When the project is financed by term loan of Rs.2005 mn. and equity of only Rs.859 mn. on what basis the PP has selected equity IRR as financial indicator? Sub-step II(b) of Additionality Tool clearly states, “Identify the financial indicator, such as IRR, NPV, cost benefit ratio, or unit cost of service most suitable for the project type and decision-making context”. How equity IRR conforms to this requirement except that it permits to have a higher benchmark and make the project additional. 

Chinese projects are set up at R120 to 130 lakhs per MW. The project cost works out to Rs.143 lakhs. DOE should check the purchase order and take the cost as per purchase order. 

PLF is 17.60%, and is derated by 0.8% every years. This is much lower to PLF assumed by other projects in Gujarat and GERC prescribed PLF. Moreover, does GERC provides for derating? On what basis derating has been taken? Both PLF and derating are not correct

The company is a part of Solar Semoi Conductor Power Company, which is a profitable company. Hence, the tax saving due to depreciation the project gets should be taken into consideration. As per GERC order, this project can avail accelerated depreciation. The project will also get tax holiday. The tax savings due to accelerated depreciation and tax holiday should be taken into account in IRR.

DOE should not allow change in any of the input parameters or inclusion of any expenditure and cost during validation other than what is given in the PDD available to Global Stakeholders