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8/8/2019 Power Tariff Calculation
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FINANCIAL ASSUMPTIONS
UNIProject Cost (Rs.Crores / MW) 4
Sale of Infirm Power
Total Project Cost 6
Levelised Tariff (Rs/kWh) Er
Capital Structure
Debt(Percentage) 7
Equity(Percentage) 3
Debt 4
Equity 1
Upfront Equity 5Upfront Equity Funding 9
Assumptions for Capacity Charges
Interest on Loan capital 1
Interest on Working capital 1
Return on Equity 15
O&M expenses ( in % of TPC ) 2.
O&M Expenses 1
O&M Expenses Escalation 5.
Maintenance Spares ( % of Project Cost ) 20% of O&
Maintenace Spares Cost EscalationDepreciation (for Tariff Clculation) 5.
Depreciation as per IT Act 7.
Total number of Years of Operation 2
Loan Duration (years) 1
Assumptions for Variable Charges
Cost of Coal(Rs./Ton)(Price + Freight) 8
Coal consumption(million tonnes) 0
Secondary Fuel Prices (Rs./kl) 35
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Secondary Fuel Consumptions(ml/kWh) 1
Taxes
Basic Tax 30
Development Surcharge 3.
Net Corporate Tax 33
Add Edu Cess(3%) 0.
Total Tax 33
Dividend Distribution Tax 14
Statutory Reserves 0.
MAT 11
Other Miscellaneous Assumptions
Exchange Rate 4
Fx Variation
Financing Charges & Upfront Fee 1.
Bank Guarantee Charges 2.
Avg.Acc.Receivables( in months)
Upfront Equity Funding 5
Debt Service Reserve Acc.(in Months)
Margin Money 2
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MOSER BAER PROJECTS LIMIT
3X50 MW THERMAL POWER PLANT FINANCIAL
INPUT & ASSUMPTION SHEET(ALL VALUES IN RS. CRORES)
(I,II,III).00
.0
0.0
:522
0% (CERC Norms 2009-14)
0% (CERC Norms 2009-14)
0.0
0.0
1% (CERC Norms 2009-14)1.8
2% (CERC Norms 2009-14)
2% (CERC Norms 2009-14)
.50% (CERC Norms 2009-14)
00% (CERC Norms 2009-14)
2.0
75% (CERC Norms 2009-14)
Expense p.a. (CERC Norms 2009-14)
% (CERC Norms 2009-14)28% (CERC Norms 2009-14)
84% (As per IT Act)
5.0 (CERC Norms 2009-14)
2.0 (CERC Norms 2009-14)
4.0 Price-Acc.to Grade of Coal,Freight-Acc.to Min.of Railways
.30
50.0 Ministry of Petroleum & Natural Gas
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.00 (CERC Norms 2009-14)
.00% (CERC Norms 2009-14)
00% (CERC Norms 2009-14)
.00% (CERC Norms 2009-14)
99% (CERC Norms 2009-14)
.99% (CERC Norms 2009-14)
.03% (CERC Norms 2009-14)
00%
.33% (CERC Norms 2009-14)
5.5 Rserve Bank of India website
% Rserve Bank of India website
00% (CERC Norms 2009-14)
00% State Bank of India Charges
.0 (CERC Norms 2009-14)
1% (CERC Norms 2009-14)
% (CERC Norms 2009-14)
5% (CERC Norms 2009-14)
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D
ODEL
TECHNICAL ASSUMPTIONS
UNIT(I,II& III)Installed Capacity of single unit 50.0 MW
No. of installed units 3.0
Total Installed Capacity 150.0 MW
Total units generated 1314.0 million units
Target Availability Factor 95%
PLF 85%
Gross Station Heat Rate 2780.0 kcal/kWh
GCV of Coal 3420.0 kcal/kg
GCV of Oil 10.7 kcal/ml
Auxiliary Consumption 10%Coal Transit Loss 0.80%
Energy Delivered ExBus (Million units)
THE PLANT IS COAL FIRED WITH COOLING TOWER
IMPORTANT DATES
Date of Construction 04/01/09COD of unit I 07/01/12
CoD of unit II 01/01/13
CoD of unit III 07/01/13
Months required for unit I 39
Months required for unit II 6
Months required for unit III 6
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PROJECT SUMMARY
Total Project Cost Err:522 Rs. Cr
Equity Err:522 Rs. Cr
Debt Err:522 Rs. Cr
Upfront Equity Err:522 Rs. Cr IDC for unit I Err:522 Rs. Cr
IDC for unit II Err:522 Rs. Cr
IDC for unit III Err:522 Rs. Cr
Tariff Err:522 Rs./kwh
NPV Err:522 Rs. Cr
IRR Err:522
WACC 11.57%
DSCR Err:522
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(CERC Norms 2009-14)
(CERC Norms 2009-14)
Ministry of Coal
Ministry of Petroleum
(CERC Norms 2009-14)Ministry of Coal
( MM-DD-YY) Assumption( MM-DD-YY)
( MM-DD-YY)
( MM-DD-YY)
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Unit Capacity ( MW)
No. of Units
1.HARDCOST Installed Capacity ( MW)
Land and Site Development
Cost of Land ( Rs Lakh/Acre)
Plant site (incl Green land & Switch Yard)
Ash PondBOP Area
Coal Handling Plant Area
Cooling Tower Area
Sea Water Outfall
Basic Cost of Land
Stamp Duty
Transfer Duty
Registration FeesStatutory Taxes / Charges
Documentation Charges
Land Related Misc. Charges
Sub Total ( Rs Cr)
Cost of Land : Sub-total
Site Development Expenses
Compound Wall & Fencing
Roads - Internal
Approach Roads
Storm Water Drainage
Levelling & Grading
Investigation
Site Dev. Exp :Sub - total
Total Land & Site Dev
Cost Escalation
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Total Land & Site Dev Incl Esc
Civil Works
Rehab & Resettlement( Permanent Town
Temp Const & Enabling work
Sub Total : R & R
Total Civil Works
EPC Costs(BTG)
BTG
Customs Duty : Offshore Sy
Custom Duty : Spare Parts
With Holding Tax : Offshore Engg
Excise Duty & Cess (Local)
Central Sales Tax (Local)
Amount on which CST applicable ( % ) of
Duties & Taxes : Sub-total
Total EPC Costs(BTG)
Total EPC Costs(BTG) Incl Esc
EPC Costs (Others)
BoP
Chinese ( Rs Cr / MW )
Indian ( BHEL) ( Rs Cr/ MW )
Choice
