
41.77
41.44
158.16
8.72
61.88
36.20
41.44
153.05
8.50
61.88
30.63
41.44
147.98
8.28
61.88
25.06
41.44
142.94
8.05
61.88
19.49
41.44
137.95
7.82
61.88
13.92
41.44
132.99
7.60
61.88
8.35
41.44
128.08
7.37
61.88
2.78
41.44
123.22
7.14
Calculations showing the admissible gains of accelerated depreciation under Income Tax Act for solar PV power plants
Capital cost Rs
Year-->
Depreciation-Normative
Depreciation-Accelerated
Depreciation difference admissible for claiming
benefit
Effective Income Tax Rate
Income Tax gain
Discount Factor
Discounted Tax gain
Levelized ITAX gain
Solar generation MU
CUF
Capital cost (Rs in Lakhs/MW)
Levelized ITAX benefit ,Rs Lakh
Levelized generation,LU
Levelised ITAX benefit in Rs/kWh
100.00
1
5.28
80.00
74.72
33.22%
24.82
1.00
24.82
1.76
1.83
Solar PV
19.00%
875.00
15.37
17.58
0.87
Discount Rate
13.73%
First Year 33.22%

Income Tax 30.90%
thereafter
6
7
8
5.28
5.28
5.28
0.00
0.00
0.00
2
5.28
10.00
3
5.28
0.00
4
5.28
0.00
5
5.28
0.00
4.72
30.90%
1.53
0.91
1.39
(5.28)
30.90%
(1.67)
0.82
(1.37)
(5.28)
30.90%
(1.63)
0.74
(1.21)
(5.28)
30.90%
(1.63)
0.67
(1.10)
(5.28)
30.90%
(1.63)
0.61
(1.00)
(5.28)
30.90%
(1.63)
0.55
(0.90)
1.81
1.80
1.79
1.78
1.76
1.83
Accelerated depreciation
80.00%
CUF
20.50% Aux
0.25%
9
5.28
0.00
10
5.28
0.00
11
5.28
0.00
12
5.28
0.00
13
2.05
0.00
14
2.05
0.00
15
2.05
0.00
16
2.05
0.00
17
2.05
0.00
18
2.05
0.00
19
2.05
0.00
20
2.05
0.00
(5.28)
30.90%
(1.63)
0.50
(0.82)
(5.28)
30.90%
(1.63)
0.45
(0.74)
(5.28)
30.90%
(1.63)
0.41
(0.67)
(5.28)
30.90%
(1.63)
0.37
(0.61)
(5.28)
30.90%
(1.63)
0.34
(0.55)
(2.05)
30.90%
(0.63)
0.31
(0.19)
(2.05)
30.90%
(0.63)
0.28
(0.18)
(2.05)
30.90%
(0.63)
0.25
(0.16)
(2.05)
30.90%
(0.63)
0.23
(0.14)
(2.05)
30.90%
(0.63)
0.21
(0.13)
(2.05)
30.90%
(0.63)
0.19
(0.12)
(2.05)
30.90%
(0.63)
0.17
(0.11)
(2.05)
30.90%
(0.63)
0.15
(0.10)
1.75
1.74
1.73
1.71
1.70
1.69
1.67
1.66
1.68
1.64
1.63
1.62
1.61
61
Units Generation
Aux Consumption
Installed Capacity
Deration factor
Generation
Cost of generation
O&M Expenses
Depreciation
Interest on term loan
Return on Equity
Total Cost of generation
Per unit Cost of generation
Levellised cost of generation (Rs/kWh) (25 yrs)
Unit
%
MW
%
MU
Unit
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Rs/kWh
6.96
25
0.25%
1.1
0.851
1.55
25
36.62
0.00
41.44
78.06
5.02
Capital cost Rs
Year-->
Depreciation difference admissible for claiming
benefit
Income Tax gain
Discount Factor
Discounted Tax gain
Levelized ITAX gain
Solar generation MU
CUF
Capital cost (Rs in Lakhs/MW)
Levelized ITAX benefit ,Rs Lakh
Levelised ITAX benefit in Rs/kWh
100.00
1
5.28
80.00
74.72
33.22%
24.82
1.00
24.82
1.76
1.83
Solar PV
19.00%
875.00
15.37
17.58
0.87
61
Operation and Maintenance Expenses
Particular
10
11
12
13
14
15
16
17
18
19
20
O&M expense for power plant

