Renewable Energy Tariff and Financial Analysis Tool Developed by Prayas Energy Group

NOTE: CERC Cost of

1. Outputs are listed to the right. CERC Cost of Generation with
2. Results are only indicative in nature. Outputs Generation AD FIT Provided by User Based on RECs
2. Validity of output depends on reasonableness of inputs.
0.25 Levelized Tariff 5.28 4.87 14.50 7.48
4. Inputs are listed below and can be changed. Average DSCR 1.65 1.50 4.87 2.30
5. Inputs are grouped into 7 categories - Power Generation, Loan Details, etc. MINIMUM DSCR (after 1st year) 0.55 0.49 1.75 0.95
Project IRR-Post Tax 14.50% 14.75% 40.68% 21.31%
6. Inputs within each category are collapsed under the category heading. They Equity IRR-Post Tax 16.69% 18.16% 79.34% 30.82%
can made visible by clicking on the + sign in the left margin. The category can be
collapsed by clicking the - sign in the left margin.
7. Throughout the workbook, cells in blue color are editable.

Inputs
Project Start Year → 2026
State → Karnataka
Technology → Solar PV
Location → Normal Terrain
Density → Less Scattered
Project Type → Grid-based

Off-grid Parameters
Grid Extension Parameters
Power Generation
No Input Value Default Unit
1 Capacity 44.98 44.98 MW
2 Capacity Utilization Factor (CUF)/Plant Load Factor (PLF) 19.00% 19.00% %
3 Annual Gross Generation 748.65 748.65 Lakh kWhs
4 Auxiliary consumption 0.00% 0.00% %
5 Annual Net Generation 748.65 748.65 Lakh kWhs
6 Annual Derated Capacity 0.00% 0.00% %
7 Life of Plant and Machinery / Project Life 25 25 years
8 CapEx per MW 370.000 691.000 Rs Lacs/MW
9 O&M cost 12.30 12.30 Rs Lacs / MW
10 O&M Cost Esclation 5.72% 5.72% %
11 Maintenance spares 15% 15% % of yearly O&M Cost
Loan Details
Depreciation
Tax
ROE/Discount Rate
Fuel
Clean Energy Benefits
 Scenario 1 Scenario 2 Scenario 3 Scenario 4 Scenario 5 Scenario 6 Scenario 7 Scenario 8 Scenario 9 Scenario 10
Year → 2025 2026
No Output State → Karnataka Karnataka
RoE-based FIT w/o AD Tech → Solar PV Solar PV
1 Levelized Tariff Rs/unit 4.71 5.28
2 Average DSCR Rs 1.50 1.65
3 MINIMUM DSCR (after 1st year) Rs 1.12 0.55
4 Project IRR-Post Tax % 13.66% 14.50%
5 Equity IRR (Post Tax) % 15.35% 16.69%
RoE-based FIT with AD
6 Levelized Tariff Rs/unit 4.31 4.87
7 Average DSCR Rs 1.35 1.50
8 MINIMUM DSCR (after 1st year) Rs 1.01 0.49
9 Project IRR-Post Tax % 13.66% 14.75%
10 Equity IRR (Post Tax) % 16.18% 18.16%
Input FIT Based
11 Levelized Tariff Rs/unit 14.50 14.50
12 Average DSCR Rs 5.01 4.87
13 MINIMUM DSCR (after 1st year) Rs 3.37 1.75
14 Project IRR-Post Tax % 47.42% 40.68%
15 Equity IRR (Post Tax) % 113.20% 79.34%
Based on RECs
16 Levelized Tariff Rs/unit 7.51 7.48
17 Average DSCR Rs 2.38 2.30
18 MINIMUM DSCR (after 1st year) Rs 1.72 0.95
19 Project IRR-Post Tax % 24.51% 21.31%
20 Equity IRR (Post Tax) % 43.46% 30.82%
No Inputs and Assumptions Unit
1A Number of Households -
2A Distance from the Grid kms
1 Capacity MW 44.98 44.98
2 Capacity Utilization Factor (CUF)/Plant Load Factor (PLF) % 19% 19%
3 Annual Gross Generation Lakh kWhs 749 749
4 Auxiliary consumption % 0% 0%
5 Annual Net Generation Lakh kWhs 749 749
6 Annual Derated Capacity % 0% 0%
7 Life of Plant and Machinery / Project Life years 25 25
8 CapEx per MW Rs Lacs/MW 370 370
9 O&M cost Rs Lacs / MW 12 12
10 O&M Cost Esclation % 6% 6%
11 Maintenance spares % of yearly O&M Cost 15% 15%
12 Debt Fraction % 70% 70%
13 Debt Rs lacs 11650 11650
14 Equity Rs lacs 4993 4993
15 Loan 1 Interest Rate % 13% 13%
16 Loan 1 Term years 12 12
17 Loan 1 Moratorium years 0 0
18 Loan 1 EMI (True - 1, False - 0) True/False 0 0
19 Loan 2 Principal (0 for single loan) Rs lacs 0 0
20 Loan 2 Interest Rate % 10% 10%
21 Loan 2 Term years 20 20
22 Loan 2 Moratorium years 0 0
23 Loan 2 EMI (True - 1, False - 0) True/False 1 1
24 Loan 2 Currency Conversion Factor (1 if domestic) Rs/Foreign Currency 1 1
25 Currency Conversion Escalation Rate %/yr 0% 0%
26 Interest on working capital % 13% 13%
27 Non - Depreciable Amount % of Capital Cost 10% 10%
28 Depreciable Amount Rs lacs 14978 14978
29 Depreciation (SLM, Company Law) - initial years % 5.83% 5.83%
30 Depreciation (SLM, Company Law) - later years % 1.54% 1.54%
31 Number of years for initial depreciation rate years 12 12
32 Number of years for later depreciation rate years 13 13
33 Book depreciation first year % 2.64% 2.64%
34 Book depreciation from second year % 5.28% 5.28%
35 Accelerated Depreciation (AD) first year % 40% 40%
36 AD from second year % 80% 80%
37 Corporate Tax Rate % 33.99% 33.99%
38 MAT % 20% 20%
39 Tax Holiday Duration years 10 10
40 Tax Holiday Start Year year 6 6
41 MAT set off allowed u/s 115JAA (3A) years 10 10
42 MAT Setoff Duration years 5 5
43 MAT Setoff Start Year year 16 16
44 Return on Equity - pretax (initial years) % 20% 20%
45 Number of years for initial return on equity years 10 10
46 Return on Equity - pretax (later years) % 24% 24%
47 Post Tax ROE % 16% 16%
48 Discount Rate % 10.67% 10.67%
49 Annuity Factor 0 8.63 8.63
50 Duration of initial CUF years 25 25
51 CUF for subsequent years %
52 Fuel requirement/kWh kg/kWh 0.00 0.00
53 Feedstock Price Rs/MT
54 Fuel Cost Escalation %/yr
55 Input FIT (depends on state and technology) 0 14.50 14.50
56 Emission Factor tons of CO2/MWh 0.90 0.90
57 Price of one CER $/ton 0 0
58 Exchange Rate Rs/US$ 50.00 50.00
59 Tranche 1 Start Year 2013 2013
60 APPC Rs 2.66 2.66
61 REC Average Price Rs 9.80 9.80
62 Tranche 2 Start Year 2018 2018
63 APPC Rs 3.24 3.24
64 REC Average Price Rs 4.00 4.00
65 Tranche 3 Start Year 2023 2023
66 APPC Rs 3.75 3.75
67 REC Average Price Rs 2.00 2.00
68 Tranche 4 Start Year 2028 2028
69 APPC Rs 4.35 4.35
70 REC Average Price Rs 1.00 1.00
 Results from RE Tool
Solar PV Tariff in Rs/kWh based on CERC regulations, 2012 developed by PEG
12.00
Fuel Cost Return on Equity
Interest on working capital Interest on term loan
Battery Replacement Cost Depreciation (SLM)
O&M Levelized Tariff
10.00
Levelized Tariff with AD

