The data, information and assumptions (hereinafter ‘data-set’) used in this document are in good faith and

from the source to the best of SAREP (the program) knowledge. The program does not represent or warrant
that any data-set used will be error-free or provide specific results. The results and the findings are delivered
on “as-is” and “as-available” data-set. All data-set provided are subject to change without notice and vary the
outcomes, recommendations, and results. The program disclaims any responsibility for the accuracy or
correctness of the data-set. The burden of fitness of the data-set lies completely with the user. In using the
data-set data source, timelines, the users and the readers of the report further agree to indemnify, defend,
and hold harmless the program and the entities involved for all liability of any nature.
Sizing and Economics of a Green Hydrogen (H2) Production Facility
Assumptions & Inputs (Indicative) Calculation of Levelised Cost
Sizing B
Hydrogen (H2) Production Capacity Planned TPD 10
Efficiency of Electrolyser kWH/kg 60 8% 7
Units of Electricity Required by Electrolyser per day MWH 600
Electrolyser Capacity (100% input power availability) MW 25
Input Power Availability - Renewable RTC (Choose) % 80%
Electrolyser Capacity Required MW 31
Additional Hydrogen Storage Capacity Required Ton 2
Project Assumptions 75%
Electrolyser Cost per MW (inc. taxes and duties) INR Cr/ MW 5.5
H2 Storage Capital Expenditure per ton INR Cr/ Ton 1.75 Year Counter
Total Capital Expenditure INR Cr 175
Total Capital Expenditure (Including IDC) INR Cr 202 Levelised Cost
Financing Assumptions P
Equity Contribution % 30% F =∑ F1-F5
Debt Contribution % 70% V =∑V1-V2
Equity Invested INR Cr 61 T = F+V
Debt Availed INR Cr 141 T/P
Corporate Tax Rate % 34.94%
Return on Equity % 15%
Cost of Debt % 10% Fixed Cost
Weighted Average Cost of Capital % 9% F1
Operational Assumptions F2
Operational Life Years 25 F3
No. of Operational Days in a Year Days 340 F4
Aux Consumption % 5% F5
Units of Electricity Required by system per day MWH 630 Variable Cost
Operational Expenses (% of Capex) % 5% V1
Escalation in Operating Expenses % 2% V2
Unit Cost of Electricity INR/MWH 6000
Other Variable Costs % 2% Debt Schedule
Escalation in Power Cost % 0%
Maintenance Capital Expenditure - Electrolyser Stack INR Cr/ MW 1.5
Maintenance Capital Expenditure - Frequency Years 10
Calculation of Levelised Cost of Green Hydrogen
Break-up of Levelised Cost Levelised Cost of Green H

8% 7% 506.0
10% 3,000
Capital Expenditure Cost of
Input 4,500
Returns to Capital Providers
Power 6,000
Input Power Cost (INR per 7,500
Other Operational Costs MWh)
9,000
75%

Year Counter Units 1 2 3 4 5

Levelised Cost
Production per year Ton 3,400 3,400 3,400 3,400 3,400
Total Fixed Charges INR Cr 41 40 40 39 39
Total Variable Costs INR Cr 131 131 131 131 131
Total Cost of Production INR Cr 172 171 171 170 170
Unit Cost of Production for Green H2 INR/kg 506 504 502 501 499
Discount Factor # 1.00 0.92 0.84 0.77 0.71
Levelised Cost INR/kg 506
Fixed Cost
Return of Capital INR Cr 8 8 8 8 8
Interest on Loan INR Cr 14 13 12 11 10
Return on Equity INR Cr 9 9 9 9 9
Operations & Maintenance Expense INR Cr 10 10 10 11 11
Maintenance Capital Expenditure INR Cr - - - - -
Variable Cost
Cost of Power Consumed INR Cr 129 129 129 129 129
Other Variable Costs INR Cr 3 3 3 3 3

Debt Schedule
Opening Balance INR Cr 141 133 125 117 109
Repayment INR Cr 8 8 8 8 8
Closing Balance INR Cr 133 125 117 109 101
Interest Paid INR Cr 14 13 12 11 10
Levelised Cost of Green Hydrogen (INR/kg) Levelised Cost of Green Hydrogen (INR/kg)
Capital Cost ( INR Cr/MW) Availability of Input Power
4.5 5.0 5.5 6.0 6.5 506.0 40% 50% 60%
- - - - - 3,000 436 387 355
- - - - - 4,500 532 484 451
- - - - - 6,000 629 580 548
- - - - - 7,500 725 677 644
- - - - - 9,000 821 773 740

