CLEAN DEVELOPMENT MECHANISM PROJECT DESIGN DOCUMENT … Matrix PDD-30 July 2008.pdf · project design document form (cdm-ssc-pdd) - version 03 cdm – executive board 1 clean development

PROJECT DESIGN DOCUMENT FORM (CDM-SSC-PDD) - Version 03 CDM – Executive Board

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CLEAN DEVELOPMENT MECHANISM PROJECT DESIGN DOCUMENT FORM (CDM-SSC-PDD)

Version 03 - in effect as of: 22 December 2006

CONTENTS A. General description of the small scale project activity B. Application of a baseline and monitoring methodology C. Duration of the project activity / crediting period D. Environmental impacts E. Stakeholders’ comments

Annexes Annex 1: Contact information on participants in the proposed small scale project activity Annex 2: Information regarding public funding Annex 3: Baseline information

Annex 4: Monitoring Information


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Revision history of this document Version Number

Date Description and reason of revision

01 21 January 2003

Initial adoption

02 8 July 2005 • The Board agreed to revise the CDM SSC PDD to reflect guidance and clarifications provided by the Board since version 01 of this document.

• As a consequence, the guidelines for completing CDM SSC PDD have been revised accordingly to version 2. The latest version can be found at <http://cdm.unfccc.int/Reference/Documents>.

03 22 December 2006

• The Board agreed to revise the CDM project design document for small-scale activities (CDM-SSC-PDD), taking into account CDM-PDD and CDM-NM.


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SECTION A. General description of small-scale project activity A.1 Title of the small-scale project activity: >> 1.2 MW wind power project of Matrix Clothing at Gujarat, India Document Version: 2 Date of completion of document: 10/06/2008 A.2. Description of the small-scale project activity: >> The proposed CDM project activity comprises of installation and operation of two 0.6 MW Wind Electricity Generators (WEGs) having a combined wind power generation capacity of 1.2 MW at Village Vanku, Taluka Abdasa, District Kutch, State Gujarat, India, one of the wind rich areas of the country. The annual estimated power generation for each of the 600 kW WEG is 15 Lakh units. Both the WEGs are connected to the grid and the generated electricity is sold to GUVNL as per the Power Purchase Agreement. Details of the WEGs installed under the proposed CDM project are provided in Table 1.

Table 1 Details of the WEGs installed under the proposed CDM project

S. No Company WEG Capacity (KW)

Machine No. Machine location

1 Suzlon 600 SEL/600/06-07/0450

R S No:525 Village: Vanku Taluka: Abdasa District: Kutch

2 Suzlon 600 SEL/600/06-07/0451

R S No:525 Village: Vanku Taluka: Abdasa District: Kutch

As per the public document ‘General Review 2006’, (Table 2.4) released by the Central Electricity Authority (CEA), Government of India, the installed electricity generation capacity as on 31st March 2005 in the Western Regional power grid is 33,242.76 MW. Of this, about 63% constitutes power generated from fossil fuel sources, 16% from hydropower, 15% from gas and about 2% from wind power. This project activity thereby generates cleaner and more sustainable electricity and sells it to the State grid thereby displacing electricity that would have been generated in predominantly fossil fuel consuming power plants. The project assists in the sustainable development of the Country, and the State of Gujarat by increasing availability of power, reducing dependency on fossil fuels, reducing local air pollution, providing emission free clean electricity and providing employment to rural youth both during the construction phase and in support services during entire lifetime of the project.


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A.3. Project participants: >> The proposed CDM project has been implemented and is owned by Matrix Clothing Pvt. Ltd. It will be the sole beneficiary of the project activity. Matrix Clothing Pvt. Limited is the non-Annex 1 entity having its operations and offices in India. Presently there is no Annex 1 participant in the proposed CDM project activity and Matrix Clothing is the sole participant. Name of Party involved (*) ((host) indicates a host party)

Private and/or public entity (ies) Project participants (*) (as applicable)

Kindly indicate if the Party involved wishes to be considered as project participant (Yes/ No)

Government of India (host party) Matrix Clothing Pvt. Ltd. No A.4. Technical description of the small-scale project activity: Under the proposed CDM project activity, two 600 kW Wind Electric Generator machines from Suzlon Energy Ltd. have been installed. The technical specifications of the WEGs are as mentioned in Table 2.

Table 2 Technical Specifications of installed WEGs in proposed CDM project activity

PARAMETER VALUE

ROTOR

Diameter 52 m No. of rotor blade 3 Orientation Upwind/ Horizontal axis Rotational Direction Clockwise Rotor Blade Material GRP Swept area 2124 m2 Hub Height 75 m Regulation Pitch regulated OPERATIONAL DATA

Cut in wind speed 3.5 m/s Rated wind speed 12 m/s Cut off wind speed 25 m/s GEARBOX

Type Asynchronous 4 pole


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Rotation speed 1500 RPM Rated output 600 Kw Rated voltage 690 V Frequency 50 Hz Insulation Class ‘H’ Enclosure Class IP 56 Cooling System Air Cooled OPERATING BRAKES

Aerodynamic brake 3 independent systems with blade pitching YAW DRIVE

Method of operation 2 Active electrical yaw motors Bearing Type Polyamide slide bearing SAFETY SYSTEMS

1. Brake System Automatic application by synchronous hydraulic control of the blade pitching in case of:

• Vibration or shock loading • Over temperature of the gearbox or

generator failure of the thyristors and control in the case of excessive wind speed.

