Why had the PP taken BSE 500, as it is relatively volatile in comparison to other indicators such BSE 200, or BSE Sensex. a valid reason should be incorporated.
DOE should validate the Reason for considering NPV as an financial indicator against IRR or any other financial indicator. and how could it compare an absolute value (NPV) against a percentage value of ROE.

DOE should validate whether the project is receiving any subsidy from MNRE. 

1.	PLF should be based on EB48 Annex 11guideline which says The plant load factor provided to banks and/or equity financiers while applying the project activity for project financing, or to the government while applying the project activity for implementation approval; (b) The plant load factor determined by a third party contracted by the project participants (e.g. an engineering company); But PDD doesn’t demonstrate how PLF has been arrived at. 
2.	Whether PLF includes machine shutdown, machine availability. Whether grid availability is accounted for in the calculation of gross generation. To my surprise, critical parameter like PLF is missing from the PDD. How DOE has allowed this. 
3.	How benchmark is calculated and how NPV is calculated is not discussed at all in the PDD.
4.	Why barrier analysis is not discussed in the PDD. If there is no barrier, then it should be mentioned in the PDD. 
5.	The main meter and check meter technical parameters like accuracy level, make, etc. needs to be mentioned in the PDD. 

The benchmark of more than 21% is too high!
Does the project become attractive on including CDM benefits to cross such a high benchmark?

Beta of 1.2499 is too high. Clarify the type of beta used - asset or equity? How Reliance Infrastructure is considered as having similar risk when they are involved in many activities apart from power generation (transmission etc)

Why unlevering of beta is not justified in PDD?

As project is in existing dam the project cost should be low and hence project should be a profitable venture.

Is the project availing REC credits? PDD does not mention details. What if the REC credits are claimed during project operation??

Why NPV has been calculated instead of IRR for comparision against ROE?? This is not as per guidelines which says for benchmark a suitable indicator such as IRR to be used.

The benchmark of more than 21% is too high!
Does the project become attractive on including CDM benefits to cross such a high benchmark?

Beta of 1.2499 is too high. Clarify the type of beta used - asset or equity? How Reliance Infrastructure is considered as having similar risk when they are involved in many activities apart from power generation (transmission etc)

Why unlevering of beta is not justified in PDD?

As project is in existing dam the project cost should be low and hence project should be a profitable venture.

Is the project availing REC credits? PDD does not mention details. What if the REC credits are claimed during project operation??

Why NPV has been calculated instead of IRR for comparision against ROE?? This is not as per guidelines which says for benchmark a suitable indicator such as IRR to be used.

How the tariff rate of Rs 4.35 / kWh is calculated? Is the electricity sold to grid or third party at higher rate?

What is the basis for the project cost and O&M cost?

Why NPV is calculated instead of IRR. See the guidance on investment analysis.

How can a NPV calculated only on the equity portion and not on total project cost?? This is not correct! NPV can never be on equity component rather on the total project investment!

As there are similar risk companies such as NTPC and Tata Power, why has the PP considered other companies which are not into hydro power for beta calculations?
PP has deliberately considered other companies to rise the beta value for a higher benchmark. DOE to check whether this is correct and conservative.