Finance Dashboard
Proprietary macro parameters and operational benchmarks for India wind project finance. Updated FY2024-25.
1. Tariff Regime▼
SECI Auction Band₹3.15 – ₹3.45/kWhTranche XI–XIV
State PPA Pool₹3.62 – ₹4.15/kWhGERC → TNERC range
FDRE / RTC Premium+₹1.10 – ₹1.45/kWhWind+Solar+BESS
Hybrid RTC₹4.40 – ₹4.65/kWhFirm dispatchable
C&I Captive₹3.85 – ₹4.80/kWhGroup captive uplift
Tariff EscalationFlat / Nil25-yr fixed, no indexation
Must-Run StatusYesEA 2003 s.86(1)(e)
Curtailment RiskLow–Med~2% national avg
2. CapEx Structure (Turnkey)▼
Turnkey CapEx₹7.5 – ₹8.5 Cr/MWFY25 all-in
WTG Package₹4.8 – ₹6.0 Cr/MWSupply + E&C
BoP All-in₹2.0 – ₹2.8 Cr/MWCivil + Elec
Land & ROW₹0.15 – ₹0.30 Cr/MWPer MW footprint
Evacuation Infra₹0.25 – ₹0.50 Cr/MWLine + substation
Civil & Foundation₹0.55 – ₹0.85 Cr/MWRock anchor basis
IDC + Pre-op₹0.20 – ₹0.35 Cr/MW~3% of debt
Repowering CapEx₹4.2 – ₹5.5 Cr/MW~60–65% of greenfield
Hub-height Premium+₹0.15 – ₹0.25/mAbove 120m reference
SCADA & Electricals₹0.20 – ₹0.35 Cr/MWIncl. grid protection
3. Debt & Leverage▼
IREDA Rate (FY25)9.40% p.a.Floating, MCLR-linked
REC / PFC Rate9.65 – 9.85% p.a.Long-term project loan
PSU Bank Rate10.20 – 10.50% p.a.SBI / PNB Wind loans
Leverage Band70 – 80% D:EBankable range
Debt Tenor15 – 20 yrsIncl. moratorium
DSCR Covenant≥ 1.30×Minimum average DSCR
DSRA2 quartersDebt service reserve
Refinance WindowY3 – Y5Post-stabilisation
4. Taxation & Depreciation▼
Sec 115BAA Effective25.168%Base 22% + surcharge + cess
Standard CIT30%Pre-115BAA rate
MAT15%Not applicable under 115BAA
Wind WDV (SLM)40% / yrAccelerated depreciation
Acc-Dep First Year40%Full-year basis
Dep Exhausted~Year 10WDV < 5% by Y10
Cap-Gains on Salvage25.168%On salvage − WDV
GST on WTG12%As per HSN 8502.31
5. Cashflow Parameters▼
Tariff Escalation0% / yrFlat 25-yr PPA
O&M Escalation5% / yrCECL benchmark
Insurance0.40% CapExAll-risk policy
Insurance Escalation3% / yrCPI-linked
Generation Degradation0.5% / yrPost Y1
Auxiliary Load0.5%Transformer + SCADA
Working Capital1 month revReceivables cover
Salvage Value5% CapExEnd of 25-yr life
6. Operating Benchmarks▼
National Avg PLF~24%All-India fleet FY25
Top-Quartile PLF32 – 38%Rajasthan / Gujarat
Best-in-Class PLF40%+Select coastal sites
Project Life25 yrs PPAStandard PPA tenure
Useful Life30 yrsIEC / OEM design life
O&M Run-Rate₹7 – ₹9 L/MW/yrAMC + spares
Bankable IRR Floor≥ 13% (post-tax eq.)CECL threshold
Min DSCR Target≥ 1.30×Lender covenant
7. FY24-25 Capacity Additions▼
Gujarat
3.4 GW
Tamil Nadu
2.1 GW
Karnataka
1.7 GW
Rajasthan
1.4 GW
Maharashtra
0.8 GW
8. Wind Finance Macro Signals▼
- ›SECI auction trajectory: 10 GW annual target from FY26; tranche sizes rising to 2-3 GW.
- ›Project debt: IREDA disbursals up 38% YoY; tenor extending to 20 yrs post-CoD.
- ›Sec 115BAA + WDV 40%: Post-tax equity IRR premium of ~1.8–2.2% vs old CIT regime.
- ›FDRE premium (₹1.10–1.45/kWh): Inflating wind allocations in blended hybrid bids.
- ›Repowering pipeline: ~10 GW sub-2 MW fleet eligible; CapEx ~60% of greenfield.
- ›ALMM-II notification: Limits WTG sourcing post-2025; OEM pricing power rising.
- ›Group captive uplift (15–20%): C&I offtake at ₹4.2–₹5.0/kWh driving private bids.
Modelling AssumptionsAll figures are CECL benchmarks derived from 350+ projects across India. Tariff band reflects latest SECI/state PPA discoveries. IRR uses Sec 115BAA at 25.168%. O&M escalation at 5%/yr. WDV 40% for first 10 years. Salvage 5% of CapEx at Year 25. Working capital = 1 month revenue.
CECL Pro — Finance Suite
25-yr model export · Sensitivity tables · DSCR waterfalls
25-yr Bankability Calculator
100MW
201000
4.20₹/kWh
2.56.5
37%
1645
9% p.a.
713
6.50₹Cr/MW
4.59
2.50₹Cr/MW
1.54
75%
085
18yrs
520
8₹L/MW/yr
530
Derived Inputs
Turnkey CapEx₹900 Cr9.00 Cr/MW
Equity incl. WC₹236 Cr
Debt₹675 Cr75% of CapEx
Annual Debt Service₹77.1 CrEquated annuity
Year-1 Run Rate
Generation322.5 MU
Revenue₹135.4 Cr
O&M₹8.0 Cr
EBITDA Margin91.4%
EBITDA Y1₹123.8 Cr
DSCR Y11.61×✓ Covenant met
Returns & Coverage
Project IRR9.6%
Equity IRR14.1%✓ ≥ 13% threshold
Payback9.7 yrs
25-yr ROI376%
Avg DSCR1.46×✓ Covenant met
Min DSCR1.30×
Bankability Verdict
Bankable
Equity IRR ≥ 13% AND Avg DSCR ≥ 1.30×
✅
⚠ Indicative model — not a bankability certificateThis calculator cannot see: mast data · terrain correction · P50/P75/P90 · offtaker credit risk · evacuation feasibility · land title · environmental clearances · force majeure provisions. Always commission a bankability study before project finance.
CECL Advisory
Contact CECL for bankable reports
Consolidated Energy Consultants Limited
Emailinfo@cecl.in
Alt. Emailconenergy@gmail.com
Phone+91-0755-2600241
Phone+91-0755-4058931
Registered Office‘Energy Tower’, 64-B Sector, Kasturba Nagar, Bhopal 462023, Madhya Pradesh, India