Grid-Tied Solar (Photovoltaics PV) 247 kW

System for ICI Quarry, Tobar, Khewra.

Proposal

i
Confidentiality Notification:
This technical and economic proposal and the information inside is provided solely for the purpose
of exploring business opportunities between ZED Solar Limited and ICI Pakistan Ltd, and may not
be disclosed to any third party or used for any other purpose without the express written permission
by ZED Solar Limited

Copyright Notification:
No part of this ZED Solar Limited document may be reproduced except as authorized by written
permission. The copyright and the foregoing restriction extend to reproduction in all media.
© 2017, ZED Solar Limited All rights reserved.

ii
TABLE OF CONTENTS

Executive Summary .............................................................................................1

Introduction ..........................................................................................................2
ZED Solar Limited ...............................................................................................2
Grid Tied Solar Power System – General information ........................................2
Technical Proposal ...............................................................................................3
Solar power project location and Area requirements ..........................................3
Power demand at facility .....................................................................................4
Preliminary solar PV system sizing .....................................................................6
Proposed Solar power system size and specifications .........................................8
Warranties ..........................................................................................................10
Solar resource .....................................................................................................12
Solar power generation (with Goodwe Inverter) ...............................................13
Solar power generation (with sma inverter) ......................................................15
Economic Proposal ............................................................................................17
estimated savings ...............................................................................................17
Project Cost ........................................................................................................18
Assumptions in project cost ...............................................................................19
Levelized Cost of Energy LCOE and payback period.......................................20
Specification sheets for panels and inverters .....................................................27

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 CONFIDENTIAL

EXECUTIVE SUMMARY

ICI aims to minimize its reliance and cost for power from grid and diesel
generators by installing solar PV grid tied system at their Quarry in Tobar located
near Khewra. The installation of solar PV system will provide clean and cost
effective power supply with the added advantage of self-sufficiency. Depending
upon the grid sanctioned load, available area and power demand, 247 kWdc solar
PV system is proposed to be installed at the facility.
Initial information has been collected in a site visit and information provided by
the client. Client prefers to have solar PV system proposal with options having
Chinese and German solar inverters.

Main Features of Proposed Solar System

Solar Grid Tied Inverters Goodwe (60 kW) SMA (60 kW)
System Size: 247 kWdc 247 kWdc
Annual Electricity Generation
351,565 kWh 350,554 kWh
(Calc.):
System Cost: 21,761,915 PKR 22,598,661 PKR
Per unit Cost of Solar Electricity: 4.56 PKR/kWh 4.73 PKR/kWh
Total Savings (w/o PM subsidy, 25
146,218,574 PKR 145,785,075 PKR
years lifetime):
Total Savings (with PM subsidy, 25
111,206,032 PKR 110,873,264 PKR
years lifetime):
Payback Period (w/o PM subsidy): 4 years 5 years
Payback Period (with PM subsidy): 6 years 6 years

Solar Panels Performance

25 years 25 years
Warranty:
Annual Emission Reduction: 230 (tones of CO2 equivalent)
The detailed technical and economic aspects of the proposed solar system are
presented in this proposal.

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 CONFIDENTIAL

INTRODUCTION

ZED SOLAR LIMITED

ZED Solar Limited has the capacity and expertize to deliver solar projects reliably
right from the inception, professionally execute the project through the design,
development, construction and commissioning stages and actively support in
operation and maintenance during the complete lifetime of the solar plant. ZED
Solar monitors remotely the power production from its installed solar systems and
takes proactively corrective actions if necessary.

ZED Solar is tied-up with world renowned tier-1 suppliers of solar panels, inverters
and other components that are proven in performance, efficiency and
robustness.

A dedicated team of engineers and technicians designs the configuration and

size of the system tailored to the client’s requirements and ensures robust and
timely delivered projects at most competitive price.