Customs & Excise
Central Sales Tax (Local) (3%)
Amount on which CST applicable ( % ) of
CST ( Rs Cr)
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Duties & Taxes : Sub-total
Total EPC Costs (Others)
Misc. Fixed Assets(Incl Washeries)
Washeries
Vehicles
Furnitures & Fixtures
Other Misc Assets
Total Misc. Fixed Assets(Incl Washeries)
Total Misc. Fixed Assets(Incl Washeri
SOFT COST
Non EPC(Soft Cost)
Operator's Training
Construction Insurance
Startup Fuel & Startup Power
Special T&P
Salary
Consultancy and Legal
Design and Engineering
Development Expenses
Establishment
Aduit & Accounts
Sub-Total of Soft Cost
Contingency
Interest During Construction
Total Project Cost Incl Esc
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Cost Per MW
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3x50 MW THERM
50.0
3.0
150.0
Cost of Land
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ship)
Chinese ( Rs Cr / MW )
Indian ( BHEL) ( Rs Cr/ MW )Choice
ccording to Chinese (BTG)
capital
Incld Civil Works
capital
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s) Incl Esc
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L POWER PLANT FINANCIAL MODEL
PROJECT COST
(ALL VALUES IN RS. Cr)
Cost ( Rs Crore)
1.5
2.22
1.220.98
0.54
0.38
0.19
5.54
0.36
0.33
0.030.00
0.00
0.00
0.72
6.26
0.85
0.30
0.70
1.10
0.50
0.60
4.05
10.31
0.41
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10.7
7.50
0.30
7.80
7.8
1.8
2.1
270.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
270.0
270.0
1.60
0.00
240.00
0.0
0
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0
240.00
1.81
0.90
1.06
3.77
6.6
0.84
3.60
6.90
2.25
1.60
0.75
3.04
3.60
9.50
0.25
32.3
Err:522
Err:522
Err:522
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Err:522
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Area ( in Acre) Area ( in Hectare) According to DPR provided
1.0
148.20 60.00 According to DPR provided
81.51 33.00 According to DPR provided65.30 26.44 According to DPR provided
35.80 14.49 According to DPR provided
25.55 10.34 According to DPR provided
12.80 5.18 According to DPR provided
369.16 149.46
( %of Basic Cost)
6.50% According to DPR provided
6% According to DPR provided
0.50% According to DPR provided
According to DPR provided
According to DPR provided
According to DPR provided
According to DPR provided
40000.0 Rs/Acre According to DPR provided
According to DPR provided
According to DPR provided
According to DPR provided
According to DPR provided
4% per Annum According to DPR provided
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According to DPR provided
According to DPR provided
According to DPR provided
According to DPR provided
According to DPR providedAccording to DPR provided
0%
0%
0%
0%
0%
0%
According to DPR provided
According to DPR provided
0.0
0.0
0.0
0.0
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According to DPR provided
According to DPR provided
According to DPR provided
According to DPR provided
According to DPR provided
According to DPR provided
According to DPR provided
According to DPR provided
According to DPR provided
According to DPR provided
According to DPR provided
According to DPR provided
According to DPR provided
According to DPR provided
4% According to DPR provided
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Rs.Cr/MW
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MONTHS OF YEAR BEFORE COD Total of
INVESTMENT AS PER THE FOLLOWING HEADS
( % wise) Heads
LAND 10.72
EPC (BTG) 270.00
EPC ( OTHER) 240.00
NON EPC ( SOFT COST) 32.33
Civil Works 7.80
Construction and Pre-Commissioning Expenses( Misc Asset) 6.6
Contingency Expenses Err:522
Total Expenditure Err:522
MONTHS OF YEAR BEFORE COD Total of
INVESTMENT AS PER THE FOLLOWING HEADS
Heads
LAND 10.72
EPC (BTG) 270.00
EPC ( OTHER) 240.00
NON EPC ( SOFT COST) 32.33
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Civil Works 7.80
Construction and Pre-Commissioning Expenses( Misc Asset) 6.6
Contingency Expenses Err:522
Total Heads Err:522
Quarterly Expense
Upfront Equity 51%
Equity 30%
Cumulative Equity
Debt 70%
Cumulative Debt
Interest ( Including Financial Charges) 12.25%
Quarterly Interest 3.06%
Cumulative Interest
Project Cost Including IDC & FC
Total number of quarters for unit I 13
Total number of quarters for unit II 2
Cumulative Quarters 15
Total number of quarters for unit III 2
Cumulative Quarters 17.00
Debt upto CoD of unit I Err:522 Interest Err:522
Debt upto CoD of unit II Err:522 Interest Err:522
Debt upto CoD of unit III Err:522 Interest Err:522
IDC Err:522
Total Project Cost Err:522
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MOSER BAER PROJECTS LIMI
3X50 MW THERMAL POWER PLANT FINANCIAL
INTEREST DURING CONSTRUCTIONALL VALUES IN Rs. CRORE
Total 1 2 3 4 5 6
1st 2nd
Percentage Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09100.00% 75.00% 25.00%
100.00%
100.00% 9.00%
100.00% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%
100.00% 17.00% 17.00%
100.00% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%
100.00%
Total 1 2 3 4 5 6
1 2
Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09
8.04 0.00 0.00 0.00 2.68 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 21.60
0.63 0.63 0.63 0.63 0.63 0.63
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0.00 1.33 0.00 0.00 1.33 0.00
0.13 0.13 0.13 0.13 0.13 0.13
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522
Err:522
Err:522 Err:522
Err:522 Err:522
Err:522
Rs Cr
Rs Cr
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ED
ODEL
7 8 9 10 11 12 13 14
3rd 4th 5th
Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10
15.00%
11.00%
1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%
20.00% 22.00%
1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%
7 8 9 10 11 12 13 14
3 4 5
Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 40.50 0.00
0.00 0.00 0.00 0.00 26.40 0.00 0.00 0.00
0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63
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0.00 0.00 1.56 0.00 0.00 1.72 0.00 0.00
0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
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15 16 17 18 19 20 21 22
6th 7th
Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11
17.00% 8.00%
12.00% 11.00%
1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%
12.00% 12.00%
1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%
15 16 17 18 19 20 21 22
6 7
Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 45.90 0.00 0.00 0.00 21.60 0.00 0.00
0.00 0.00 0.00 28.80 0.00 0.00 0.00 26.40
0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63
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0.94 0.00 0.00 0.00 0.94 0.00 0.00 0.00
0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
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23 24 25 26 27 28 29 30
8th 9th 10th
Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11
13.00% 17.00%
7.00% 19.00%
1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%
1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%
23 24 25 26 27 28 29 30
8 9 10
Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 35.10 0.00 0.00 0.00 45.90 0.00 0.00
0.00 0.00 0.00 16.80 0.00 0.00 0.00 45.60
0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63
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0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
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31 32 33 34 35 36 37 38
11th 12th 13th
Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12
14.00% 11.00%
9.00%
1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%
1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%
31 32 33 34 35 36 37 38
11 12 13
Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
37.80 0.00 0.00 0.00 0.00 29.70 0.00 0.00
0.00 0.00 0.00 21.60 0.00 0.00 0.00 0.00
0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63
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39 40 41 42 43 44 45 46
14th 15th
Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13
5.00%
15.00% 7.00%
1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%
1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%
39 40 41 42 43 44 45 46.00
14 15
Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 13.50 0.00 0.00 0.00 0.00 0.00 0.00
36.00 0.00 0.00 0.00 16.80 0.00 0.00 0.00
0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63
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0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
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47 48 49 50 51
16th 17th
Feb-13 Mar-13 Apr-13 May-13 Jun-13
1.96% 1.96% 1.96% 1.96% 1.96%
1.96% 1.96% 1.96% 1.96% 1.96%
25.00% 25.00% 25.00% 25.00%
16 17 18
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.63 0.63 0.63 0.63 0.63
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0.00 0.00 0.00 0.00 0.00
0.13 0.13 0.13 0.13 0.13
Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
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19 20 21.00
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1508.71
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Total No. of units 1314.00PLF 85.0%
Actual generated units 1116.90
Units to generate(1st yr) 657.60
Actual generated units(1st yr) 558.96
SECONDARY Fuel
Secondary Fuel Consumption
Secondary Fuel Cost
Secondary Fuel Cost per unit
Total Secondary Fuel Consumption per Annum
PRIMARY FUEL
GCV of Secondary Fuel
Heat contribution from sec Fuel to produce 1 unit
Heat contribution from Primary Fuel
Coal required to produce one unit
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Coal Price
Cost of Coal to produce one unit
VARIABLE CHARGE FOR A SINGLE UNIT ( Rs./kwh )
AUXILIARY CONSUMPTION
RATE OF ENERGY DELIVERED TO EX-BUS ( Rs./kwh )
Primary Fuel Cost Escalation
Secondary Fuel Cost Escalation
Units to be generated ( million units)
Total Coal Cost per Annum
Total Sec. Fuel Cost per Annum
Cost of COAL for 2 months
Cost of Sec. Fuel for 2 months
Total Variable Charges
Variable Charges/ unit
Energy Rate at Bus Bar
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3X50 MW THERMAL POWER PLANT FINANCIAL MODEL
FUEL EXPENSES
ALL VALUES IN RS. Cr.
