10 MWp Solar PV Power Project, Rajasthan Detailed Financial Report M/s XXXXX, New Delhi

INDIA

10 MWp Solar PV Power Financial DETAILED FINANCIAL REPORT 10 MWp SOLAR PHOTOVOLTAIC POWER PLANT, PLANT LOCATION: VILLAGE: AAAAA, DISTT: BBBBB, RAJASTHAN, INDIA Project Developers XXXXXXXX Project Consultants Pan Exergy Pvt Ltd D-32, Sector-7, Noida 201301, INDIA. Ph: +91-9999676750; +91-9654436886 Web: www.e xergy.in Email: info@exergy.in 2|P a g e

10 MWp Solar PV Power Financial 1 1.1 PROJECT FINANCIALS Project Cost The cost of the power project is estimated, on the basis of the prevailing price s rates and the estimation is for the installation of power generation facilitie s described in the earlier sections of this report. The cost of the Solar PV power plant, presented in this section of the report co vers all the costs associated with the construction of the plant and included ci vil construction cost, cost of equipment for power generation, cost of auxiliari es and utilities. Note: CER distribution: yr-1, 100% to project developer (PD); yr-2, 90% to PD; y r-3, 80% to PD; yr-4, 70% to PD; yr-5, 60% to PD; year 6 onwards, 50% to PD. 1.2 Data Sheet Mandali 0.1 17 1465238 30 Site Information Site Name Price of Land/Acre (Rs Lakh) Distance from the Evacuation Point(Km) Es timated Generation (KwH/MW) Cost of Evacuation/Km (Rs. Lakh/Km) Technology Information Technology Used Cost of Solar Modules/MW (Rs. Lakh) Area Required (Acre/MW) Sola r Semi (Poly Crystalline) 850 6 Cost Estimates Per MW Item Solar Panel Inverter (Central Inverter) Power Evacuation Cost (Total) BOS & Commissioning Cost Total Technology Cost/MW Cost (Rs Lakh) 850 150 510 250 1250 Financial Information Tariff (Rs/Unit) Debt Interest Rate (%) 15.3 12.50% 3|P a g e

10 MWp Solar PV Power Financial 1.3 Sl No Assumptions Assumption Head Sub-Head Sub-Head (2) Installed Capacity Units MW % % Years Rs L akh/MW Rs Lakh Rs Lakh/Acre Acre/MW Rs Laks Years Rs % % Rs Lakh Rs Lakh Rs Lakh Years Years % Rs Lakh % % Yes/No % % Years Lakh/MW % CER/MW/Year Rs/CER Rs Lakh /MW Assumptions 10 16.73% 0.80% 25 1250 510 0.1 6 13016 25 15.3 70% 30% 9111.2 3 904.8 9111.2 0 10 12.50% 3904.8 33.22% 19.931% Yes 7% 1.33% 10 9.00 5.72% 1500 7 44.7 150 1 Power Generation Capacity CUF Deration Factor Useful Life Power Plant Cost Power Evacuation Cost Land Cost Land Needed Total Fixed cost/PW Tariff Period Tariff Debt Equity Total Debt Amo unt Total Equity Amount Loan Amount Moratorium Period Repayment Period (Inc Mora torium Period) Interest Rate 2 Project Cost Capital Cost/MW Debt-Equity 3 Financial Assumptions Debt Component Equity Component Fiscal Assumptions 4 Financial Assumptions (2) Depreciation Ope rations & Maintenance CDM Benefits CER Produced CER Price Inverter Replacement t o be done after every 10 years Equity Amount Income Tax MAT Rate (for 10 years) 80 IA Benefit Depreciation Rate for First 10 Years Depreciation Rate 11th year onwards Years of 7% rate O&M Tot al O&M escalation Expected to be generated per year for next 21 years Based on A verage ECX rates,( conversion rate of 1EUR=INR65.26) Current Price of Inverter 5 6 7 Inverter Replacement year Year 10 4|P a g e

10 MWp Solar PV Power Financial 1.4 Cash Flow Note: Detailed Cash Flow for 25years can be provided if asked for Pre Tax Equity IRR Pre Tax Project IRR 18% 15% 5|P a g e

10 MWp Solar PV Power Financial 1.5 Year Profit Before Tax ROE (Before Tax) ROI (Before Tax) Tax Profit after tax RO E(After Tax) ROI (After Tax) Profit & Loss Account 1 Rs Lakh % % Rs Lakh Rs Lakh % % 213.92 5% 2% 43 171.29 4% 0% 2 243.02 6% 2% 48 194.58 5% 0% 3 279.88 7% 2% 56 224.10 6% 0% 4 325.48 8% 3% 65 260.61 7% 0% 5 38 0.92 10% 3% 76 305.00 8% 1% 6 561.57 14% 4% 112 449.65 12% 1% 7 537.55 14% 4% 10 7 430.41 11% 1% 8 641.69 16% 5% 128 513.80 13% 1% 9 761.62 20% 6% 152 609.82 16% 1% 10 899.30 23% 7% 179 720.06 18% 1% 11 294.64 8% 2% 98 196.77 5% 1% 12 1769.1 2 45% 14% 588 1181.46 30% 5% 13 1743.21 45% 13% 579 1164.16 30% 4% Year Profit Before Tax ROE (Before Tax) ROI (Before Tax) Tax Profit after tax RO E(After Tax) ROI (After Tax) 14 Rs Lakh % % Rs Lakh Rs Lakh % % 1716.88 44% 13% 570 1146.58 29% 4% 15 1690.12 43% 13% 561 1128.70 29% 4% 16 1662.88 43% 13% 552 1110.51 28% 4% 17 1635.12 42% 13% 543 1091.97 28% 4% 18 1606.81 41% 12% 534 1073.07 27% 4% 19 1577.91 40% 12% 524 1053.77 27% 4% 20 1548.38 40% 12% 514 1034.05 26% 4% 21 18.17 0% 0% 6 12.14 0% 0% 22 1431.39 37% 11% 475 955.92 24% 4% 23 1399.68 36% 11% 465 934.74 24% 4% 24 1367.15 35% 11% 454 913.02 23% 3% 25 1333.74 34% 10% 443 890.70 23% 3% Average ROE (BT) Average ROI (BT) Average ROE (AT) Average ROI (AT) 26.27% 7.88% 18.20% 2.42% 6|P a g e