• Variation in the Rated Voltage Range • Variations in the Frequency range • Asymmetric phasing • Line interruption – with automatic

reconnection

2. Brake System Spring applied hydraulically released disk brake TOWER

Type Free standing, Lattice tower, hot dip galvanizedTower Height To suit hub heightConstruction BoltedErection With craneDesign GL special class

Once the wind electricity is generated by the turbines described above, it is sent via transmission lines to the consumers via the existing grid transmission structure. As temperature rises during the day, the air above the land surfaces gets heated, becomes lighter and moves upward creating a low air pressure zone. Comparatively colder air from sea surface rushes to low-


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pressure land area. In the night the process gets reversed. This continuous change in air pressure due to variation in temperature ensures continuous flow of air on surface of earth. As an alternative to the fossil fuels, the technology to produce electricity from wind is receiving serious attention throughout the world. The wind strikes the blade of the wind mill, which in turn rotates an electrical generator through a transmission mechanism. The whole system is termed as Wind Electric Generator (WEG). The wind speed is influenced by several geo-climatic features like weather conditions, plantation, topography of site etc. and consequently power produced by wind is seasonal, constantly variable and highly site specific. A.4.1. Location of the small-scale project activity: >> India A.4.1.1. Host Party(ies): >> Government of India (Host party) A.4.1.2. Region/State/Province etc.: >> Gujarat A.4.1.3. City/Town/Community etc: >> Village Vanku, Taluka Abdasa, District Kutch A.4.1.4. Details of physical location, including information allowing the unique identification of this small-scale project activity : >> The proposed CDM project is located at 22 o 51’ latitude and 68o32’ longitude in Village Vanku, Taluka Abdasa, District Kutch.


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Figure 2: Location of proposed CDM project at Village Vanku, Taluka Abdasa, District Kutch

A.4.2. Type and category(ies) and technology/measure of the small-scale project activity: >> The proposed CDM project will generate power using wind energy, which is a renewable source of energy.. The proposed CDM project activity qualifies for the simplified modalities and procedures for the small scale CDM project activities as the electricity generation capacity of the proposed CDM project is 1.2 MW, which is less than the maximum qualifying capacity of 15MW. The project activity utilizes the wind potential for power generation and exports the generated electricity to the grid. According to small-scale CDM modalities the project activity falls under: Scope – 1: Energy Industries (renewable/non-renewable sources) Type – 1: Renewable Energy Projects

Village Vanku, Moti Sindholi Wind Farm


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A.4.3 Estimated amount of emission reductions over the chosen crediting period:

>>

Years Estimation of annual emission reductions in tonnes of CO2 e

2009 25572010 25572011 25572012 25572013 25572014 25572015 2557Total Estimated Emission Reductions(tonnes of CO2e)

17899

Total Number of crediting years

7

Annual Average of the estimated emission reductions over the first crediting period of seven years (tonnes of CO2e)

2557

A.4.4. Public funding of the small-scale project activity: >> The investment for installation of WTG and creation of related infrastructure has been done by Matrix Clothing using their own funds. There is no public funding involved in this project activity. No ODA has been used for the project. A.4.5. Confirmation that the small-scale project activity is not a debundled component of a large scale project activity: According to paragraph 2 of Appendix C to the Simplified Modalities and Procedures for Small- Scale CDM project activities (FCCC/CP/2002/7/Add.3), a small-scale project is considered a debundled component of a large project activity if there is a registered small-scale activity or an application to register another small-scale activity: • With the same project participants • In the same project category and technology; and • Registered within the previous two years; and • Whose project boundary is within 1km of the project boundary of the proposed small scale activity


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The project participants of the proposed CDM project have not registered or applied for registration of any CDM project in the past two years. The proposed CDM project is not a debundled component of a larger project activity. SECTION B. Application of a baseline and monitoring methodology B.1. Title and reference of the approved baseline and monitoring methodology applied to the small-scale project activity: >> The methodology applicable to this project activity is “Grid connected Renewable Electricity Generation - AMS 1 D”, Version 13, Scope 1 (14 December 2007). B.2 Justification of the choice of the project category: >> In accordance with Appendix B of the simplified modalities and procedures for small-scale CDM project activities, the project category is categorized as Type – ID: Version 13, Sectoral Scope 1, “Grid connected renewable electricity generation”. Category ID is applicable to projects that use renewable energy technologies that supply electricity to the grid. The applicability criteria of the above methodology in the context of the proposed CDM project are as follows:

1. The Approved Small Scale methodology ID applicable to the CDM project comprises renewable energy generation units, such as photovoltaics, hydro, tidal/wave, wind, geothermal and renewable biomass, that supply electricity to and displace electricity from an electricity distribution system that is or would have been supplied by at least one fossil fuel fired generating unit. The proposed CDM project is a renewable power generation unit which uses wind as the source of energy supplementing the power needs of the Western grid with clean wind power which otherwise is fed by fossil fuel based power plants. Thus, the proposed CDM project displaces electricity by renewable means (through wind power) that would otherwise have been generated through fossil fuel sources.

2. Approved methodology ID stipulates that if the unit added has both renewable and non-renewable

components (e.g.. a wind/diesel unit), the eligibility limit of 15MW for a small-scale CDM project activity applies only to the renewable component. If the unit added co-fires fossil fuel, the capacity of the entire unit shall not exceed the limit of 15MW. The proposed CDM project falls under this eligibility limit of 15 MW as the electricity generation potential of the proposed CDM project is 1.2 MW of wind power.

As is therefore evident, the proposed CDM project meets all the applicability criteria set out under the selected small scale methodology and hence the project category is applicable to the project. B.3. Description of the project boundary: >>


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In accordance with the approved small scale methodology ID, the boundary of the proposed CDM project will be the physical boundary of the two commissioned wind energy generator machines located at Village Vanku in Moti Sindholi region of Kutch, Gujarat. As per AMS.I.D/Version 13/Sectoral Scope (14 December 2007), the project boundary encompasses the physical, geographical site of the renewable generation source. Thus, the project boundary for the proposed CDM project is the physical boundary encompassing the WEG installations, the metering equipment for each generator and corresponding substation that acts as a node between generation point and grid. However, the grid is not a part of project boundary. The project boundary is diagrammatically represented in Figure 3 below:

Figure 3: Diagrammatic Representation of Project Boundary

B.4. Description of baseline and its development: >> The project category applicable to the proposed CDM project is AMS ID. Accordingly, the energy baseline being considered is as directed in paragraph 9 of the AMS.I.D/Version 13, that provides that the applicable baseline is the energy (in kWh) produced by the renewable generating unit multiplied by an emission coefficient (measured in kg CO2e/kWh) calculated in a transparent and conservative manner as:

(a) A combined margin (CM), consisting of the combination of operating margin (OM) and build margin (BM) according to the procedures prescribed in the ”Tool to calculate the emission factor for an electricity system”.

OR

(b) The weighted average emissions (in kg CO2e/kWh) of the current generation mix. The data of the year in which project generation occurs must be used.