GRID TIED SOLAR POWER SYSTEM – GENERAL INFORMATION

 Solar panels installed at a facility generate electricity with available solar

irradiance, with an inverter AC power is supplied for the utilization by
appliances in the facility.
 If power generated by solar system is more than the load at an instance,
the extra power is fed to grid.
 If power generated solar system is less than the load at an instance, the rest
of the required power is taken from the grid.
 With Net metering option available in Pakistan in major cities, the extra
power fed to grid is paid back by the distribution company at off-peak
hour’s rate.
 Unit price of electricity from grid is between Rs.15 to Rs. 20 depending upon
the tariff.
 Unit price of electricity from diesel generator is between Rs. 25 to Rs. 30.
 Unit price of electricity from Solar is between Rs. 4 to Rs. 5 depending upon
the size and location.
 Payback period is between 3.5 to 4 years.

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 CONFIDENTIAL

TECHNICAL PROPOSAL

SOLAR POWER PROJECT LOCATION AND AREA REQUIREMENTS

The proposed site for the solar power site is a Quarry located in Tobar near Khewra.

About 247 kW ground mounted grid tied system is proposed.

The land area proposed for solar field is shown in following figure, whole area will
not be utilized.

ICI Quarry, Tobar

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 CONFIDENTIAL

POWER DEMAND AT FACILITY

With the provided information, currently, there is one IESCO 3 Phase connection
at industrial tariff B2 Time of Use with 310 kW sanctioned load. Voltage is 400V at
50 Hz.

Power consumption of the facility from past year electricity bill (March-17 to Feb-
18) is 767,200 kWh. Grid power consumption per month has a step increase in Jan
2018, this can be due to increase in pumping capacity.

Past year grid electricity cost is 11,537,278 PKR. Diesel generator usage for
backup and diesel consumption data is not available.

Monthly Grid Electricity Consumption (from past year bills)

100,000

80,000
Grid units (kWh)

60,000

40,000

20,000

-
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb

According to IESCO Industrial Time of Use tariff B2, per unit direct cost of electricity
in off-peak hours is calculated as 12.91 PKR/kWh, with PM relief subsidy it is
calculated as 9.91 PKR/unit.

Per unit grid direct cost

Unit Cost 9.05 PKR
TR surcharge 3.24 PKR
ED (@1%) 0.091 PKR
NJS Surcharge 0.1 PKR
F.C Surcharge 0.43 PKR
Total (w/o PM Relief Fund Subsidy) 12.91 PKR

PM Relied Fund Subsidy -3 PKR

Total (with PM Relief Fund Subsidy) 9.91 PKR

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 CONFIDENTIAL

IESCO Industrial Tariff

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 CONFIDENTIAL

PRELIMINARY SOLAR PV SYSTEM SIZING

Preliminary sizing has been done with top of the line Chinese and German
Inverters.

With Chinese Goodwe Inverter

Total no. of panels (325W); 760 (total 247 kWdc)

Total inverters (GoodWe 60 kW); 04

With German SMA Inverter

Total no. of panels (325W); 760 (total 247 kWdc)

Total inverters (SMA 60 kW); 04

Double row landscape panel arrangement will be used. Solar PV panels rows will
be mounted facing south in unequal rows with about 0.6m inter-row spacing for
easy access, minimum shading loss and optimum area utilization. No major
shading from nearby objects is observed.

The basic arrangement of the Solar PV system is shown in the following figure.

Basic arrangement of Solar PV system at ICI Quarry Tobar – Top view

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 CONFIDENTIAL

Basic schematic of grid tied solar PV system

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 CONFIDENTIAL

PROPOSED SOLAR POWER SYSTEM S IZE AND SPECIFICATIO NS

Parameters Values

Solar power system

Name plate capacity (rated power of solar 247 kWdc (with Goodwe and SMA inverter)
panels at *STC) of the solar power system
Life time (warrantied) 25 years

Solar panels
Solar panel (rated power at STC each panel) 325 Watts
Total number of solar panels 760
Solar panels type Polycrystalline
Solar panels brand Talesun, Jinko, Trina or equivalent (Top ranked
as per Bloomberg Tier 1 list)
Dimensions 1960mm x 992mm x 40mm
Weight 22.5 kg
Compliance to international standards IEC 61215; Design qualification and type
approval
IEC 61701; Salt mist corrosion testing
IEC61730; PV module safety qualification
IEC 62716; Certified for ammonia corrosion