Rs Lakh
9.51
10.06
10.63
11.24
11.89
12.57
13.28
14.04
14.85
15.70
16.59
17.54
18.55
19.61
20.73
21.92
23.17
24.49
25.90
27.38
28.94
30.60
32.35
34.20
Insurance Charges
Rs Lakh
2.74
2.59
2.45
2.30
2.15
2.01
1.86
1.71
1.57
1.42
1.28
1.22
1.16
1.10
1.05
0.99
0.93
0.87
0.81
0.75
0.70
0.64
0.58
0.52
0.46
Total O&M expense
Rs Lakh
12.25
12.65
13.08
13.54
14.04
14.57
15.15
15.76
16.42
17.12
17.87
18.76
19.71
20.71
21.78
22.90
24.10
25.36
26.71
28.13
29.64
31.24
32.93
34.72
36.62
Particulars
Unit
Unit
Year--->
Year--->
2
913
863.81
3
815.12
4
766.42
5
717.73
6
669.04
7
620.35
8
571.65
9
522.96
10
474.27
11
425.58
12
406.37
13
387.15
14
367.74
15
348.33
16
328.92
17
309.51
18
290.10
19
270.69
20
251.28
21
22
21
231.87
23
22
212.46
24
25
23
24
193.05
173.64
36.16
25
Opening balance
Rs Lakh
154.23
Depreciation
Rs Lakh
48.69
48.69
48.69
48.69
48.69
48.69
48.69
48.69
48.69
48.69
19.21
19.21
19.41
19.41
19.41
19.41
19.41
19.41
19.41
19.41
19.41
19.41
19.41
19.41
19.41
Closing balance
Rs Lakh
863.81
815.12
766.42
717.73
669.04
620.35
571.65
522.96
474.27
425.58
406.37
387.15
367.74
348.33
328.92
309.51
290.10
270.69
251.28
231.87
212.46
193.05
173.64
154.23
134.82
Particular
Unit
Power Plant Cost

Transmission
cost
Rs Lakh
Life of transmission
system
Plant
Years
Years
Solar_PV_aSi
----------------->
Unit
Description
913
25
35
25
10
Depreciation for power plant
Rs Lakh
48.18
48.18
48.18
48.18
48.18
48.18
48.18
48.18
48.18
48.18
Total Depreciation
Rs Lakh
48.69
48.69
48.69
48.69
48.69
48.69
48.69
48.69
48.69
48.69
Particular
Unit
Power Plant Cost