8.00

6.00

4.00

2.00

0.00
2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050
 Results from RE Tool
Biogas Tariff Sensitivity to Variation in Inputs developed by PEG
CapEx per MW O&M cost PLF/CUF
Loan 1 Interest Rate Discount Rate RoE
Feedstock Price Fuel Cost Escalation Loan 2 Interest Rate
7.59

7.54 7.55

7.49
7.47
7.46
7.44
7.43

7.39 7.40
7.38
7.36
7.34

7.32

7.29

7.24 7.24

7.19
-17.01% -12.01% -7.01% -2.01% 2.99% 7.99% 12.99%
% Variation in Input Values
 Off- Grid Vs Grid Extension Grid Single Phase Ext. Vs Off- Grid
70.00 200.00

180.00
60.00
160.00
50.00 140.00

Tariff Rs./kWh
Tariff Rs./kWh

120.00
40.00
100.00
30.00
80.00

20.00 60.00

40.00
10.00
20.00
0.00 0.00
25 50 75 100 125 150 175 200 225 250 275 300 25 50 75 100 125 150 175 200 225 250 275 300
Number of Households Number of Households

Off-grid Solar PV Grid Extension: Single Phase Grid Extension: Three Phase Off-grid Solar PV 2 Km 4 Km 6 Km 8 Km 10 Km 12 Km