*STC = Standard Test Conditions; 1000 W/m2 &
25 degrees Celsius, air mass ratio 1.5
IEC 62804; Certified for Potential Induced
Degradation
Hail Test; 45mm diameter ice-ball 30.7 m/s
speed

Inverter
Inverter type Grid tied, three phase with built-in MPPT tracker
and advanced safety features
Inverter capacity 60 kW
Inverter brand (no. of inverters) Goodwe (04) or SMA (04)

Mounting structure
.Mounting structure and fasteners Galvanized steel

Mounting structure foundation Isolated concrete footings

Mounting structure survival wind speed 120 km/hour (Hurricane)

Meteorological Sensors Suite

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 CONFIDENTIAL

Irradiance sensor 01
Module temperature sensor 01
Ambient temperature sensor 01
Wind meter (Anemometer) 01

Electrical components (with Goodwe Inverter)

DC cables 06 mm2 1 core
DC isolators 06 (IMO Europe)

AC cables from inverters to LV panel 16mm2 4 core (Pakistan cables)

AC cables from LV panel to Interconnection 185mm2 4 core (Pakistan cables)
point
AC circuit breakers 3P 130Amp (Schneider)

Main AC Isolator 3P 630Amp (Schneider)

Three phase digital energy meter (PEL or
Electrical meter
equivalent)
Earthing Rods 04
10mm2 and 25mm2 single core cable (Pakistan
Earthing cable
Cable)

LV Panel With digital LED AC Volt and Ampere meters

Cable ducts and trays PVC pipes (popular) buried in solar field

Electrical components (with SMA Inverter)

DC cables (from panels to combiner box) 4mm2 1 core

DC cables (from combiner box to inverter) 16mm2 1 core

DC Breakers 05 (Schneider)

DC combiner box ZED Solar

AC cables from inverters to LV panel 16mm2 4 core (Pakistan cables)

AC cables from LV panel to Interconnection 185mm2 4 core (Pakistan cables)

point
AC circuit breakers 3P 130Amp (Schneider)

Main AC Isolator 3P 630Amp (Schneider)

Electrical meter Three phase digital energy meter (PEL or
equivalent)
Earthing Rods 04

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 CONFIDENTIAL

Earthing cable 10mm2 and 25mm2 single core cable (Pakistan

Cable)
LV Panel With digital LED AC Volt and Ampere meters

Cable ducts and trays PVC pipes (popular) buried in solar field

Installation and commissioning Complete turnkey solution

Operation and Maintenance 1 year free services; solar power project e

monitoring and regular
performance/production reporting. Within 24
hours response if necessary in case of faults.

WARRANTIES

Solar System Component Warranty Period

Solar panels  10 Years product warranty, that is, free from defects of
materials and workmanship
 25 Years performance warranty, that is
- Less than 2.5% peak power degradation in 1st year
- Less than 0.7% peak power degradation in next 24
years
Inverter 5 years
Mounting structure Lifetime
Accessories Warranty 1 year

Note: Warranties of solar panels, inverters, inverter manager, weather sensors (if
any), are subjected to manufacturer’s terms and conditions.

Accessories include circuit breakers and switches.

ZED Solar will provide immediate replacement of faulty panels and will handle the
warranty claim on behalf of client during warranty period.

ZED Solar will arrange a replacement inverter for the time in which a faulty inverter
is repaired or replaced by the manufacturer under warranty claim. ZED Solar will
handle the warranty claim for inverters on half of client during warranty period.

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 CONFIDENTIAL

Operation and Maintenance Services

Task As Daily/ Quarterly Annually

Required weekly
System performance monitoring (remote) 
System performance analysis and report 
Operator training for safe operation 
Cleaning of panels  *  *
System monitoring/inspection on-site 
Inspection of modules for damage (Thermal 
imaging)


Each array voltage and current test  

Checking inverter settings and its output  
Inverter power factor settings  
Electrical system and circuit breakers 
inspection


Analyzing system wiring condition  

System grounding test  
Inspection of panels mounting structure 
Identification of shading on panels by  *
surrounding objects
Removal of debris around array  *
Maintenance of proper roof drainage  *

*ZED Solar will advise only, corrective action will be taken by client.

