11:36 24 Nov 24
Info Report Check
Submission incomplete:
1: The DOE is requested to describe how it has assessed the application of the equations and parameters for the calculation of emission reductions as per VVS version 7 paragraph 104.
The inconsistency has been found with regard to the PLF values which have been indicated in table B3 of the PDD as 26.45% and 23% for Tamil Nadu and Gujarat respectively; however, the Spreadsheet ER Calc. indicates PLF values 20.45% and 21.97% respectively for Tamil Nadu and Gujarat.
2: The DOE is requested to confirm the appropriateness of the underlying assumptions and the accuracy of the financial calculations carried out for the investment analysis as per VVS version 7 paragraphs 127 and 128 (c).
(1) The equity IRR for the project activity works out to be 5% as the statement made in the page 14 of the PDD; however the following inconsistencies have been found:
a) The equity IRR 5% is based on the values decided during the revised investment decision dated 23 September 2011; however the inflation rate applied for the benchmark calculation is based on the original investment decision dated 16 October 2010 as per page 13 of the PDD.
b) The spreadsheet “IRR without CDM” indicates Equity IRR as 36.72%.
(2) It is not clear whether those values and calculations listed in the spreadsheet “Assumption” are based on the value derived from the original investment decision dated 16 October 2010 or the revised investment decision dated 23 September 2011, given that both values Equity IRR 36.72% at cell P8 and Total Project Cost 1365.5 (Rs Mn) at cell H42 are based on the Old project-TN 24 MW.
(3) The DOE shall further explain how it has validated the correctness and accuracy of the financial analysis given that as per pages 74-75 of the validation report the project activity has been planned under the renewable energy certificate scheme whereas the tariff rates (Tamil Nadu: 3.39; Gujarat: 3.56) applied in the investment analysis are based on preferential tariff rates. In doing so the PP/DOE should provide relevant IRR calculation sheet which includes additional information based on the values derived from renewable energy certificate scheme.
1: The DOE is requested to describe how it has assessed the application of the equations and parameters for the calculation of emission reductions as per VVS version 7 paragraph 104.
The inconsistency has been found with regard to the PLF values which have been indicated in table B3 of the PDD as 26.45% and 23% for Tamil Nadu and Gujarat respectively; however, the Spreadsheet ER Calc. indicates PLF values 20.45% and 21.97% respectively for Tamil Nadu and Gujarat.
2: The DOE is requested to confirm the appropriateness of the underlying assumptions and the accuracy of the financial calculations carried out for the investment analysis as per VVS version 7 paragraphs 127 and 128 (c).
(1) The equity IRR for the project activity works out to be 5% as the statement made in the page 14 of the PDD; however the following inconsistencies have been found:
a) The equity IRR 5% is based on the values decided during the revised investment decision dated 23 September 2011; however the inflation rate applied for the benchmark calculation is based on the original investment decision dated 16 October 2010 as per page 13 of the PDD.
b) The spreadsheet “IRR without CDM” indicates Equity IRR as 36.72%.
(2) It is not clear whether those values and calculations listed in the spreadsheet “Assumption” are based on the value derived from the original investment decision dated 16 October 2010 or the revised investment decision dated 23 September 2011, given that both values Equity IRR 36.72% at cell P8 and Total Project Cost 1365.5 (Rs Mn) at cell H42 are based on the Old project-TN 24 MW.
(3) The DOE shall further explain how it has validated the correctness and accuracy of the financial analysis given that as per pages 74-75 of the validation report the project activity has been planned under the renewable energy certificate scheme whereas the tariff rates (Tamil Nadu: 3.39; Gujarat: 3.56) applied in the investment analysis are based on preferential tariff rates. In doing so the PP/DOE should provide relevant IRR calculation sheet which includes additional information based on the values derived from renewable energy certificate scheme.
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