It is surprizing to see that the PP has not shown any cost figures related with the project on consolidated basis except the project cost, which is also considered as much higher than in the reference tariff order. All figures are in percents!!! probabaly leaving a chance to moderate them as required later as required. However, I am sure DOE must have already taken the excel sheet calculation before webhosting along with the PDD, as written in the PDD and hence PP will have to adhere to the figures as in the sheet submitted to DOE before start of stakeholder consultation. DOE must ensure the consistancy in analysing the financials of the project and must match everything as commented by Shalivahana group in the M.P. tariff order and consider the figures only which are conservative, e.g. Shilivahana submitted for a 80% PLF while tariff order relaxed it to 70% and hence a PLF of 80% on conservative basis as submitted by Shalivahana group itself...many more such figures should be analysed conservatively by DOE as a whole. DOEs are intelligent enough to evaluate the whole tariff order by themself as expected from them.
On project cost, Shalivahana themself suggested a project cost of 4.10 crores, however, in the name of DPR (which can be framed), it has been considered as 5.42 crores!!!! they can justify it by showing the quotations etc...but its DOE duty to do their own analysis to arrive at the benchmark capital cost for such projects in view of the fact that in tariff order the project cost has been considered as 4.25 crores by the regulators. 
further, how can the project IRR be so low as projected at 5.57%...just answer simple question that why a bank will give the loan for this project, if its unable to service the loan, which is sure if the real returns are at 5.57%!!! Also, banks never consider the CDM revenue as collatral, moreover, the project has no Annex-i party included and even with CDM revenue the benchmark is not crossed, i.e., still not able to service the loan! 
Can DOE analyse the whole project financials in detail with complete expertise of personal in power sector on real conservative basis.

Project is not additional as I observe that the financials are worked on 10 / 12 MW. The IRR will not be so low for the Indian biomass projects. No bank will lend for the project.

CDM revenue is not a collateral property and a authorized statement from bankers is required to prove that they have agreed for 5% IRR.

Thanks and Regards,
Vijay Khangar
PE Investor,
Asia Carbonex