million units Units to generate(2nd yr) 1206.00 million units
million units Actual generated units(2nd yr) 1025.10 million units
CALCULATION OF VARIABLE EXPENSES
1.00 ml/kwh
(in Litre) 0.0010 litre/kwh
(in Kg) 0.00093 kg/kwh Specific Gravity of Secondary Fuel
35250.00Rs/MT
35.25 Rs/kg
0.03 Rs/kwh
4.32 Rs.Cr
1225.96 MT
10.72 kcal/ml
10.72 kcal/kwh
2769.28kcal/kwh
0.81 kg
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0.80 Rs/kg
0.65 Rs
0.68
10%
0.76
6.00%
7.00%
2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20
657.60 1314.00 1314.00 1314.00 1314.00 1314.00 1314.00 1314.00
42.81 85.54 90.68 96.12 101.88 108.00 114.48 121.35
2.16 4.32 4.62 4.95 5.29 5.66 6.06 6.49
7.14 14.26 15.11 16.02 16.98 18.00 19.08 20.22
0.36 0.72 0.77 0.82 0.88 0.94 1.01 1.08
44.97 89.87 95.30 101.07 107.18 113.66 120.54 127.83
0.80 0.80 0.85 0.90 0.96 1.02 1.08 1.14
0.89 0.89 0.95 1.01 1.07 1.13 1.20 1.27
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0.93
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2020-21 2021-22 2022-23 2023-24 2024-25 2026-27 2027-28 2028-29
1314.00 1314.00 1314.00 1314.00 1314.00 1314.00 1314.00 1314.00
128.63 136.34 144.53 153.20 162.39 172.13 182.46 193.41
6.94 7.43 7.94 8.50 9.10 9.73 10.41 11.14
21.44 22.72 24.09 25.53 27.06 28.69 30.41 32.23
1.16 1.24 1.32 1.42 1.52 1.62 1.74 1.86
135.57 143.77 152.47 161.70 171.49 181.87 192.87 204.55
1.21 1.29 1.37 1.45 1.54 1.63 1.73 1.83
1.35 1.43 1.52 1.61 1.71 1.81 1.92 2.03
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2029-30 2030-31 2031-32 2032-33 2033-34 2034-35 2035-36 2036-37
1314.00 1314.00 1314.00 1314.00 1314.00 1314.00 1314.00 1314.00
205.01 217.31 230.35 244.17 258.82 274.35 290.81 308.26
11.92 12.76 13.65 14.61 15.63 16.72 17.89 19.15
34.17 36.22 38.39 40.70 43.14 45.73 48.47 51.38
1.99 2.13 2.28 2.43 2.60 2.79 2.98 3.19
216.94 230.07 244.00 258.78 274.45 291.08 308.71 327.41
1.94 2.06 2.18 2.32 2.46 2.61 2.76 2.93
2.16 2.29 2.43 2.57 2.73 2.90 3.07 3.26
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2037-38
1314.00
326.76
20.49
54.46
3.41
347.24
3.11
3.45
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3x50 MW TH
YEAR OF OPERATION 1 2 3
Cost Of Coal For 2 Months 7.14 14.26 15.11
Cost Of Secondary Fuel For 2 Months 0.36 0.72 0.77
O&M Expenses For 1 Month 1.00 1.06 1.12
Maintenance Spares Err:522 Err:522 Err:522
Receivables Of Two Months Err:522 Err:522 Err:522
Total Working Capital Err:522 Err:522 Err:522
Increase in Current Asset Err:522 Err:522 Err:522
Interest App. Part Of Working Capital Err:522 Err:522 Err:522
Increase in Working Capital Err:522 Err:522 Err:522
Interest On Working Capital Err:522 Err:522 Err:522
Working Capital Margin
Total Project Cost Err:522
Interest on Working Capital 12%
Maintenance Spares (20% of O&M EXPENSES) 1.15%
Escalation of Maintenance Spares 6%
Margin Money for Working Capital 25%
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RMAL POWER PLANT FINANCIAL MODEL
NTEREST ON WORKING CAPITALALL VALUES IN Rs. Cr.
4 5 6 7 8 9 10 11
16.02 16.98 18.00 19.08 20.22 21.44 22.72 24.09
0.82 0.88 0.94 1.01 1.08 1.16 1.24 1.32
1.18 1.25 1.32 1.40 1.48 1.56 1.65 1.75
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
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12 13 14 15 16 17 18 19
25.53 27.06 28.69 30.41 32.23 34.17 36.22 38.39
1.42 1.52 1.62 1.74 1.86 1.99 2.13 2.28
1.85 1.96 2.07 2.19 2.31 2.45 2.59 2.74
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
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20 21 22 23 24 25
40.70 43.14 45.73 48.47 51.38 54.46
2.43 2.60 2.79 2.98 3.19 3.41
2.89 3.06 3.24 3.42 3.62 3.83
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
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3x50 MW T
O & MA
YEARS OF OPERATION 1.0 2.0 3.0 4.0
O&M Expenditure(2%of TPC) 12.00 12.69 13.42 14.19
Monthly Expenditure 1.0 1.1 1.1 1.2
Total Project Cost Err:522
O&M Expenses( in % of TPC) 2.00%O&M Expenses per Annum 12.00
Escalation of O&M Charges 5.75%
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HERMAL POWER PLANT FINANCI
CHARGE CALCULATIONll VALUES ARE IN RS. Cr.
5.0 6.0 7.0 8.0 9.0
15.01 15.87 16.78 17.75 18.77
1.3 1.3 1.4 1.5 1.6
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AL MODEL
10.0 11.0 12.0 13.0 14.0
19.85 20.99 22.20 23.47 24.82
1.7 1.7 1.8 2.0 2.1
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15.0 16.0 17.0 18.0 19.0 20.0 21.0 22.0
26.25 27.76 29.35 31.04 32.83 34.71 36.71 38.82
2.2 2.3 2.4 2.6 2.7 2.9 3.1 3.2
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23.0 24.0 25.0
41.05 43.41 45.91
3.4 3.6 3.8
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Interest on Loan Capital 12.0%
Interest on Loan (Quarterly) 3.0%
Year 2012-13
NO. of Quarters 1.0 2.0 3.0
Quarters 1st 2nd 3rd 4th
Opening Balance 420.0 420.0 420.0
Interest 12.6 12.6 12.6
Principle Amount 0.0 0.0 0.0
Loan Repayment 12.6 12.6 12.6Outstanding Balance 420.0 420.0 420.0
Year Months Loan Amount Inte
2012-13 12.0 420.0 50
2013-14 12.0 420.0 48
2014-15 12.0 381.8 4
2015-16 12.0 343.6 39
2016-17 12.0 305.5 3
2017-18 12.0 267.3 30
2018-19 12.0 229.1 25
2019-20 12.0 190.9 21
2020-21 12.0 152.7 16
2021-22 12.0 114.5 12
2022-23 12.0 76.4 7.