Grid

Substation

Wind Power Project

Project Boundary


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Calculations must be based on data from an official source (where available) and made publicly available. With the purpose of providing a ready reference for the emission coefficients to be used in CDM projects, the Government of India, has published, “CO2 Baseline Database for the Indian Power Sector”, Version 3.0, December 2007. This database is an official publication of the Government of India for the purpose of CDM baselines. It is based on the most recent data available with the Central Electricity Authority (CEA), Government of India. As per the database, the emission coefficients of the Western Regional Grid for the financial year 2006-07 (April 2006 – March 2007) (adjusted for inter-regional and cross-border electricity transfers), in tCO2/MWh are as described in Table 4 below:

Table 4: Emission Coefficient Values for Western Grid as per CEA database for FY 2006-07

S.No Emission Coefficient Type

Value Description

1 Weighted average 0.86 The weighted average emission factor describes the average CO2 emitted per unit of electricity generated in the grid. It is calculated by dividing the absolute CO2 emissions of all power stations in the region by the region’s total net generation. Net generation from so-called low-cost/must-run sources (hydro and nuclear) is included in the denominator.

2 Simple operating margin (OM)

0.99 The operating margin describes the average CO2 intensity of existing stations in the grid which are most likely to reduce their output if a CDM project supplies electricity to the grid (or reduces consumption of grid electricity). “Simple” denotes one out of four possible variants listed in ACM0002 for calculating the operating margin.2 The simple operating margin is obtained by dividing the region’s total CO2 emissions by the net generation of the stations serving the region excluding low-cost/must-run sources. In other words, the total emissions are divided by the total net generation of all thermal power stations. Hydro and nuclear qualify as low-cost/must-run sources, and their net generation is therefore excluded from the denominator.

3 Build margin (BM) 0.59 The build margin reflects the average CO2 intensity of newly built power stations that will be (partially) replaced by a CDM project. In accordance with ACM0002, the build margin is calculated in this database as the average emissions intensity of the 20% most recent capacity additions in the grid based on net generation. Depending on the region, the build margin covers units commissioned in the last five to ten years.

4 Combined margin (CM)

0.79 The combined margin is a weighted average of the simple operating margin and the build margin. By default, both margins have equal weights (50%). However, CDM project developers may choose to argue for different weights. In particular, for intermittent and non-dispatchable generation types such as wind and solar photovoltaic, ACM0002 allows to weigh the operating margin and build margin at 75% and 25%, respectively (see ACM0002, Version 06). However, the combined margins shown


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in the database are calculated based on equal weights.

Applying the ‘Tool to calculate the emission factor for an electricity system’, the calculation of the operating margin emission factor (EFgrid,OM,y) is based on the ex ante approach of data vintage. Under this option, a 3 year generation weighted average, based on the most recent data available at the time of submission of the CDM-PDD to the DOE for validation, without requirement to monitor and recalculate the emissions factor during the crediting period is applied. The Simple Operating Margin (OM) data available under the CEA database for the last seven years is as follows.

Thus, as can be seen from the above table, the 3 years generation weighted OM average for the most recent three years available at the time of PDD validation, i.e. 2004-05, 2005-06, 2006-07 for the western grid is (1.01 + 1.00 + 0.99)/3 = 1.00 tCO2/MWh. The Build Margin applicable for the project is 0.59 tCO2/MWh from the CEA database. Following Step a) in accordance with the provisions in AMS ID described above, for the proposed CDM project, the combined margin emission coefficient (in kg CO2e/kWh) of the current generation mix in Western Indian grid has been considered for determining the emission in the baseline, as applicable to wind power projects according to ACM0002. ACM0002 requires that for intermittent sources for power generation like wind as in the case of proposed CDM project the weights to be used for calculating the emission factor for Combined Margin. WOM = 0.75 WBM = 0.25 Using the values of emission factors for OM and emission factor for BM, provided in the official database and computed above; and the weights provided above, the value of the emission factor for the combined margin has been determined to be 0.89 tCO2equivalent / MWh. Thus the emission factor considered is 0.89 t CO2e/MWh (0.89 kg CO2e/kWh), calculated by applying a weightage of 75% to the Simple Operating Margin and 25% to the Build Margin for the western grid. In order to determine GHG mitigation in a conservative manner, no transmission and distribution losses have been considered. In order to determine the emission in a baseline scenario, the emission factor is multiplied by the net power generated by the wind energy generators. The project emission in the proposed CDM project has been taken as zero t CO2e/MWh, as wind is a zero GHG emitting renewable form of energy. B.5. Description of how the anthropogenic emissions of GHG by sources are reduced below those that would have occurred in the absence of the registered small-scale CDM project activity: >>


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The new wind electric generators installed in the proposed CDM project substitute the baseline consumption of fossil fuel operated power plants with cleaner zero green house gas emitting wind power plant. Thus, more carbon intensive fossil fuels are substituted with zero carbon intensive sources of energy for the operation of the proposed CDM power plant. Thus in the absence of CDM the proposed CDM project would not have attracted investment from a private party like Matrix Clothing Pvt. Ltd. Matrix Clothing on its part considered that investment in WEG is only marginally viable and the part share of CDM benefits that it will get due to the proposed CDM project activity will provide it some additional incentives to invest in WEG. Thus CDM benefits played a major role in creation of the power generation facilities under the proposed CDM project. According to the Attachment A to Appendix B, project participants are to provide an explanation to show that the project activity would not have occurred anyway due to at least one of the following barriers:

(a) Investment barrier (b) Technological barrier (c) Barrier due to prevailing practice (d) Other barriers: without the project activity, for another specific reason identified by the project

participant, such as institutional barriers or limited information, managerial resources, organizational capacity, financial resources, or capacity to absorb new technologies, emissions would have been higher.