6 7 8 9 10 11 12 13 14 15

3,400 3,400 3,400 3,400 3,400 3,400 3,400 3,400 3,400 3,400
38 37 84 36 36 35 35 34 33 33
131 131 131 131 131 131 131 131 131 131
169 168 215 167 167 166 166 165 165 164
497 495 632 492 490 489 487 485 484 482
0.65 0.59 0.55 0.50 0.46 0.42 0.39 0.35 0.32 0.30

8 8 8 8 8 8 8 8 8 8
10 9 8 7 6 6 5 4 3 2
9 9 9 9 9 9 9 9 9 9
11 11 12 12 12 12 13 13 13 13
- - 47 - - - - - - -

129 129 129 129 129 129 129 129 129 129
3 3 3 3 3 3 3 3 3 3

101 93 85 77 69 61 52 44 36 28
8 8 8 8 8 8 8 8 8 8
93 85 77 69 61 52 44 36 28 20
10 9 8 7 6 6 5 4 3 2
een Hydrogen (INR/kg)
bility of Input Power
70% 80%
331 313
428 410
524 506
620 602
717 699

16 17 18 19 20 21 22 23 24 25

3,400 3,400 3,400 3,400 3,400 3,400 3,400 3,400 3,400 3,400
79 32 31 32 32 32 32 33 80 33
131 131 131 131 131 131 131 131 131 131
210 163 163 163 163 163 164 164 211 164
619 479 478 478 479 480 481 482 621 484
0.27 0.25 0.23 0.21 0.19 0.18 0.16 0.15 0.14 0.12

8 8 8 8 8 8 8 8 8 8
2 1 0 - - - - - - -
9 9 9 9 9 9 9 9 9 9
14 14 14 14 15 15 15 16 16 16
47 - - - - - - - 47 -

129 129 129 129 129 129 129 129 129 129
3 3 3 3 3 3 3 3 3 3

20 12 4 - - - - - - -
8 8 4 - - - - - - -
12 4 - - - - - - - -
2 1 0 - - - - - - -
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Sizing and Economics of a Green Ammonia (NH3) Production Facility
Assumptions & Inputs (Indicative) Calculation of Levelised Cost
Sizing B
Ammonia (NH3) Production Capacity Planned TPD 100
H2 required per unit of NH3 production H2 wt/NH3 wt 0.18 12%
H2 Production Capacity Required TPD 18
Efficiency of Electrolyser kWH/kg 60
Units of Electricity Required by Electrolyser per day MWH 1080
Electrolyser Capacity (100% input power availability) MW 45
Input Power Availability - Renewable RTC (Choose) % 80%
Electrolyser Capacity Required MW 56 65%
Additional Hydrogen Storage Capacity Required Ton 4
Project Assumptions Year Counter
Electrolyser Cost per MW (inc. taxes and duties) INR Cr/ MW 10
H2 Storage Capital Expenditure per ton INR Cr/ Ton 1.75 Levelised Cost
Total Capital Expenditure INR Cr 569 P
Total Capital Expenditure (Including IDC) INR Cr 654 F =∑ F1-F5
Financing Assumptions V =∑V1-V2
Equity Contribution % 30% T = F+V
Debt Contribution % 70% T/P
Equity Invested INR Cr 196
Debt Availed INR Cr 458
Corporate Tax Rate % 34.94% Fixed Cost
Return on Equity % 15% F1
Cost of Debt % 10% F2
Weighted Average Cost of Capital % 9% F3
Operational Assumptions F4
Operational Life Years 25 F5
No. of Operational Days in a Year Days 340 Variable Cost
Aux Consumption % 10% V1
Units of Electricity Required by system per day MWH 1188 V2
Operational Expenses (% of Capex) % 5%
Escalation in Operating Expenses % 2% Debt Schedule
Unit Cost of Electricity INR/MWH 6000
Other Variable Costs % 2%
Escalation in Power Cost % 0%
Maintenance Capital Expenditure - Electrolyser Stack INR Cr/ MW 1.5
Maintenance Capital Expenditure - Frequency Years 10
Calculation of Levelised Cost of Green Ammonia
Break-up of Levelised Cost Levelised Cost of Green A