Transmission
cost
Rs Lakh
Life of transmission
system
Plant
Years
Years
Solar_PV_aSi
----------------->
Unit
11
12
13
14
15
16
17
18
19
20
Depreciation for power plant
Rs Lakh
18.70
18.70
18.70
18.70
18.70
18.70
18.70
18.70
18.70
18.70
Total Depreciation
Rs Lakh
19.21
19.21
19.41
19.41
19.41
19.41
19.41
19.41
19.41
19.41
Long-Term Debt Schedule
Particular
Unit
Year--->
10
11
12
Opening BalanceRs Lakh
618.75
557
495
433
371
309
248
186
124
62
Repayment
Rs Lakh
Closing Balance Rs Lakh
61.88
557
61.88
495
61.88
433
61.88
371
61.88
309
61.88
248
61.88
186
61.88
124
61.88
62
61.88
0.0
0.00
0
0.00
0
Interest
52.90
47.33
41.77
36.20
30.63
25.06
19.49
13.92
8.35
2.78
0.00
0.00
Solar_PV_aSi
Rs Lakh
Working Captial Requirement
Particular
Unit
Year--->
O&M expense for power plant Rs Lakh
Solar_PV_aSi
10
0.79
0.84
0.89
0.94
0.99
1.05
1.11
1.17
1.24
1.31
Receivables
Rs Lakh
21.06
20.41
19.77
19.13
18.50
17.87
17.24
16.62
16.01
15.40
Maintenance Spare
Rs Lakh
1.43
1.51
1.60
1.69
1.78
1.88
1.99
2.11
2.23
2.35
Total Working Capital
Rs Lakh
23.28
22.76
22.25
21.75
21.27
20.80
20.34
19.90
19.47
19.06
Interest Rate
Interest on Working Capital
Rs Lakh
1.86
1.82
1.78
1.74
1.70
1.66
1.63
1.59
1.56
1.53
8.00%
Working Captial Requirement
Particular
Solar_PV_aSi
Unit
11
12
13
14
15
16
17
18
19
20
O&M expense for power plant Rs Lakh
1.38
1.46
1.55
1.63
1.73
1.83
1.93
2.04
2.16
2.28
Receivables
Rs Lakh
7.41
7.53
7.64
7.77
7.90
8.04
8.19
8.35
8.52
8.70
Maintenance Spare
Rs Lakh
2.49
2.63
2.78
2.94
3.11
3.29
3.48
3.67
3.88
4.11
Total Working Capital
Rs Lakh
11.29
11.62
11.97
12.34
12.74
13.16
13.60
14.07
14.56
15.08
Interest Rate
Interest on Working Capital
Rs Lakh
0.90
0.93
0.96
0.99
1.02
1.05
1.09
1.13
1.16
1.21
Return on Equity
Praticular
Unit
Year--->
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Pre-tax ROE
Rs Lakh
41.44
41.44
41.44
41.44
41.44
41.44
41.44
41.44
41.44
41.44
41.44
41.44
41.44
41.44
41.44
41.44
41.44
41.44
41.44
41.44
41.44
41.44
41.44
41.44
41.44
Income tax component for Gross up
Rs Lakh
10.31
9.43
9.43
9.43
9.43
9.43
9.43
9.43
9.43
9.43
18.53
18.53
18.53
18.53
18.53
18.53
18.53
18.53
18.53
18.53
18.53
18.53
18.53
18.53
18.53
ROE (Grossed up for I.Tax)
Rs Lakh
51.75
50.87
50.87
50.87
50.87
50.87
50.87
50.87
50.87
50.87
59.97
59.97
59.97
59.97
59.97
59.97
59.97
59.97
59.97
59.97
59.97
59.97
59.97
59.97
59.97
13
15
16
17
18
1600
1600
1600
CC
roe
10
11
12
1600
1600
1600
1600
1600
1600
1600
1600
1600
1600
1600
1600
13%
1600
14
1600
1600
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
tax rate
19.93%
18.54%
18.54%
18.54%
18.54%
18.54%
18.54%
18.54%
18.54% 18.54%
30.90%
30.90%
30.90%
30.90%
30.90%
30.90%
30.90%
30.90%
grossed up
16.24%
15.96%
15.96%
15.96%
15.96%
15.96%
15.96%
15.96%
15.96% 15.96%
18.81%
18.81%
18.81%
18.81%
18.81%
18.81%
18.81%
18.81%
ROE
77.932
76.602
76.602
76.602
76.602
76.602
76.602
76.602
76.602
76.602
90.304
90.304 90.30391
90.30391
62.4
62.4
62.4
62.4
62.4
62.4
62.4
62.4
62.4
62.4
62.4
15.532
14.202
14.202
14.202
14.202
14.202
14.202
14.202
14.202
14.202
27.904
62.4
62.4
62.4
27.904 27.90391
27.90391
90.3039 90.3039 90.3039 90.3039
19
20
21
22
23
24
25
1600
1600
1600
1600
1600
1600
1600
13%
13%
13%
13%
13%
13%
13%
30.90% 30.90% 30.90% 30.90% 30.90% 30.90% 30.90%