2023-24 12.0 38.2 2.
Total No of Months 48.0
Total Debt 420.0
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3x50 MW THERMAL POWER PLANT FINA
INTEREST ON LOAN CALCULATION
ALL VALUES IN RS. Cr.
2013-14 2014-15
4.0 5.0 6.0 7.0 8.0 9.0 10.0
1st 2nd 3rd 4th 1st 2nd 3rd
420.0 420.0 410.5 400.9 391.4 381.8 372.3
12.6 12.6 12.3 12.0 11.7 11.5 11.2
0.0 9.5 9.5 9.5 9.5 9.5 9.5
12.6 22.1 21.9 21.6 21.3 21.0 20.7420.0 410.5 400.9 391.4 381.8 372.3 362.7
rest Principle Paid Repayment Loan Amount Left
.4 0.000 50.4 420.0
.7 38.2 86.9 381.8
.1 38.2 82.3 343.6
.5 38.2 77.7 305.5
.9 38.2 73.1 267.3
.4 38.2 68.5 229.1
.8 38.2 64.0 190.9
.2 38.2 59.4 152.7
.6 38.2 54.8 114.5
.0 38.2 50.2 76.4
.4 38.2 45.6 38.2
.9 38.2 41.0 0.0
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NCIAL MODEL
2015-16 201
11.0 12.0 13.0 14.0 15.0 16.0 17.0
4th 1st 2nd 3rd 4th 1st 2nd
362.7 353.2 343.6 334.1 324.5 315.0 305.5
10.9 10.6 10.3 10.0 9.7 9.5 9.2
9.5 9.5 9.5 9.5 9.5 9.5 9.5
20.4 20.1 19.9 19.6 19.3 19.0 18.7353.2 343.6 334.1 324.5 315.0 305.5 295.9
Cumulative Repayment
50.4
137.3
219.5
297.2
370.4
438.9
502.9
562.2
617.0
667.2
717.4
758.5
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-17 2017-18
18.0 19.0 20.0 21.0 22.0 23.0 24.0
3rd 4th 1st 2nd 3rd 4th 1st
295.9 286.4 276.8 267.3 257.7 248.2 238.6
8.9 8.6 8.3 8.0 7.7 7.4 7.2
9.5 9.5 9.5 9.5 9.5 9.5 9.5
18.4 18.1 17.9 17.6 17.3 17.0 16.7286.4 276.8 267.3 257.7 248.2 238.6 229.1
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2018-19 2019-20
25.0 26.0 27.0 28.0 29.0 30.0 31.0
2nd 3rd 4th 1st 2nd 3rd 4th
229.1 219.5 210.0 200.5 190.9 181.4 171.8
6.9 6.6 6.3 6.0 5.7 5.4 5.2
9.5 9.5 9.5 9.5 9.5 9.5 9.5
16.4 16.1 15.8 15.6 15.3 15.0 14.7219.5 210.0 200.5 190.9 181.4 171.8 162.3
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2020-21 2021-22
32.0 33.0 34.0 35.0 36.0 37.0 38.0
1st 2nd 3rd 4th 1st 2nd 3rd
162.3 152.7 143.2 133.6 124.1 114.5 105.0
4.9 4.6 4.3 4.0 3.7 3.4 3.2
9.5 9.5 9.5 9.5 9.5 9.5 9.5
14.4 14.1 13.8 13.6 13.3 13.0 12.7152.7 143.2 133.6 124.1 114.5 105.0 95.5
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2022-23 202
39.0 40.0 41.0 42.0 43.0 44.0 45.0
4th 1st 2nd 3rd 4th 1st 2nd
95.5 85.9 76.4 66.8 57.3 47.7 38.2
2.9 2.6 2.3 2.0 1.7 1.4 1.1
9.5 9.5 9.5 9.5 9.5 9.5 9.5
12.4 12.1 11.8 11.6 11.3 11.0 10.785.9 76.4 66.8 57.3 47.7 38.2 28.6
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-24 2024-25
46.0 47.0 48.0
3rd 4th 1st 2nd 3rd 4th
28.6 19.1 9.5 0.0 0.0 0.0
0.9 0.6 0.3 0.0 0.0 0.0
9.5 9.5 9.5 0.0 0.0 0.0
10.4 10.1 9.8 0.0 0.0 0.019.1 9.5 0.0 0.0 0.0 0.0
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YEAR OF OPERATION 1.0 2.0 3.0
Gross Block Err:522 Err:522 Err:522
Depreciation (S.L.M) Err:522 Err:522 Err:522
Net Block Err:522 Err:522 Err:522
Depreciation after Loan Repayment 0.0 0.0 0.0
Cumulative Repayment 50.4 137.3 219.5Advance Against Depreciation (AAD) Err:522 Err:522 Err:522
Total Project Cost Err:522
Depreciable Cost Err:522
Depreciable Amount 90.0%
Depreciation 5.28%
No. of years of Operation 25.0
Repayement Period 12.0
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3X50 MW THERMAL POWER PLANT FINAN
DEPRECIATION
ALL VALUES IN RS. Cr.
