Finance Dashboard
Macro parameters and operating benchmarks for India wind project finance, FY2024-25.
Every tile links to its primary source — tap any card to open the government / regulator document it was taken from. Figures with no public government source have been removed and disclosed under Modelling Assumptions instead.
1. Tariff Regime▼
SECI Auction Band₹3.18 – ₹3.69/kWhSECI Tranche XIV → XIXSECIHybrid RTC₹4.40 – ₹4.73/kWhSECI wind-solar hybrid (firm/peak)SECITariff EscalationFlat / NilMNRE bidding norms · 25-yr fixedMNREMust-Run StatusYesMust-Run Power Plant Rules 2021 (§176)Ministry of PowerCurtailment RiskLow–Med (~2%)Transmission-driven, N/W regions (Q1 2026)Ember
2. CapEx Structure (Turnkey)▼
Turnkey CapEx₹7.5 – ₹8.5 Cr/MWFY25 all-in (CERC actual ₹6.7–9.1)CERCWTG Package₹4.8 – ₹6.0 Cr/MWNacelle + hub + blade + towerCERCBoP All-in₹2.0 – ₹2.8 Cr/MWCivil + electrical + pre-opCERCLand & ROW₹0.30 – ₹0.45 Cr/MWCERC land-acquisition avg ₹0.42CERCEvacuation Infra₹0.25 – ₹0.50 Cr/MWUp to interconnection pointCERCCivil & Foundation₹0.55 – ₹0.85 Cr/MWCivil & general worksCERCIDC + Pre-op₹0.40 – ₹0.55 Cr/MWIncl. IDC + contingency (CERC ₹0.51)CERCSCADA & Electricals₹0.20 – ₹0.35 Cr/MWCables, switchgear, controlsCERC
3. Debt & Leverage▼
IREDA Rate (FY25)9.40% p.a.Grade-based, reset annuallyIREDAREC / PFC Rate8.95 – 9.70% p.a.Wind/Solar, eff. May 2025PFCPSU Bank Rate10.20 – 10.50% p.a.SBI 1-yr MCLR + 150–350 bpsSBILeverage Band70 – 80% D:ECERC norm 70:30; IREDA up to 80%IREDADebt Tenor15 – 20 yrsCall option after 15 yrsIREDADSCR Covenant≥ 1.30×Lender covenant (IREDA floor 1.20×)IREDADSRA2 quartersInterest + principal reserveIREDA
4. Taxation & Depreciation▼
Sec 115BAA Effective25.168%22% + 10% surcharge + 4% cessIncome Tax DeptStandard CIT30%Base rate (pre-115BAA)Income Tax DeptMAT15%u/s 115JB · N/A under 115BAAIncome Tax DeptWind Depreciation (WDV)40% / yrBlock of assets, WDV (cut from 80%)Income Tax DeptAcc-Dep First Year40%Half if <180 days used in Y1Income Tax DeptDep Exhausted~Year 10WDV < 1% of cost by Y10Income Tax DeptCap-Gains on Salvage25.168%Short-term u/s 50 at 115BAA rateIncome Tax DeptGST on WTG5%RE devices · eff. 22 Sep 2025PIB / GST Council
5. Operating Benchmarks▼
6. FY24-25 Wind Capacity Additions▼
Karnataka
1,331 MW
Tamil Nadu
1,136 MW
Gujarat
955 MW
Maharashtra
77 MW
Rajasthan
13 MW
All-India FY24-25 wind: ~4,146 MW added (45.89 → 50.04 GW cumulative).Source: MNRE RE Statistics 2024-25
7. Wind Finance Macro Signals▼
- ›RE bid trajectory: MNRE targets 50 GW/yr of RE tenders (FY24–FY28) with a ≥10 GW/yr wind carve-out, issued via SECI / NTPC / NHPC / SJVN.
- ›Project debt: IREDA FY24-25 disbursements ₹30,168 cr, up ~20% YoY; RE loan tenors extending toward 20 yrs post-CoD.
- ›Sec 115BAA + 40% WDV depreciation lift post-tax equity returns materially versus the old 30% CIT regime.
- ›Firm power: FDRE / RTC tenders clearing ₹4.25–5.59/kWh are pulling wind into blended dispatchable bids.
- ›Repowering: MNRE 2023 Repowering & Life-Extension Policy targets the ageing sub-2 MW fleet; repowering CapEx runs well below greenfield.
- ›ALMM (Wind): MNRE mandates domestically-sourced major WTG components (blade, tower, gearbox, generator, bearings), phasing in from FY26.
Modelling Assumptions (CECL conventions — not government-published)The Bankability Calculator uses CECL house benchmarks that no government body publishes as a single figure: O&M escalation 5%/yr, insurance 0.40% of CapEx (3%/yr escalation), generation degradation 0.5%/yr, auxiliary load 0.5%, working capital = 1 month revenue, salvage 5% of CapEx at Year 25, and a bankability floor of equity IRR ≥ 13% with average DSCR ≥ 1.30×. PLF quartiles, O&M run-rates and repowering CapEx bands are also market estimates, not regulator data, and are intentionally excluded from the sourced tiles above.
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