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 CONFIDENTIAL

SOLAR RESOURCE

The meteorological data - mainly hourly averages of Global Horizontal Irradiance

(GHI) and ambient temperatures for a typical meteorological year- is used to
simulate and calculate the power production from the proposed solar system over
a year. The meteorological data source is Meteonorm.

Total annual GHI for Khewra is 1,667 kWh/m2.

Monthly Global Horizontal Irradiation GHI (kWh/m^2)

200.0

180.0

160.0

140.0

120.0
kWh/m^2

100.0

80.0

60.0

40.0

20.0

0.0

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 CONFIDENTIAL

SOLAR POWER GENERATION (WITH GOODWE INVERTER)

For the proposed solar power system size, total calculated annual power
generation is 351,565 kWh/year.
The daily average solar power supply curves for each month are given as below.

The cumulative monthly production from proposed solar system is as given below.

Monthly Solar Power Generation

40,000
35,000
30,000
25,000
kWh

20,000
15,000
10,000
5,000
0

Note: Grid or backup generator power availability is mandatory for grid tied solar
inverters to work and generate solar power.

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 CONFIDENTIAL

With the proposed solar PV system installed annual share of solar power in total
annual power consumption will be 45.8%.

Following graph shows the total grid power consumption (based on grid bills from
March 2017 – Feb 2018), the calculated monthly power share by solar and the
expected reduced grid power consumption with installed solar PV system.

Monthly Energy from PV and Grid

90,000

80,000

70,000

60,000

50,000
kWh

40,000

30,000

20,000

10,000

-
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb

Total Demand (kWh) Energy from PV (kWh) Reduced Energy from Grid (kWh)

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 CONFIDENTIAL

SOLAR POWER GENERATION (WITH SMA INVERTER)

For the proposed solar power system size, total calculated annual power
generation is 350,554 kWh/year.
The daily average solar power supply curves for each month are given as below.

The cumulative monthly production from proposed solar system is as given below.

Monthly Solar Power Generation

40,000
35,000
30,000
25,000
kWh

20,000
15,000
10,000
5,000
0

Note: Grid or backup generator power availability is mandatory for solar inverters
to work and generate solar power.

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 CONFIDENTIAL

With the proposed solar PV system installed annual share of solar power in total
annual power consumption will be 45.7%.

Following graph shows the total grid power consumption (based on grid bills from
March 2017 – Feb 2018), the calculated monthly power share by solar and the
expected reduced grid power consumption with installed solar PV system.

Monthly Energy from PV and Grid

90,000

80,000

70,000

60,000

50,000
kWh

40,000

30,000

20,000

10,000

-
mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan feb

Total Demand (kWh) Energy from PV (kWh) Reduced Energy from Grid (kWh)

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 CONFIDENTIAL

ECONOMIC PROPOSAL

ESTIMATED SAVINGS

The direct unit (kWh) price of electricity at IESCO Industrial tariff as calculated in
previous section is 12.91 and 9.91 PKR/unit without and with PM relief fund subsidy
respectively. With the installed solar project the estimated savings in grid bill is as
follows.

Saving in Saving in
Saving in Saving in
grid bill grid bill by
grid bill by grid bill by
Total by solar Total solar
solar solar
Energy installed Energy installed
installed installed
Months Generated (with PM Generated (with PM
(w/o PM (w/o PM
by PV relief by PV relief Fund
relief Fund relief Fund
(kWh) Fund (kWh) Subsidy)
Subsidy) Subsidy)
Subsidy) (PKR)
(PKR) (PKR)
(PKR)

With Goodwe Inverter With SMA Inverter

January 22,690 292,941 224,871 22,598 291,746 223,954

February 22,496 290,431 222,943 22,407 289,288 222,067

March 31,047 400,838 307,696 30,941 399,468 306,644

April 31,899 411,833 316,136 31,807 410,643 315,222

May 35,271 455,367 349,554 35,200 454,452 348,851

June 34,071 439,873 337,660 34,005 439,023 337,007

July 31,659 408,736 313,758 31,591 407,861 313,087
August 31,312 404,255 310,319 31,237 403,289 309,577