Investment Barrier Matrix Clothing Pvt. Ltd. is essentially a garment exporter. Understanding the seriousness of the issue of global warming and knowing that wind power projects are a means of generating zero carbon intensive power, it examined the potential to generate power using wind energy. The project proponent carried out the financial analysis of the project and it was found to be only marginally economically viable. An investment analysis of the investment proposition in the proposed CDM project activity was carried out by the project proponent with the Internal Rate of Return (IRR) of the project as the financial indicator. ‘Internal Rate of Return’ is one of the known financial indicators used by banks, financial institutions, investors and project developers for making investment decisions. An IRR of 14% is an established benchmark for public or private sector investment in power sector in India based on cost-plus regulations (Source: Central Electricity Regulatory Commission (Terms and Conditions of Tariff) Regulations, 2004 dated 26th March 2004). The same has been used as benchmark for comparison with the equity IRR of the investment proposition in the proposed CDM project activity. It was found out that the Internal Rate of Return of the project is only 9.51% (for details of the computations please see Appendix 1). As can be seen this is much lower than the bench mark IRR of 14 percent. Thus the management of Matrix Clothing in-spite of their desire to establish wind energy based power generation facilities was not keen to go ahead with the project. Realizing that the monetary benefits due to CDM will improve the IRR of the project, the financial analysis was repeated with CDM benefits as an additional source of revenue. The IRR of the investment proposition with CDM benefits as additional revenue stream was found to be 14.27%. As the IRR with CDM benefits was in the acceptable range it was decided to implement the project as CDM project. As is evident if the CDM benefits are removed, the project would become financially unattractive. Thus, if it were not for the generation of the CDM credits along with the generation of the GHG free wind power, the proposed CDM project would not have been implemented by Matrix Clothing. The detailed working of the Internal rate of return and sensitivity analysis for the project has been carried out in which the


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expected revenues from the potential CDM project activity have been accounted and the decision to go ahead with the project accordingly made. Other Barriers Institutional limitations of location and employee skill set Matrix Clothing Pvt. Ltd. runs its garment business based in the National Capital Region of Delhi. The proposed CDM project is situated in Gujarat and is a totally new technology area for the project proponent. Thus, the project proponent involved the risk of venturing into a new area, both in terms of technology as well as in terms of location. B.6. Emission reductions:

B.6.1. Explanation of methodological choices: >> The project activity meets the eligibility criteria to use simplified modalities and procedure for small scale CDM project activities as set out in paragraph 6 (c) of decision 17/CP.7. The total installed capacity of the project is 1.2 MW, which is less than the limit of 15 MW prescribed for small scale project. Moreover, being a renewable energy project, the project emissions are zero. The baseline and monitoring methodology being used for the project is AMS ID. Accordingly the emission reduction for the project will be determined. The proposed CDM project will supply power to the regional grid of the Western part of the country. This is based on the consideration of free flow of electricity among the member states and the union territory through the Western Region Load Dispatch Centre (WRLDC). Thus the entire Western grid is considered as a single entity for estimation of the emissions in the baseline. The monitoring is the part of the baseline methodology. As explained earlier, the baseline methodology is applicable to the project activity and hence the monitoring protocol given in the methodology is applicable to the project activity. Accordingly the emission in the baseline scenario will be determined using the following formula BEy = EGy x EFy Where BEy = Baseline emissions (in tCO2e) EFy = Baseline Combined Margin Emissions Factor in tCO2/MWh (fixed at 0.89 tons of CO2 equivalent / MWh) EGy = Net electricity supplied by the project activity to the grid in MWh Monitoring of the baseline emissions will be done by monitoring the power supplied to the grid. For this purpose the electronic meters installed at each of the WEG will be used. As wind power is a zero GHG emission technology, there will be no project emissions. Some power gets used for maintenance of the common facilities of the wind farm. During lean phases (when the WEGs are not generating power) some power gets drawn from the grid for maintenance of the common facilities. This aspect is taken care of as baseline emissions are computed on the net power supplied to the grid. For


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the purpose of determining the net power generated by the two machines, tri vector meters are installed at the point of power transmission from each WEG to the grid, the readings of which shall be regularly monitored and recorded by plant personnel as well as personnel of the state electricity utility. Considering the expected plant load factor of 28.53%, and taking combined margin emission factor as 0.89 kgCO2e/ kWh for the generation mix (derived using the data from the Central Electricity Authority “CO2 Baseline Database for the Indian Power Sector”., Version 3.0, December 2007 and procedure detailed in the ‘Tool to calculate the emission factor for an electricity system’) the project activity is expected to reduce 2557 tonnes of CO2 annually.

B.6.2. Data and parameters that are available at validation: (Copy this table for each data and parameter) Data / Parameter: EGy Data unit: MWh Description: Net Electricity supplied by proposed CDM project and transmitted to grid at

95% grid availability Source of data used: Trivector Electronic Meters showing electricity supplied to grid by the WEG Value applied: Will vary and will be available from monitoring Justification of the choice of data or description of measurement methods and procedures actually applied :

The data can be very accurately measured. The meters installed on sub stations (grid interconnection point) will be used to measure the mentioned variable on a continuous basis. Every month these meter readings will be recorded by plant personnel, these records will be archived for crosschecking yearly figures. The meters at the sub station will be Trivector meters and will be in custody of the state utility. The state utility will take the readings in these meters and the same reading will be used to determine the net power wheeled to the grid and determine the extent of mitigation of GHG over a period of time.

Any comment:

Data / Parameter: WOM Data unit: Fraction Description: Weight of Operating Margin Emission Factor in the emission factor used for the

proposed CDM project activity Source of data used: Approved Consolidated Baseline Methodology ACM0002 / Version 07 dated

30 November 2007 Value applied: 0.75 Justification of the choice of data or description of measurement methods and procedures actually applied :

This is in accordance with the latest version of ACM0002

Any comment:

Data / Parameter: WBM Data unit: Fraction


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Description: Weight of Built Margin Emission Factor in the emission factor used for the proposed CDM project activity

Source of data used: Approved Consolidated Baseline Methodology ACM0002 / Version 07 dated 30 November 2007

Value applied: 0.25 Justification of the choice of data or description of measurement methods and procedures actually applied :

This is in accordance with the latest version of ACM0002

Any comment:

Data / Parameter: EFOM,y Data unit: tCO2/MWh Description: Operating Margin Emission Factor for western grid in year y Source of data used: “CO2 Baseline Database for the Indian Power Sector”, User Guide, Version 3.0

dated December 2007, released by the Central Electricity Authority, Ministry of Power, Government of India

Value applied: 1.0 justification of the choice of data or description of measurement methods and procedures actually applied :

The “CO2 Baseline Database for the Indian Power Sector”, User Guide, Version 3.0 dated December 2007, released by the Central Electricity Authority, Ministry of Power, Government of India, is the official database for statistics on the power sector in India in the various grids. It has been specially created to meet the data requirements for emission factors for the CDM project activities in the country.