12% 8% 109.3
3,000
15% Capital Expenditure Cost of
Input 4,500
Returns to Capital Providers
Power 6,000
Input Power Cost (INR per 7,500
Other Operational Costs MWh)
9,000
65%

Year Counter Units 1 2 3 4 5

Levelised Cost
Production per year Ton 34,000 34,000 34,000 34,000 34,000
Total Fixed Charges INR Cr 133 131 129 127 125
Total Variable Costs INR Cr 247 247 247 247 247
Total Cost of Production INR Cr 380 378 376 374 372
Unit Cost of Production for Green NH3 INR/kg 112 111 111 110 109
Discount Factor # 1.00 0.92 0.84 0.77 0.71
Levelised Cost INR/kg 109
Fixed Cost
Return of Capital INR Cr 26 26 26 26 26
Interest on Loan INR Cr 44 42 39 37 34
Return on Equity INR Cr 29 29 29 29 29
Operations & Maintenance Expense INR Cr 33 33 34 35 35
Maintenance Capital Expenditure INR Cr - - - - -
Variable Cost
Cost of Power Consumed INR Cr 242 242 242 242 242
Other Variable Costs INR Cr 5 5 5 5 5

Debt Schedule
Opening Balance INR Cr 458 432 406 379 353
Repayment INR Cr 26 26 26 26 26
Closing Balance INR Cr 432 406 379 353 327
Interest Paid INR Cr 44 42 39 37 34
Levelised Cost of Green Ammonia (INR/kg) Levelised Cost of Green Ammonia (INR/kg)
Capital Cost ( INR Cr/MW) Availability of Input Power
8.0 9.0 10.0 11.0 12.0 109.3 40% 50% 60%
- - - - - 3,000 110 95 85
- - - - - 4,500 128 113 104
- - - - - 6,000 146 132 122
- - - - - 7,500 164 150 140
- - - - - 9,000 183 168 158

6 7 8 9 10 11 12 13 14 15

34,000 34,000 34,000 34,000 34,000 34,000 34,000 34,000 34,000 34,000
123 121 119 117 200 114 112 110 108 107
247 247 247 247 247 247 247 247 247 247
370 368 367 365 447 361 359 357 356 354
109 108 108 107 132 106 106 105 105 104
0.65 0.59 0.55 0.50 0.46 0.42 0.39 0.35 0.32 0.30

26 26 26 26 26 26 26 26 26 26
31 29 26 24 21 18 16 13 10 8
29 29 29 29 29 29 29 29 29 29
36 37 38 38 39 40 41 41 42 43
- - - - 84 - - - - -

242 242 242 242 242 242 242 242 242 242
5 5 5 5 5 5 5 5 5 5

327 301 275 249 222 196 170 144 118 92

26 26 26 26 26 26 26 26 26 26
301 275 249 222 196 170 144 118 92 65
31 29 26 24 21 18 16 13 10 8
een Ammonia (INR/kg)
bility of Input Power
70% 80%
78 73
96 91
115 109
133 127
151 146

16 17 18 19 20 21 22 23 24 25

34,000 34,000 34,000 34,000 34,000 34,000 34,000 34,000 34,000 34,000
105 103 102 102 188 104 105 106 107 108
247 247 247 247 247 247 247 247 247 247
352 350 349 350 435 351 352 353 354 355
104 103 103 103 128 103 104 104 104 105
0.27 0.25 0.23 0.21 0.19 0.18 0.16 0.15 0.14 0.12

26 26 26 26 26 26 26 26 26 26
5 3 1 - - - - - - -
29 29 29 29 29 29 29 29 29 29
44 45 46 47 48 49 50 51 52 53
- - - - 84 - - - - -

242 242 242 242 242 242 242 242 242 242
5 5 5 5 5 5 5 5 5 5

65 39 13 - - - - - - -
26 26 13 - - - - - - -
39 13 - - - - - - - -
5 3 1 - - - - - - -
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