September 32,318 417,241 320,287 32,231 416,115 319,423

October 31,103 401,556 308,247 31,014 400,408 307,366

November 26,088 336,803 258,540 25,990 335,545 257,575

December 21,611 279,010 214,177 21,532 277,988 213,392

Total 351,565 4,538,884 3,484,188 350,554 4,525,826 3,474,164

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 CONFIDENTIAL

PROJECT COST

Solar PV System- Equipment and Services

Solar Panels
Solar Inverter
Inverter Manager (in case of SMA)
Electrical Balance of System (BOS) to
interconnection point near solar field
Installation and commissioning
Operation and Maintenance
With Goodwe Inverter With SMA Inverter
Fully installed and commissioned system according
to specifications provided in technical proposal
section and the assumptions mentioned in
assumptions section
1 year services (exclusive of panels cleaning)

Total Cost 21,761,915 PKR 22,598,661 PKR

Cost/Watt 88.10 PKR/Watt 91.49 PKR/watt

Project delivery (from date of signing

st 14 – 18 Weeks 14 – 18 Weeks
of contract and 1 payment)

Payment Schedule
1st Payment – 40% Advance 8,704,766 PKR 9,039,464 PKR
2nd Payment – 40% at receiving major
equipment (panels, mounting structure 8,704,766 PKR 9,039,464 PKR
and inverters) at site

3rd Payment – 10% at completion of

2,176,192 PKR 2,259,866 PKR
installation and commissioning

4th Payment – 10% at completion of one

2,176,192 PKR 2,259,866 PKR
month of satisfactory operation

Note: Quoted Price is exclusive of GST/Duties etc.

Currency Exchange Rates are: USD/PKR 115 EUR/USD 1.23

Prices are subject to change due to currency and commodity price fluctuations. Prices
are only fixed at time of signing of contract. Quoted prices are valid for 30 days.

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 CONFIDENTIAL

ASSUMPTIONS IN PROJECT COST

With the limited time available for the preparation of the proposal, following
assumptions are taken.

 The proposed marked area at site, as given in the proposal, for solar field
installation will be provided to ZED Solar by the client, levelled, cleared and
free of obstructing objects.
 It was desired by client to include water sprinkling system in the solar field
for cleaning of solar panels. Because of time constraints the cost of such
system is not included in the proposal. ZED Solar manufactures and offers
fully or semi-automated cleaning system based on an indigenous cleaning
robot. Its cost is mostly justified for the solar PV systems installed at non-
walking industrial or commercial rooftops. The possibility of the deployment
of one such system or water sprinkling system at proposed site can be
discussed and finalized later.
 Safe storage of materials, equipment, tools etc will be provided by the
client.
 Team will include 15 workers and two engineers, approximately project
execution time is 50 calendar days. It is assumed that messing, lodging and
transportation to and from site will be provided by client during project
execution.

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 CONFIDENTIAL

LEVELIZED COST OF ENERGY LCOE AND PAYBACK PERIOD

The levelized cost of energy (LCOE) per unit of electricity generated from the
proposed solar power system over the life time of the project is 4.56 and 4.73
PKR/kWh with Goodwe and SMA inverters respectively.

Parameter With Goodwe Inverter With SMA Inverter

Capital Cost 21,761,915 PKR 22,598,661 PKR
Operation and Maintenance Cost* 93,404 PKR/year 93,404 PKR/year
Degradation in solar panels 0.7% 0.7%

Discount rate 4% 4%
Inflation rate in O&M 5% 5%
Inflation rate in IESCO Bills 3% 3%

Levelized Cost of Energy (LCOE)

4.56 PKR/kWh 4.73 PKR/kWh
from Solar
Internal Rate of Return IRR (w/o
22.4% 21.6%
PM relief fund subsidy)
Internal Rate of Return IRR (with
17.3% 16.6%
PM relief fund subsidy)
*Operation and Maintenance Cost is the estimated cost of manual cleaning of
panels