Any comment: The data is used in conjunction with ex ante option of the ‘Tool to calculate the emission factor for an electricity system’ released as Annex 12 of the EB 35 Report

Data / Parameter: EFBM,y Data unit: tCO2/MWh Description: Build Margin Emission Factor for western grid in year y Source of data used: “CO2 Baseline Database for the Indian Power Sector”, User Guide, Version 3.0

dated December 2007, released by the Central Electricity Authority, Ministry of Power, Government of India


The “CO2 Baseline Database for the Indian Power Sector”, User Guide, Version 3.0 dated December 2007, released by the Central Electricity Authority, Ministry of Power, Government of India, is the official database for statistics on the power sector in India in the various grids. It has been specially created to meet the data requirements for emission factors for the CDM project activities in the country.

Any comment:

Data / Parameter: EF,y Data unit: tCO2/MWh


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Description: Combined Margin Emission factor for the proposed CDM project Source of data used: Computed using the following formula

EFy = WOM * EFOM,y + WBM * EFBM,y Combined margin CO2 emission factor for grid connected power generation in year y calculated using the latest version of the “Tool to calculate the emission factor for an electricity system”


This is in accordance with the latest version of ACM0002.

Any comment:

B.6.3 Ex-ante calculation of emission reductions: >>

The calculations used for ex ante determination of emission reductions are detailed. The calculation for EGy (Net electricity supplied annually by the project activity to the grid in MWh) is explained below:

S.N0 Parameter Formula Used Value

1 Plant Load Factor(PLF) Generation at 95% grid availability/ Annually rated generation

0.2853

2 Electricity Generated at 95% Grid Availability (EGy) Capacity*Hours*PLF *95% 2849 MWh

3 Emission Factor (EFy) WOM * EFOM,y + WBM * EFBM,y 0.89 tCO2/MWh

Where WOM= Weight of Operating Margin Emission Factor in the emission factor used for the proposed CDM project activity WBM= Weight of Build Margin Emission Factor in the emission factor used for the proposed CDM project activity EFOM,y = Operating Margin Emission Factor for Western grid in year y

EFBM,y= Build Margin Emission Factor for Western grid in year y


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As per the methodology AMS ID, if the energy generating equipment is transferred from another activity or if the existing equipment is transferred to another activity, leakage is to be considered. However, in the proposed CDM project, the wind power project is a new project, therefore, no leakage has been considered. The baseline emissions BEy in tCO2e have been calculated using the formula as below: BEy =EGy*EFy Being a renewable and clean energy project, the project emissions (PEy) during operation are considered zero. The emission reductions are calculated as BEy-PEy. Thus, the emission reductions from the project activity have been calculated as 2557 tCO2e / annum.

B.6.4 Summary of the ex-ante estimation of emission reductions: >>

Year Estimation of project activity emissions (tCO2e)

Estimation of baseline emissions (tCO2e)

Estimation of leakage (tCO2e)

Estimation of overall emission reductions (tCO2e)

For First Crediting Period 2009 0 2557 0 2557 2010 0 2557 0 2557 2011 0 2557 0 2557 2012 0 2557 0 2557 2013 0 2557 0 2557 2014 0 2557 0 2557 2015 0 2557 0 2557

Total (tonnes of CO2e) 0 17899 0 17899 B.7 Application of a monitoring methodology and description of the monitoring plan:

B.7.1 Data and parameters monitored: (Copy this table for each data and parameter) Data / Parameter: EGy (Net Electricity supplied to the grid by the WEGs) Data unit: MWh Description: Monthly recording Source of data to be used:

Tri- vector Electronic Meters showing electricity supplied to grid to be measured

Value of data Will vary and will be obtained from monitoring Description of measurement methods and procedures to be applied:

Net electricity generated in the WEG will be determined using a tri-vector electronic energy meter installed at the outlet of each WEG. The meter used will be of integrator type. The difference of the two readings will be taken as the electricity generated during the period under monitoring.


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QA/QC procedures to be applied:

The measurement of the electricity generated using an electronic meter as installed in the WEG machine and at the substation is considered to be a reliable method for measurement of electricity generated. The additional meters installed at the sub stations (grid interconnection point) will be used to measure the mentioned variable on a continuous basis and shall act as a cross check. Every month these meter readings will be recorded by site in-charge and the state utility personnel and the records will be archived for crosschecking yearly figures. The meters at the sub station will be tri vector meters. The readings in these meters may be used to determine the net power wheeled to the grid and determine the extent of mitigation of GHG over a period of time. Calibration of the energy meters being used will be carried out regularly as per the standard practice.

Any comment:

Data / Parameter: EFy Data unit: tCO2e/ MWh Description: Combined Margin Emission factor of Western Grid as per CEA database for

power generation in baseline Source of data used: Emission Factor specified by Central Electricity Authority, Government of

India, for the Western Grid of the country Value of data: 0.89 Justification of the choice of data or description of measurement methods and procedures actually applied :

Fixed reference value is being used for the first renewable crediting period as the ex ante option of the ‘Tool to calculate the emission factor for an electricity system’ has been applied.

Any comment: B.7.2 Description of the monitoring plan:

>> The proposed CDM project leads to mitigation of GHG due to the substitution of fossil fuel generated power in the baseline with zero GHG emitting wind based power. The monitoring of the emission reduction will be carried out by measuring the net electricity supplied to the grid by the proposed CDM project with the help of tri vector type electronic meters installed on each substation. The WEGs installed in the proposed CDM project have been supplied by Suzlon Energy Limited. Also, each project executed by Suzlon Infrastructure Services Ltd. involves an Operations and Maintenance Agreement that is signed with the project promoter. Suzlon also has technically qualified site managers to ensure constant monitoring of the installed wind turbines. The proposed CDM project activity has been implemented by Matrix Clothing Private Ltd. The CDM project will be looked after by personnel of Suzlon responsible for operation of the wind energy generating machines at the project site. Daily operations of the wind energy generating machines will be carried out by the staff responsible for the operation of the WEGs.