4.0 5.0 6.0 7.0 8.0 9.0 10.0
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
0.0 0.0 0.0 0.0 0.0 0.0 0.0
297.2 370.4 438.9 502.9 562.2 617.0 667.2Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
using SLM
years
years
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CIAL MODEL
11.0 12.0 13.0 14.0 15.0 16.0 17.0
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 0.0 0.0 0.0 0.0 0.0
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
0.0 0.0 Err:522 Err:522 Err:522 Err:522 Err:522
717.4 758.5Err:522 Err:522
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18.0 19.0 20.0 21.0 22.0 23.0 24.0
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
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 Err:522 Err:522 Err:522 Err:522 Err:522
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25.0
Err:522
0.0
Err:522
Err:522
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3x50M
YEARS OF OPERATION 1.0
2012-13
Annual capacity(Fixed) Charges:Interest on Loan Capital 50.40
Depreciation Err:522
Return on Equity 0.16
O&M Expenses 12.00
Interest on Working Capital Err:522
Total Annual Capacity(Fixed) Charges Err:522
Per Unit Capacity Charges(Rs./kwh) Err:522
Energy(Variable) Charges
Coal charges 42.81
Secondary Fuel Charges 2.16
Total Variable Charges 44.97
Per Unit Variable Charges(Rs./kwh)
Energy rate at EX-Bus Bar 0.89
Total Generation Charges Err:522
Per unit Generation Charges ( Nominal Tariff ) Err:522
Total Generation Unit (MU) per Year 1314.0 657.6
PLF 85.0%
Actual Unit Generated (MU) 1116.9 559.0
Monthly Generation Unit (MU) 93.1
Annual Receivables Err:522
Monthly Receivables Err:522
Discount rate 10.19%
Discounting Factor 0.91
∑Discounting Factor 8.95
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Nominal Tariif x Discounting Factor Err:522
Levelised Tariff Err:522
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THERMAL POWER PLANT FINANCIAL MODE
TARIFF CALCULATION SHEETALL VALUES IN Rs.Cr.
2.0 3.0 4.0 5.0 6.0 7.0 8.0
2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20
48.68 44.10 39.52 34.94 30.35 25.77 21.19
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
0.16 0.16 0.16 0.16 0.16 0.16 0.16
12.69 13.42 14.19 15.01 15.87 16.78 17.75
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
85.54 90.68 96.12 101.88 108.00 114.48 121.35
4.32 4.62 4.95 5.29 5.66 6.06 6.49
89.87 95.30 101.07 107.18 113.66 120.54 127.83
0.89 0.95 1.01 1.07 1.13 1.20 1.27
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
1314.0 1314.0 1314.0 1314.0 1314.0 1314.0 1314.0
1116.9 1116.9 1116.9 1116.9 1116.9 1116.9 1116.9
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
0.82 0.75 0.68 0.62 0.56 0.51 0.46
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Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
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9.0 10.0 11.0 12.0 13.0 14.0 15.0
2020-2021 2021-22 2022-2023 2023-24 2024-25 2025-26 2026-27
16.61 12.03 7.45 2.86 0.00 0.00 0.00
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
0.16 0.16 0.16 0.16 0.16 0.16 0.16
18.77 19.85 20.99 22.20 23.47 24.82 26.25
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
128.63 136.34 144.53 153.20 162.39 172.13 182.46
6.94 7.43 7.94 8.50 9.10 9.73 10.41
135.57 143.77 152.47 161.70 171.49 181.87 192.87
1.35 1.43 1.52 1.61 1.71 1.81 1.92
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
1314.0 1314.0 1314.0 1314.0 1314.0 1314.0 1314.0
1116.9 1116.9 1116.9 1116.9 1116.9 1116.9 1116.9
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
0.42 0.38 0.34 0.31 0.28 0.26 0.23
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Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
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16.0 17.0 18.0 19.0 20.0 21.0 22.0
2027-28 2028-29 2029-30 2030-31 2031-32 2032-33 2033-34
0.00 0.00 0.00 0.00 0.00 0.00 0.00
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
0.16 0.16 0.16 0.16 0.16 0.16 0.16
27.76 29.35 31.04 32.83 34.71 36.71 38.82
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
193.41 205.01 217.31 230.35 244.17 258.82 274.35
11.14 11.92 12.76 13.65 14.61 15.63 16.72
204.55 216.94 230.07 244.00 258.78 274.45 291.08
2.03 2.16 2.29 2.43 2.57 2.73 2.90
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
1314.0 1314.0 1314.0 1314.0 1314.0 1314.0 1314.0
1116.9 1116.9 1116.9 1116.9 1116.9 1116.9 1116.9
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
0.21 0.19 0.17 0.16 0.14 0.13 0.12
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Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
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23.0 24.0 25.0
2034-35 2035-36 2036-37
0.00 0.00 0.00
Err:522 Err:522 Err:522
0.16 0.16 0.16
41.05 43.41 45.91
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
290.81 308.26 326.76
17.89 19.15 20.49
308.71 327.41 347.24
3.07 3.26 3.45
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
1314.0 1314.0 1314.0
1116.9 1116.9 1116.9
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
0.11 0.10 0.09
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Err:522 Err:522 Err:522
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1 2
Year of Operation 2012-13 2013-14
Revenue generated from sales Err:522 Err:522
less- Expenses
O&M Expenses 12.0 12.7
Cost of Coal 42.8 85.5Cost of Secondary Fuel 2.2 4.3
Total Expenses 57.0 102.6
less-Depreciation
Depreciation Err:522 Err:522
PBIT Err:522 Err:522
less- Interest
Interest on Loan 50.4 48.7
Interest on Working Capital Err:522 Err:522
Total interest Err:522 Err:522
PBT Err:522 Err:522
Carry of Loss( if any ) Err:522 Err:522
Calculation of Book Profit
PBT+Depreciation Err:522 Err:522
Initial Book Value Err:522 Err:522
less- Depreciation as per IT Act 7.84% Err:522 50.2
Taxable PBT Err:522 Err:522
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Total Corporate Tax Payable 33.99% Err:522 Err:522
Minimum Alternative Tax 11.22% Err:522 Err:522
PAT Err:522
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3x50 MW THERMAL POWER PLANT FINAN
P&L ACCOUNT
ALL VALUES IN Rs. Cr.