18.81% 18.81% 18.81% 18.81% 18.81% 18.81% 18.81%
90.30391
90.304
90.304
62.4
62.4
62.4
62.4
27.9039 27.9039 27.9039 27.9039
27.90391
27.904
27.904
62.4
62.4
62.4
90.304 90.304 90.304

62.4
62.4
90.304
62.4
62.4
27.904 27.904 27.904
27.904
Annexure-VIIContd.
Capital cost Rs/MW
Year-->
Depreciation difference
admissible for claiming
benefit
Income Tax gain
Discount Factor
Discounted Tax gain
Levelized ITAX gain
Solar generation MU
100
Capital cost (Rs in

Lakhs/MW)
Levelized ITAX benefit ,Rs
Lakh
Levelised ITAX benefit in
Rs/kWh
###### Income Tax rate@
Accelerated depreciation
80%
CUF
19.00% Aux
0.25%
10
11
12
13
14
15
16
17
18
19
20
5.28
5.28
5.28
5.28
5.28
5.28
5.28
5.28
5.28
5.28
5.28
5.28
2.05
2.05
2.05
2.05
2.05
2.05
2.05
2.05
80.00
10.00
(5.28)
(5.28)
(5.28)
(5.28)
(5.28)
(5.28)
(5.28)
(5.28)
(5.28)
(2.05)
(2.05)
(2.05)
(2.05)
(2.05)
(2.05)
(2.05)
(2.05)
74.72
4.72
(5.28)
33.22%
32.45%
31.67%
24.82
1.53
(1.67)
(1.63)
(1.63)
(1.63)
(1.63)
(1.63)
(1.63)
(1.63)
(1.63)
(1.63)
(0.63)
(0.63)
(0.63)
(0.63)
(0.63)
(0.63)
(0.63)
0.82
0.74
0.67
0.61
0.55
0.50
0.45
0.41
0.37
0.34
0.31
0.28
0.25
0.23
0.21
0.19
0.17
0.15
(1.37)
(1.21)
(1.10)
(1.00)
(0.90)
(0.82)
(0.74)
(0.67)
(0.61)
(0.55)
(0.19)
(0.18)
(0.16)
(0.14)
(0.13)
(0.12)
(0.11)
(0.10)
1.81
1.80
1.79
1.78
1.76
1.75
1.74
1.73
1.71
1.70
1.69
1.68
1.67
1.66
1.64
1.63
1.62
1.61
1.00
24.82
0.91
1.39
30.90% 30.90% 30.90% 30.90%
30.90% 30.90% 30.90% 30.90% 30.90% 30.90% 30.90% 30.90% 30.90% 30.90% 30.90% 30.90% 30.90%
(0.63)
1.76
1.83
Solar PV
CUF
Discount Rate
19.00%
875.00
15.37
17.58
0.87
1.83

Annexure VII Final Rec

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Order - Solar Tariff

25 yrs Levelised Tariff (Rs/kWh)

inc Land,Trans &Connectivity chargesRs Lacs/MW

Tranmssion line Cost

First Year 33.22%

O&M expense for power plant

Total O&M expense

Power Plant Cost

Depreciation for power plant

Power Plant Cost

Depreciation for power plant

Opening BalanceRs Lakh

O&M expense for power plant Rs Lakh

Total Working Capital

Interest on Working Capital

O&M expense for power plant Rs Lakh

Total Working Capital

Interest on Working Capital

Income tax component for Gross up

ROE (Grossed up for I.Tax)

90.3039 90.3039 90.3039 90.3039

30.90% 30.90% 30.90% 30.90% 30.90% 30.90% 30.90%

27.9039 27.9039 27.9039 27.9039

90.304 90.304 90.304

27.904 27.904 27.904

Capital cost (Rs in

###### Income Tax rate@

30.90% 30.90% 30.90% 30.90%

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