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 CONFIDENTIAL

The estimated annual cash flow for the solar project with Goodwe inverter w/o
PM relief fund subsidy is as follows.
Annual Grid Annual
Total Cost
Electricity unit Gross Annual Net Cumulative
CAPEX OPEX of Solar
Yrs Generated Cost Savings Savings Cash Flow
(PKR) (PKR) Energy
by Solar (PKR (PKR) (PKR) (PKR)
(PKR)
(kWh) /kWh)
0 21,761,915 21,761,915 (21,761,915)
1 93,404 93,404 351,565 12.91 4,538,884 4,445,480 (17,316,435)
2 98,074 98,074 349,104 13.30 4,642,325 4,544,251 (12,772,184)
3 102,978 102,978 346,661 13.70 4,748,124 4,645,146 (8,127,038)
4 108,127 108,127 344,234 14.11 4,856,334 4,748,207 (3,378,832)
5 113,533 113,533 341,824 14.53 4,967,009 4,853,476 1,474,645
6 119,210 119,210 339,432 14.97 5,080,208 4,960,998 6,435,643
7 125,170 125,170 337,056 15.42 5,195,986 5,070,815 11,506,458
8 131,429 131,429 334,696 15.88 5,314,402 5,182,973 16,689,431
9 138,000 138,000 332,353 16.35 5,435,517 5,297,517 21,986,948
10 144,900 144,900 330,027 16.85 5,559,393 5,414,492 27,401,441
11 152,145 152,145 327,717 17.35 5,686,091 5,533,946 32,935,386
12 159,753 159,753 325,423 17.87 5,815,677 5,655,925 38,591,311
13 167,740 167,740 323,145 18.41 5,948,217 5,780,476 44,371,788
14 176,127 176,127 320,883 18.96 6,083,776 5,907,649 50,279,437
15 184,934 184,934 318,636 19.53 6,222,426 6,037,492 56,316,929
16 194,180 194,180 316,406 20.11 6,364,235 6,170,055 62,486,984
17 203,889 203,889 314,191 20.72 6,509,276 6,305,386 68,792,370
18 214,084 214,084 311,992 21.34 6,657,622 6,443,538 75,235,908
19 224,788 224,788 309,808 21.98 6,809,349 6,584,561 81,820,470
20 236,027 236,027 307,639 22.64 6,964,534 6,728,507 88,548,977
21 247,829 247,829 305,486 23.32 7,123,256 6,875,427 95,424,404
22 260,220 260,220 303,347 24.02 7,285,595 7,025,375 102,449,779
23 273,231 273,231 301,224 24.74 7,451,634 7,178,403 109,628,182
24 286,893 286,893 299,115 25.48 7,621,457 7,334,564 116,962,746
25 301,237 301,237 297,022 26.24 7,795,150 7,493,912 124,456,658
Total Saving 146,218,574

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 CONFIDENTIAL

The estimated annual cash flow for the solar project with Goodwe inverter with
PM relief fund subsidy is as follows.
Annual Grid Annual
Total Cost
Electricity unit Gross Annual Net Cumulative
CAPEX OPEX of Solar
Yrs Generated Cost Savings Savings Cash Flow
(PKR) (PKR) Energy
by Solar (PKR (PKR) (PKR) (PKR)
(PKR)
(kWh) /kWh)
0 21,761,915 21,761,915 (21,761,915)
1 93,404 93,404 351,565 9.91 3,484,188 3,390,784 (18,371,131)
2 98,074 98,074 349,104 10.21 3,563,593 3,465,519 (14,905,613)
3 102,978 102,978 346,661 10.51 3,644,807 3,541,829 (11,363,784)
4 108,127 108,127 344,234 10.83 3,727,872 3,619,745 (7,744,038)
5 113,533 113,533 341,824 11.15 3,812,830 3,699,297 (4,044,741)
6 119,210 119,210 339,432 11.49 3,899,725 3,780,515 (264,226)
7 125,170 125,170 337,056 11.83 3,988,600 3,863,429 3,599,203
8 131,429 131,429 334,696 12.19 4,079,500 3,948,071 7,547,274
9 138,000 138,000 332,353 12.55 4,172,472 4,034,471 11,581,746
10 144,900 144,900 330,027 12.93 4,267,562 4,122,662 15,704,408
11 152,145 152,145 327,717 13.32 4,364,820 4,212,675 19,917,082
12 159,753 159,753 325,423 13.72 4,464,294 4,304,542 24,221,624
13 167,740 167,740 323,145 14.13 4,566,035 4,398,295 28,619,919
14 176,127 176,127 320,883 14.55 4,670,095 4,493,968 33,113,887
15 184,934 184,934 318,636 14.99 4,776,527 4,591,593 37,705,481
16 194,180 194,180 316,406 15.44 4,885,384 4,691,204 42,396,684
17 203,889 203,889 314,191 15.90 4,996,722 4,792,833 47,189,517
18 214,084 214,084 311,992 16.38 5,110,597 4,896,513 52,086,030
19 224,788 224,788 309,808 16.87 5,227,068 5,002,280 57,088,310
20 236,027 236,027 307,639 17.38 5,346,192 5,110,165 62,198,475
21 247,829 247,829 305,486 17.90 5,468,032 5,220,204 67,418,679
22 260,220 260,220 303,347 18.44 5,592,649 5,332,429 72,751,107
23 273,231 273,231 301,224 18.99 5,720,105 5,446,874 78,197,981
24 286,893 286,893 299,115 19.56 5,850,466 5,563,574 83,761,555
25 301,237 301,237 297,022 20.15 5,983,798 5,682,561 89,444,116
Total Saving 111,206,032