3 4 5 6 7 8 9
2014-15 2015-16 2016-17 2017-18 2018-19 2019-2020 2020-21
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
13.4 14.2 15.0 15.9 16.8 17.7 18.8
90.7 96.1 101.9 108.0 114.5 121.3 128.64.6 4.9 5.3 5.7 6.1 6.5 6.9
108.7 115.3 122.2 129.5 137.3 145.6 154.3
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
44.1 39.5 34.9 30.4 25.8 21.2 16.6
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
50.2 50.2 50.2 50.2 50.2 50.2 50.2
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
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Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
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IAL MODEL
10 11 12 13 14 15 16
2021-22 2022-2023 2023-24 2024-25 2025-26 2026-27 2027-28
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
19.8 21.0 22.2 23.5 24.8 26.2 27.8
136.3 144.5 153.2 162.4 172.1 182.5 193.47.4 7.9 8.5 9.1 9.7 10.4 11.1
163.6 173.5 183.9 195.0 206.7 219.1 232.3
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
12.0 7.4 2.9
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
50.2 50.2 50.2 50.2 0.0 0.0 0.0
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
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Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
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17 18 19 20 21 22 23
2028-29 2029-30 2030-31 2031-32 2032-33 2033-34 2034-35
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
29.4 31.0 32.8 34.7 36.7 38.8 41.1
205.0 217.3 230.4 244.2 258.8 274.4 290.811.9 12.8 13.7 14.6 15.6 16.7 17.9
246.3 261.1 276.8 293.5 311.2 329.9 349.8
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
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
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Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
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24 25
2035-36 2036-37
Err:522 Err:522
43.4 45.9
308.3 326.819.1 20.5
370.8 393.2
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
0.0 0.0
Err:522 Err:522
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Err:522 Err:522
Err:522 Err:522
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3x50 MW THERMAL POWER PALN
CASH FLOW STATEALL VALUES IN Rs. CRORE
2 3 4 5 6 7 8
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
38.2 38.2 38.2 38.2 38.2 38.2 38.2
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
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T FINANCIAL MODEL
ENT
9 10 11 12 13 14 15
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
38.2 38.2 38.2 38.2
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
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16 17 18 19 20 21 22
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
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23 24 25
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
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1 2 3
Year of Operation 2012-13 2013-14 2014-15
Liabilities
EQUITY 180.0 180.0 180.0
RESERVES & SURPLUS Err:522 Err:522
NET WORTH 180.0 Err:522 Err:522
DEBT 420.0 420.0 420.0WORKING CAPITAL Err:522 Err:522 Err:522
TOTAL LIABILITIES Err:522 Err:522 Err:522
Asset
GROSS BLOCK 600.0 Err:522 Err:522
DEPRECIATION Err:522 Err:522 Err:522
NET BLOCK Err:522 Err:522 Err:522
CASH & BANK BALANCE Err:522 Err:522 Err:522
CURRENT ASSET Err:522 Err:522 Err:522
TOTAL ASSET Err:522 Err:522 Err:522
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3X50 MW THERMAL POWER PLAN
BALANCE SHEET
4 5 6 7 8 9 10
2015-2016 2016-17 2017-18 2018-19 2019-2020 2020-21 2021-22
180.0 180.0 180.0 180.0 180.0 180.0 180.0
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
420.0 420.0 420.0 420.0 420.0 420.0 420.0Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
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FINANCIAL MODEL
11 12 13 14 15 16 17
2022-23 2023-24 2024-25 2025-26 2026-27 2027-28 2028-29
180.0 180.0 180.0 180.0 180.0 180.0 180.0
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
420.0Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
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18 19 20 21 22 23 24
2029-30 2030-31 2031-32 2032-33 2033-34 2034-35 2035-36
180.0 180.0 180.0 180.0 180.0 180.0 180.0
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
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25
2036-37
180.0
Err:522
Err:522
Err:522
Err:522
Err:522
Err:522
Err:522
Err:522
Err:522
Err:522
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Year of Operation0 1 2
2011-12 2012-13 2013-14
Total (Cash Inflow - Cash Outflow)
PAT 0.0 Err:522
DEPRECIATION 0.0 Err:522 Err:522INTEREST 0.0 Err:522 Err:522
PAT+DEPRECIATION+INTEREST -600.0 Err:522 Err:522
-600.0 Err:522 Err:522
DISCOUNT RATE 10.19%
NPV Err:522
IRR Err:522
CALCULATION OF WACC 0 1 2
2011-12 2012-13 2013-14
Weight of Debt 0.70 0.70
Weight of Equity 0.30 0.30
Cost of Debt ( Repayment Period ) 0.12 0.12
Cost of Equity 0.16 0.16
Cost of Debt ( After Repayment )
Cost of Capital 0.13 0.13
WACC 0.12
33.99%
DSCR CALCULATION
Year 0.0 1.0 2.0