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The meters used for recording the electricity generation will be of integrator type. The electricity generated will be recorded on a daily basis. The data will be captured and stored electronically. The data shall be archived during the entire crediting period and two years more than the entire crediting period. As a separate measure, the same data will be entered in the log book on change of every shift. Measuring instruments of all the parameters covered under the monitoring plan which are required to be monitored regularly will be calibrated as per maintenance schedule. B.8 Date of completion of the application of the baseline and monitoring methodology and the name of the responsible person(s)/entity(ies) >> Date of completion of the application of the baseline and monitoring methodology: 10/06/2008 Name of responsible person (s)/ entity (ies) for application of the above: Dinesh Aggarwal/ Shivani Maudgal Deloitte Touche Tohmatsu India Pvt. Ltd MCT House, One Okhla Centre, Block A, Okhla Institutional Area, New Delhi – 110025 Phone: 91-11-66622000 Fax: 91-11-66622011 Email: [email protected]; [email protected] SECTION C. Duration of the project activity / crediting period C.1 Duration of the project activity: The duration of the proposed CDM project activity is 20 years. C.1.1. Starting date of the project activity: >> Starting date of the proposed CDM project activity is 09/01/2007 C.1.2. Expected operational lifetime of the project activity: >> 20 years


21

C.2 Choice of the crediting period and related information: Renewable crediting period has been chosen for the proposed CDM project activity. C.2.1. Renewable crediting period The first crediting period will start for seven years from the date of registration of the project. The crediting period will be renewed twice during the project lifetime after updating the project baseline emission factor. C.2.1.1. Starting date of the first crediting period: >> The first crediting period will start from the date of registration of the project with CDM Executive Board. The expected start date of the crediting period is 01/01/2009 C.2.1.2. Length of the first crediting period: >> Seven years C.2.2. Fixed crediting period: Not applicable C.2.2.1. Starting date: >> Not applicable C.2.2.2. Length: >> Not applicable SECTION D. Environmental impacts >> D.1. If required by the host Party, documentation on the analysis of the environmental impacts of the project activity: >> Wind power is one of the cleanest sources of renewable energy, with no associated emissions and waste products. In India, wind power projects do not require an Environmental Impact Assessment. D.2. If environmental impacts are considered significant by the project participants or the host Party, please provide conclusions and all references to support documentation of an environmental impact assessment undertaken in accordance with the procedures as required by the host Party: >> Not Applicable


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SECTION E. Stakeholders’ comments >> E.1. Brief description of how comments by local stakeholders have been invited and compiled: >> The stake holders for the proposed CDM project activity were defined as the parties and individuals who are either affected or are perceived to be affected by the proposed CDM project activity. The proposed activity pertains to replacement of grid power with the power generated in the wind mills. A list of stake holders was prepared and for inviting the comments by the stake holders, a joint meeting of the stake holders was organised on 16th November 2007 at the village Vanku in District Kutch. The stakeholders were sent invitations both verbally and in writing. Before the start of the meeting, the agenda of the meeting and the purpose was explained to the participants. A detailed presentation and video clips regarding climate change, Kyoto Protocol and CDM was made to the stake holders in order to familiarise them regarding the concept. Information regarding global environmental issues was also provided during the meeting. This was followed by a presentation on the proposed CDM project. The presentations were made in the local language (Gujarati – Kutchi in particular, Hindi and English). The list of the stake holders who attended the meeting is provided as Appendix 2 to this document. Suzlon Infrastructure (SISL) officials explained the corporate sustainable and social activities that had been undertaken at the project site for the villagers like setting up of medical and emergency ambulance services in the village, SISL’s contribution towards education of village children like holding painting workshops for school students, organising medical camps in the village in the areas of gynaecological, eye, dental and general surgery. After the briefing / presentations, the stake holders were asked to provide their comments / suggestions for the proposed project. E.2. Summary of the comments received: >> Some of the comments and queries raised by the participants are as follows:

One of the stakeholders wanted to know what the consultants were doing and what each person could do at the individual level to contribute towards protecting the planet from climate change. It was explained that as individuals, if we commit to saving electricity in all its forms, by using energy efficient lamps, or by changing over to non conventional forms of energy from using fossil fuels, then we all could make an impact to reduce our global footprint.

One of the stakeholders wanted to know the present day concentration of CO2 in the atmosphere

post all the efforts made globally to reduce green house gas concentrations that are leading to climate change. It was explained by the consultants that the exact concentration would be different from the percentage levels that we study about in the text books.

One of the stakeholders enquired regarding the falling of the transmission line in their field and

the subsequent burning of the land there. The Suzlon officials explained that the falling of the transmission line was not related to climate change and it was a local issue and had been sorted out at the local level.


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Thus it may be concluded that the proposed CDM project activity is not likely to have any adverse impact on any of the stake holders. E.3. Report on how due account was taken of any comments received: >> The stake holders present during the meeting appreciated the initiatives taken by Matrix Clothing to address the local and global environmental issues. They also appreciated the fact that establishment of wind farms has provided local level employment opportunities. There were no specific negative comments. There were some apprehensions based on misconceptions rather than actual facts and these were cleared. Since there were no negative comments, there were no changes to Project activity. Thus no serious concerns or issues were raised regarding the Project. The issues discussed were well understood and the local stakeholders did not have any issues with the Project being in the area. They well understood the fact that it would not interfere with their village and community.


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Annex 1

CONTACT INFORMATION ON PARTICIPANTS IN THE PROJECT ACTIVITY Organization: Matrix Clothing Pvt. Limited Street/P.O.Box: Khandsa Road Building: Village Mohammadpur City: Gurgaon State/Region: Haryana Postfix/ZIP: 122001 Country: India Telephone: 95-124-4510500,600 FAX: 95-124-4510660 E-Mail: [email protected] URL: www.matrixclothing.in Represented by: Mr.D.K.Srivastava Title: General Manager (Finance) Salutation: Mr. Last Name: Srivastava Middle Name: K First Name: D Department: Finance Mobile: 9818569177 Direct FAX: Direct tel: 95-124-4510613 Personal E-Mail: [email protected]


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Annex 2

INFORMATION REGARDING PUBLIC FUNDING

No public funding is involved in this project activity. The entire cost of the project has been borne by Matrix Clothing Private Limited.