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With the estimated savings the payback period with Goodwe inverter w/o PM
relief fund subsidy is 4 years.

Payback Period (Static) - Cashflow (PKR)

140,000,000

120,000,000

100,000,000

80,000,000

60,000,000
PKR

40,000,000

20,000,000

0
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
(20,000,000)

(40,000,000)
Years

With the estimated savings the payback period with Goodwe inverter with PM
relief fund subsidy is 6 years.

Payback Period (Static) - Cashflow (PKR)

100,000,000

80,000,000

60,000,000

40,000,000
PKR

20,000,000

0
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
(20,000,000)

(40,000,000)
Years

23
 CONFIDENTIAL

The estimated annual cash flow for the solar project with SMA inverter w/o PM
relief fund subsidy is as follows.
Annual Grid Annual
Total Cost
Electricity unit Gross Annual Net Cumulative
CAPEX OPEX of Solar
Yrs Generated Cost Savings Savings Cash Flow
(PKR) (PKR) Energy
by Solar (PKR (PKR) (PKR) (PKR)
(PKR)
(kWh) /kWh)
0 22,598,661 22,598,661 (22,598,661)
1 93,404 93,404 350,554 12.91 4,525,826 4,432,422 (18,166,239)
2 98,074 98,074 348,100 13.30 4,628,969 4,530,895 (13,635,344)
3 102,978 102,978 345,663 13.70 4,734,463 4,631,486 (9,003,859)
4 108,127 108,127 343,244 14.11 4,842,362 4,734,235 (4,269,624)
5 113,533 113,533 340,841 14.53 4,952,719 4,839,186 569,562
6 119,210 119,210 338,455 14.97 5,065,592 4,946,382 5,515,944
7 125,170 125,170 336,086 15.42 5,181,037 5,055,866 10,571,811
8 131,429 131,429 333,733 15.88 5,299,112 5,167,684 15,739,494
9 138,000 138,000 331,397 16.35 5,419,879 5,281,879 21,021,373
10 144,900 144,900 329,077 16.85 5,543,398 5,398,498 26,419,871
11 152,145 152,145 326,774 17.35 5,669,732 5,517,587 31,937,458
12 159,753 159,753 324,486 17.87 5,798,945 5,639,193 37,576,651
13 167,740 167,740 322,215 18.41 5,931,103 5,763,363 43,340,014
14 176,127 176,127 319,959 18.96 6,066,273 5,890,146 49,230,160
15 184,934 184,934 317,720 19.53 6,204,524 6,019,590 55,249,751
16 194,180 194,180 315,496 20.11 6,345,925 6,151,745 61,401,495
17 203,889 203,889 313,287 20.72 6,490,548 6,286,659 67,688,154
18 214,084 214,084 311,094 21.34 6,638,468 6,424,384 74,112,539
19 224,788 224,788 308,917 21.98 6,789,759 6,564,971 80,677,509
20 236,027 236,027 306,754 22.64 6,944,497 6,708,470 87,385,979
21 247,829 247,829 304,607 23.32 7,102,762 6,854,934 94,240,913
22 260,220 260,220 302,475 24.02 7,264,634 7,004,414 101,245,327
23 273,231 273,231 300,357 24.74 7,430,195 7,156,964 108,402,292
24 286,893 286,893 298,255 25.48 7,599,529 7,312,637 115,714,928
25 301,237 301,237 296,167 26.24 7,772,723 7,471,486 123,186,414
Total Saving 145,785,075

24
 CONFIDENTIAL

The estimated annual cash flow for the solar project with SMA inverter with PM
relief fund subsidy is as follows.

