If the equity IRRs are 2 - 3 % and benchmark for these companies is 20% ish... what difference is CER revenue going to make? Does a mere increase of 2% in equity IRR due to CER revenue make a world of difference for these companies and justify investment only and only due to CER revenues? 

a)	How come Equity IRR has been considered for calculating the Benchmark and the IRR for the project, instead of WACC?  
Since the funding is a mix of Equity and Debt, WACC is an appropriate indicator for the Benchmark and IRR for the project.
b)	While calculating the Market Returns, the BSE 100 has been considered as the base.
How could BSE 100 be considered as a correct indicator for representation of the Market returns? (it has been often observed that BSE 100 has differed the market trends, an instance on 15th September could be an evidence of the same)
The project owners should have considered the BSE 500 of the BSE Power sector indices which would give a better representation of the market returns
c)	Has tax holiday been considered while computing the IRR, as nothing is mentioned the Assumptions table?
d)	Is there no increment to the wind tariff? If so, whether the same has been considered while calculating the Cash flows as this would have an impact on the IRR. There has been no mention in the Assumption table
e)	Have all Indirect Tax subsidies been considered while calculating the IRR as this is not mentioned in the Assumption table
f)	In Pag19- Section B.5- where the PO wise Benchmark and Equity IRRs have been provided, in certain cases the Equity IRR is zero (RJ Square Link and Ugam Impex). 
a)	Could the PO explain how the Equity IRR could be zero? 
b)	Also as mentioned in Annexure-5, in case of Renewable energy projects the risk involved is higher and hence the returns expected would be higher. But, there are instances where Equity IRR is ranging between 0% to 10%, which is almost at par with bank prime lending rate (where the returns are assured). How did the project owners decide to invest in renewable energy projects, where the return on equity was as low as 0%?
c)	Will the revenue from sale of CERs provide enough returns for a PO to match the benchmark IRR, or enough to bring down the difference between the actual project IRR and the Benchmark IRR?
d)	How come is that when the Debt has been taken for the project, the IRR be zero. In such situations, WACC should have been definitely considered. 
e)	Also, it is very difficult to understand, how come the Investor invested in projects where the return in Zero. 
g)	Also, the average Equity IRR ranges from 0.28% to 9%. Such huge variations and the logic of the PO in investing in such projects where the IRR is so low, is not understandable. I would really like to understand the logic of investing in these  projects.