26

Annex 3

BASELINE INFORMATION

As discussed in Section B.4 of the PDD


27

Annex 4

MONITORING INFORMATION

The proposed CDM project leads to mitigation of GHG due to the substitution of fossil fuel generated power in the baseline with zero GHG emitting wind based power project. The monitoring of the emission reduction will be carried out by measuring the actual electricity supplied to the grid by the proposed CDM project with the help of electronic meters installed on each WEG as well as at the substation. The WEGs are supplied by Suzlon Energy Limited. Also, each project executed by Suzlon Infrastructure Ltd. involves an Operations and Maintenance Agreement that is signed with the project promoter. Suzlon also has adequate and technically qualified site managers to ensure constant monitoring of the installed wind turbines. The proposed CDM project activity has been implemented by Matrix Clothing Pvt. Ltd. at the two WEG locations at Village Vanku in Moti Sindholi in District Kutch of Gujarat. The CDM project will be looked after by the manager of SISL responsible for operation of the wind energy generating machines at the project site. Daily operations of the wind energy generating machines will be carried out by the staff responsible for the operation of the WEGs. The meters used for recording the electricity generation will be of integrator type. The electricity generated will be recorded on a daily basis. The data will be captured and stored electronically for the entire crediting period plus two years of the project activity. As a separate measure, the same data will be entered in the log book on change of every shift. Measuring instruments of all the parameters covered under the monitoring plan which are required to be monitored regularly will be calibrated as per maintenance schedule.

- - - - -


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Appendix 1

Financial Analysis of the Project

Considerations Value Unit Installed Capacity 1.2 MW Plant Load Factor 28.53% Capacity Utilization 95.00% For First 10 Years Capacity Utilization 95.00% From 11 year onwards Project Capital Cost 69000 Thousand Rs. Debt : Equity Ratio Debt 75% Equity 25% Term Loan Repayment Period 8 Yrs (1+7 Yrs) Interest Rate on Term Loan 10.25% Emission Reduction Factor 0.89 tCO2/Ths kWH Power Tariff/ Price 3.37 Rs./ kWh Penalty for reactive power 0 Rs./ kWh for 5% of power CER Price 15 Euro / CER Matrix Clothing Share in CER 75% O & M Expenses as % of Capital Cost 0.0% For First two Years 1.04% For third Year

Annual Escalation in O & M Expenses 5.0% Per Annum from fourth year onwards

Administrative Overheads 2.0% of Revenues Income Tax Rate as per companies act 33.99% Insurance Expns 0.180% of Capital Cost Depreciation Rate as per IT act (WDV) 80% Life of the project 20 Yrs


29

Term Loan Repayment Schedule (Figures in Thousand Rs.)

1 Yr. 2 Yr. 3 Yr. 4 Yr. 5 Yr. 6 Yr. 7 Yr. 8 Yr. 9 Yr. 10 Yr.

Loan at the beginning of the

year 51750 51750 44357 36964 29571 22179 14786 7393

Repayment during the year 0 7393 7393 7393 7393 7393 7393 7393

Loan at the end of the year 51750 44357 36964 29571 22179 14786 7393 0

Loan during the year 51750 48054 40661 33268 25875 18482 11089 3696

Interest rate on term loan 10.25%

10.25

%

10.25

%

10.25

%

10.25

% 10.25%

10.25

%

10.25

%

Interest on term Loan 5304 4925 4168 3410 2652 1894 1137 379

Cost of operations (Figures in Thousand Rs.)

1 Yr. 2 Yr. 3 Yr. 4 Yr. 5 Yr. 6 Yr. 7 Yr. 8 Yr. 9 Yr. 10 Yr. 11 Yr. 12 Yr. 13 Yr. 14 Yr. 15 Yr. 16 Yr. 17 Yr. 18 Yr. 19 Yr. 20 Yr. O & M as Percent of capital cost 0.00% 0.00% 1.04% 1.09% 1.15% 1.20%

1.26% 1.33%

1.39% 1.46% 1.54% 1.61% 1.69%

1.78%

1.87%

1.96% 2.06%

2.16%

2.27%

2.38%

Operation and Maintenance of Machines 0 0 718 753 791 831 872 916 962 1010 1060 1113 1169 1227 1289 1353 1421 1492 1566 1645 Salaries 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Insurance 124 124 124 124 124 124 124 124 124 124 124 124 124 124 124 124 124 124 124 124 Overheads 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Cost of Generation 124 124 842 878 915 955 996 1040 1086 1134 1184 1237 1293 1352 1413 1477 1545 1616 1691 1769

Depreciation (Figures in Thousand Rs.)

1 Yr. 2 Yr. 3 Yr. 4 Yr. 5 Yr. 6 Yr. 7 Yr. 8 Yr. 9 Yr. 10 Yr. 11 Yr. 12 Yr. 13 Yr. 14 Yr. 15 Yr. 16 Yr. 17 Yr. 18 Yr. 19 Yr. 20 Yr. As per provision for accelerated Dep. Original Value 69000 13800 2760 552 110 22 4 1 0 0 0 0 0 0 0 0 0 0 0 0

Rate of Depreciation (WDV) 80.0% 80.0% 80.0% 80.0% 80.0% 80.0% 80.0

% 80.0% 80.0

% 80.0% 80.0% 80.0% 80.0% 80.0

% 80.0

% 80.0

% 80.0% 80.0

% 80.0

% 80.0

% Depreciation (WDV Method) 55200 11040 2208 442 88 18 4 1 0 0 0 0 0 0 0 0 0 0 0 0 Residual Value 13800 2760 552 110 22 4 1 0 0 0 0 0 0 0 0 0 0 0 0 0 Companies Act for book profit Original Value 69000 69000 69000 69000 69000 69000 69000 69000 69000 69000 69000 69000 69000 69000 69000 69000 69000 69000 69000 69000

Rate of depreciation (WDV) 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00

% 5.00% 5.00

% 5.00% 5.00% 5.00% 5.00% 5.00

% 5.00

% 5.00

% 5.00% 5.00

% 5.00

% 5.00

% Depreciation 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450


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Estimates of working results (Figures in Thousand Rs.)