Annual Grid Annual

Total Cost
Electricity unit Gross Annual Net Cumulative
CAPEX OPEX of Solar
Yrs Generated Cost Savings Savings Cash Flow
(PKR) (PKR) Energy
by Solar (PKR (PKR) (PKR) (PKR)
(PKR)
(kWh) /kWh)
0 22,598,661 22,598,661 (22,598,661)
1 93,404 93,404 350,554 9.91 3,474,164 3,380,760 (19,217,901)
2 98,074 98,074 348,100 10.21 3,553,340 3,455,266 (15,762,635)
3 102,978 102,978 345,663 10.51 3,634,321 3,531,343 (12,231,292)
4 108,127 108,127 343,244 10.83 3,717,147 3,609,020 (8,622,272)
5 113,533 113,533 340,841 11.15 3,801,861 3,688,328 (4,933,944)
6 119,210 119,210 338,455 11.49 3,888,505 3,769,295 (1,164,648)
7 125,170 125,170 336,086 11.83 3,977,124 3,851,954 2,687,306
8 131,429 131,429 333,733 12.19 4,067,763 3,936,334 6,623,640
9 138,000 138,000 331,397 12.55 4,160,467 4,022,467 10,646,107
10 144,900 144,900 329,077 12.93 4,255,284 4,110,384 14,756,491
11 152,145 152,145 326,774 13.32 4,352,262 4,200,117 18,956,608
12 159,753 159,753 324,486 13.72 4,451,450 4,291,698 23,248,305
13 167,740 167,740 322,215 14.13 4,552,899 4,385,159 27,633,464
14 176,127 176,127 319,959 14.55 4,656,659 4,480,532 32,113,996
15 184,934 184,934 317,720 14.99 4,762,785 4,577,851 36,691,848
16 194,180 194,180 315,496 15.44 4,871,329 4,677,148 41,368,996
17 203,889 203,889 313,287 15.90 4,982,346 4,778,457 46,147,453
18 214,084 214,084 311,094 16.38 5,095,894 4,881,810 51,029,263
19 224,788 224,788 308,917 16.87 5,212,029 4,987,241 56,016,504
20 236,027 236,027 306,754 17.38 5,330,811 5,094,784 61,111,288
21 247,829 247,829 304,607 17.90 5,452,301 5,204,472 66,315,760
22 260,220 260,220 302,475 18.44 5,576,558 5,316,338 71,632,099
23 273,231 273,231 300,357 18.99 5,703,648 5,430,417 77,062,516
24 286,893 286,893 298,255 19.56 5,833,634 5,546,742 82,609,258
25 301,237 301,237 296,167 20.15 5,966,583 5,665,346 88,274,603
Total Saving 110,873,264

25
 CONFIDENTIAL

With the estimated savings the payback period with SMA inverter w/o PM relief
fund subsidy is 5 years.

Payback Period (Static) - Cashflow (PKR)

140,000,000

120,000,000

100,000,000

80,000,000

60,000,000
PKR

40,000,000

20,000,000

0
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
(20,000,000)

(40,000,000)
Years

With the estimated savings the payback period with SMA inverter with PM relief
fund subsidy is 6 years.

Payback Period (Static) - Cashflow (PKR)

100,000,000

80,000,000

60,000,000

40,000,000
PKR

20,000,000

0
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
(20,000,000)

(40,000,000)
Years

26
 CONFIDENTIAL

SPECIFICATION SHEETS FOR PANELS AND INVERTERS

27
CONFIDENTIAL

28
CONFIDENTIAL

29
CONFIDENTIAL

30
CONFIDENTIAL

31
CONFIDENTIAL

32