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Union of India - Section

Section 18 in Joint Electricity Regulatory Commission (Terms and Conditions for Tariff determination from Renewable Energy Sources) Regulations, 2019

18. Interest on Working Capital.

- 18.1 The Working Capital requirement in respect of Wind energy projects, Small Hydro Power, Solar PV and Solar thermal power projects shall be computed in accordance with the following:(a)Operation & Maintenance expenses for one month;(b)Receivables equivalent to 2 (Two) months of energy charges for sale of electricity calculated on the normative Capacity Utilisation Factor (CUF / PLF) as applicable;(c)Maintenance spares @ 15% of Operation and Maintenance expenses.
18.2The Working Capital requirement in respect of Biomass power projects with Rankine Cycle technology, Biogas, Biomass Gasifier based power projects, Municipal Solid Waste and Refuse Derived Fuel projects, and Cold plasma projects shall be computed in accordance with the following clause:
(a)Fuel costs of four months for normative Plant Load Factor (PLF);
(b)Operation & Maintenance expense for one month;
(c)Receivables equivalent to 2 (Two) months of fixed and variable charges for sale of electricity calculated on the target PLF;
(d)Maintenance spares @ 15% of annual Operation and Maintenance expenses.
18.3Normative Rate of Interest on Working Capital shall be considered as follows:Table: Normative Working Capital Interest Rate
Particulars Interest Rates
Mainland State Bank of India MCLR (One-Year Tenor)prevalent during the last available six months + 300 basis points
Island State Bank of India MCLR (One-Year Tenor)prevalent during the last available six months + 400 basis points