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DEPRECIATION 0.0 Err:522 Err:522
INTEREST ON LOAN 0.0 50.4 48.7
PAT 0.0 0.0 Err:522
REPAYEMENT OF LOAN 0.0 0.0 38.2
NET OPERATING INCOME (NOI) 0.0 Err:522 Err:522
TOTAL DEBT SERVICE 0.0 50.4 86.9DSCR (Debt Service Coverage Ratio) 0.0 Err:522 Err:522
AVERAGE DSCR Err:522
Loan Duration 12.0 years
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3x50MW THERMAL POWER PLANT FINAN
NPV & IRR CALCULATION
ALL VALUES IN RS. Cr
3 4 5 6 7 8 9
2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
3 4 5 6 7 8 9
2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21
0.70 0.70 0.70 0.70 0.70 0.70 0.70
0.30 0.30 0.30 0.30 0.30 0.30 0.30
0.12 0.12 0.12 0.12 0.12 0.12 0.12
0.16 0.16 0.16 0.16 0.16 0.16 0.16
0.13 0.13 0.13 0.13 0.13 0.13 0.13
3.0 4.0 5.0 6.0 7.0 8.0 9.0
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Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
44.1 39.5 34.9 30.4 25.8 21.2 16.6
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
38.2 38.2 38.2 38.2 38.2 38.2 38.2
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
82.3 77.7 73.1 68.5 64.0 59.4 54.8Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
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CIAL MODEL
10 11 12 13 14 15 16
2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
10 11 12 13 14 15 16
2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28
0.70 0.70 0.70 0.70 0.70 0.70 0.70
0.30 0.30 0.30 0.30 0.30 0.30 0.30
0.12 0.12 0.12
0.16 0.16 0.16 0.16 0.16 0.16 0.16
0.08 0.08 0.08 0.08
0.13 0.13 0.13 0.10 0.10 0.10 0.10
10.0 11.0 12.0 13.0 14.0 15.0 16.0
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Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
12.0 7.4 2.9 0.0 0.0 0.0 0.0
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
38.2 38.2 38.2 0.0 0.0 0.0 0.0
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
50.2 45.6 41.0 0.0 0.0 0.0 0.0Err:522 Err:522 Err:522 0.0 0.0 0.0 0.0
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17 18 19 20 21 22 23
2028-29 2029-30 2030-31 2031-32 2032-33 2033-34 2034-35
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
17 18 19 20 21 22 23
2028-29 2029-30 2030-31 2031-32 2032-33 2033-34 2034-35
0.70 0.70 0.70 0.70 0.70 0.70 0.70
0.30 0.30 0.30 0.30 0.30 0.30 0.30
0.16 0.16 0.16 0.16 0.16 0.16 0.16
0.08 0.08 0.08 0.08 0.08 0.08 0.08
0.10 0.10 0.10 0.10 0.10 0.10 0.10
17.0 18.0 19.0 20.0 21.0 22.0 23.0
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Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
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
0.0 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
0.0 0.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0 0.0
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24 25
2035-36 2036-37
Err:522 Err:522
Err:522 Err:522Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
24 25
2035-36 2036-37
0.70 0.70
0.30 0.30
0.16 0.16
0.08 0.08
0.10 0.10
24.0 25.0
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Err:522 Err:522
0.0 0.0
Err:522 Err:522
0.0 0.0
Err:522 Err:522
0.0 0.00.0 0.0
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Years of Operation 1 2 3 4
Variable Cost 44.97 89.87 95.30 101.07
Fixed Cost Err:522 Err:522 Err:522 Err:522
Average Fixed Cost 73.33 73.33 73.33 73.33
Total Cost Err:522 Err:522 Err:522 Err:522 Total Revenue Err:522 Err:522 Err:522 Err:522
Actual Generated MU 558.96 1116.90 1116.90 1116.90
Cumulative Actual Generated MU 558.96 1675.86 2792.76 3909.66
Cumulative Total Cost Err:522 Err:522 Err:522 Err:522
Cumulative Total Revenue Err:522 Err:522 Err:522 Err:522
558.96 1675.86 20.00
2.00
4.00
6.00
8.00
10.00
12.00
CumulativeTo
talCo
st
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5 6 7 8 9 10 11
107.18 113.66 120.54 127.83 135.57 143.77 152.47
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
73.33 73.33 73.33 73.33 73.33 73.33 73.33
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
1116.90 1116.90 1116.90 1116.90 1116.90 1116.90 1116.90
5026.56 6143.46 7260.36 8377.26 9494.16 10611.06 11727.96
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
792.76 3909.66 5026.56 6143.46
BEP
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12 13 14 15 16 17 18 19
161.70 171.49 181.87 192.87 204.55 216.94 230.07 244.00
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
73.33 73.33 73.33 73.33 73.33 73.33 73.33 73.33
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
1116.90 1116.90 1116.90 1116.90 1116.90 1116.90 1116.90 1116.90
12844.86 13961.76 15078.66 16195.56 17312.46 18429.36 19546.26 20663.16
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
7260.36 8377.26 9494.16 10611.06
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20 21 22 23 24 25
258.78 274.45 291.08 308.71 327.41 347.24
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
73.33 73.33 73.33 73.33 73.33 73.33
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
1116.90 1116.90 1116.90 1116.90 1116.90 1116.90
21780.06 22896.96 24013.86 25130.76 26247.66 27364.56
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522