1 Yr. 2 Yr. 3 Yr. 4 Yr. 5 Yr. 6 Yr. 7 Yr. 8 Yr. 9 Yr. 10 Yr. 11 Yr. 12 Yr. 13 Yr. 14 Yr. 15 Yr. 16 Yr. 17 Yr. 18 Yr. 19 Yr. 20 Yr. Capacity Utilization 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% Sales Revenues 11171 11171 11171 11171 11171 11171 11171 11171 11171 11171 11171 11171 11171 11171 11171 11171 11171 11171 11171 11171 Cost of Generation 124 124 842 878 915 955 996 1040 1086 1134 1184 1237 1293 1352 1413 1477 1545 1616 1691 1769 Interest on term loan 5304 4925 4168 3410 2652 1894 1137 379 0 0 0 0 0 0 0 0 0 0 0 0 Administrative Overheads 223 223 223 223 223 223 223 223 223 223 223 223 223 223 223 223 223 223 223 223 Cost of Operations 5652 5273 5233 4511 3791 3073 2357 1642 1309 1357 1408 1461 1517 1575 1636 1701 1768 1839 1914 1992 Profit before depreciation & tax 5519 5897 5938 6659 7380 8098 8814 9528 9861 9813 9763 9710 9654 9596 9534 9470 9402 9331 9256 9178 Depreciation (St. Line ) 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 Tax 0 0 0 0 0 0 0 0 0 2891 3318 3300 3281 3262 3241 3219 3196 3172 3146 3120 Profit after depreciation and tax 2069 2447 2488 3209 3930 4648 5364 6078 6411 3472 2994 2959 2923 2884 2844 2801 2756 2709 2660 2608

Estimates of Tax (Figures in Thousand Rs.)

1 Yr. 2 Yr. 3 Yr. 4 Yr. 5 Yr. 6 Yr. 7 Yr. 8 Yr. 9 Yr. 10 Yr. 11 Yr. 12 Yr. 13 Yr. 14 Yr.

15 Yr.

16 Yr. 17 Yr.

18 Yr.

19 Yr.

20 Yr.

As per IT act Profit Before Depreciation and tax 5519 5897 5938 6659 7380 8098 8814 9528 9861 9813 9763 9710 9654 9596 9534 9470 9402 9331 9256 9178 Depreciation (WDV) 55200 11040 2208 442 88 18 4 1 0 0 0 0 0 0 0 0 0 0 0 0 Depreciation to be Claimed 55200 60721 57032 51536 44965 37603 29509 20696 11168 1306 0 0 0 0 0 0 0 0 0 0 Depreciation Claimed 5519 5897 5938 6659 7380 8098 8814 9528 9861 1306 0 0 0 0 0 0 0 0 0 0 Dep. Carried Forward 49681 54824 51094 44877 37585 29505 20695 11167 1306 0 0 0 0 0 0 0 0 0 0 0 Profit For Tax 0 0 0 0 0 0 0 0 0 8507 9763 9710 9654 9596 9534 9470 9402 9331 9256 9178 Tax as per company law 0 0 0 0 0 0 0 0 0 2891 3318 3300 3281 3262 3241 3219 3196 3172 3146 3120 As per companies act Profit Before Depreciation and tax 5519 5897 5938 6659 7380 8098 8814 9528 9861 9813 9763 9710 9654 9596 9534 9470 9402 9331 9256 9178 Depreciation (WDV) 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 Depreciation to be Claimed 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 Depreciation Claimed 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 Dep. Carried Forward 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Profit For Tax 2069 2447 2488 3209 3930 4648 5364 6078 6411 6363 6313 6260 6204 6146 6084 6020 5952 5881 5806 5728 Tax as per company law 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Min. Alter.Tax (MAT) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Tax Payable 0 0 0 0 0 0 0 0 0 2891 3318 3300 3281 3262 3241 3219 3196 3172 3146 3120


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Project IRR (with CDM Benefits) (Figures in Thousand Rs.)

0 Yr. 1 Yr. 2 Yr. 3 Yr. 4 Yr. 5 Yr. 6 Yr. 7 Yr. 8 Yr. 9 Yr. 10 Yr. 11 Yr. 12 Yr. 13 Yr. 14 Yr. 15 Yr. 16 Yr. 17 Yr. 18 Yr. 19 Yr. 20 Yr. Project capital cost -69000 Profit after depreciation and tax 2069 2447 2488 3209 3930 4648 5364 6078 6411 3472 2994 2959 2923 2884 2844 2801 2756 2709 2660 2608 Depreciation 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 Interest on term loan 5304 4925 4168 3410 2652 1894 1137 379 0 0 0 0 0 0 0 0 0 0 0 0 Net Flows -69000 10823 10823 10105 10069 10032 9992 9951 9907 9861 6922 6444 6409 6373 6334 6294 6251 6206 6159 6110 6058

Cumulative cash flow -69000 -58177 -47354 -

37249 -

27179 -

17148 -7156 2795 12702 22563 29485 35929 42339 48711 55045 61339 67590 73796 79956 86066 92124 Project IRR 11.84%

Equity IRR (With CDM Benefits) (Figures in Thousand Rs)

0 Yr. 1 Yr. 2 Yr. 3 Yr. 4 Yr. 5 Yr. 6 Yr. 7 Yr. 8 Yr. 9 Yr. 10 Yr. 11 Yr. 12 Yr. 13 Yr. 14 Yr. 15 Yr. 16 Yr. 17 Yr. 18 Yr. 19 Yr. 20 Yr. Equity Investment -17250 Profit after depreciation and tax 0 2069 2447 2488 3209 3930 4648 5364 6078 6411 3472 2994 2959 2923 2884 2844 2801 2756 2709 2660 2608 Depreciation 0 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 3450 Repayment of Term Loan 0 0 -7393 -7393 -7393 -7393 -7393 -7393 -7393 0 0 0 0 0 0 0 0 0 0 0 0 Net Flows -17250 5519 -1495 -1455 -733 -13 705 1421 2135 9861 6922 6444 6409 6373 6334 6294 6251 6206 6159 6110 6058 Cumulative cash Flow -17250 -11731 -13227 -14682 -15416 -15429 -14724 -13303 -11168 -1306 5615 12060 18469 24842 31176 37469 43720 49927 56086 62196 68255 Equity IRR 14.27%


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Appendix 2

List of Stakeholders who participated in the Stakeholder Consultation Meeting


33


34

Photographs of Stakeholder Consultation Meeting held at proposed CDM project site, Village Vanku, District Kutch, Gujarat on November 16th, 2007


35