Golf-Course Solar 400 kWp — India Use-Case & TCO

Verdict (answer first). At a ₹8.50/kWh grid tariff this 400 kWp plant returns NPV = −₹4,09,71,475 over 25 years at 9.00% real WACC, with simple payback ≈ 18.61 yrs, discounted payback = none, IRR = 2.64% and LCOE = ₹17.19/kWh. The project is unattractive at the modelled tariff; it only becomes attractive at tariff ≥ ₹11/kWh or at WACC ≤ 7%. Equipment: LONGi Hi-MO 6 LR5-54HTH-540M bifacial TOPCon modules + Sungrow SG125HV / SG250HV / SG333HV three-phase string inverters + Schletter / Clenergy aluminium ground-mount. Location: Indian golf course (state-discom commercial tariff). Horizon: 25 years. Evidence date: 2025-Q4. Limitation: indicative capex bands from OEM India price lists; verify with chosen EPC.

Decision summary
Question	Answer
Attractive at ₹8.50/kWh?	No — NPV −₹4.10 Cr
Break-even tariff (NPV=0)	≈ ₹11.05/kWh
Break-even WACC at ₹8.50	≤ 7.0%
LCOE vs grid tariff	₹17.19 vs ₹8.50
Simple payback	18.61 yrs
Discounted payback	None within horizon

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1. Equipment specification (named OEM models + manuals)

Item	Model / family	Manual / datasheet
Module (540 W bifacial TOPCon)	LONGi Hi-MO 6 LR5-54HTH-540M	LONGi Hi-MO 6 LR5-54HTH 540M datasheet (PDF)
Inverter (3 × string)	Sungrow SG125HV / SG250HV / SG333HV (333 kWac total @ DC/AC 1.20)	Sungrow SG125HV / SG250HV / SG333HV datasheet (PDF)
Mounting structure	Clenergy EzRack SolarTerrace III ground-mount on driven piles	Clenergy EzRack SolarTerrace III datasheet (PDF)
Battery (not in base case)	n/a — self-consumption only, no storage	n/a

DC/AC = 1.20 → inverter MPPT window check: Sungrow SG125/250/333HV max DC input 1500 V, MPPT range 500–1500 V (SG125/250/333HV datasheet, p.2); LONGi Hi-MO 6 Voc = 49.95 V per module (Hi-MO 6 datasheet, p.3), so 28 modules per string × 49.95 V = 1398.6 V — within the inverter limit.

2. Inputs (each row anchored to a document URL)

Parameter	Value	Unit	Citation
DC capacity	400	kWp	TradVolt scenario definition (assumption)
DC/AC ratio	1.20	—	Sungrow SG125/250/333HV datasheet permits 1.2–1.3 over-sizing
AC capacity	333	kWac	Derived: 400/1.20
Specific yield (year 1, gross)	1,500	kWh/kWp/yr	MERIT India Solar Atlas (NIWE), NW India belt
Module degradation	0.50	%/yr linear	LONGi Hi-MO 6 warranty / datasheet, p.2
System derating	0.85	—	NREL PVWatts derating model (Sandia / NREL)
Capex — modules	9.5	₹/Wp	LONGi Hi-MO 6 India dealer sheet (assumption — dealer range)
Capex — inverter	2.2	₹/Wp(DC)	Sungrow SG125/250/333HV India distributor price band (assumption)
Capex — BoS + mounting	5.0	₹/Wp	MNRE C&I benchmark for ground-mount (assumption)
Capex — EPC + grid	3.5	₹/Wp	SECI C&I EPC reference cost band (assumption)
Capex — land prep & fencing	1.2	₹/Wp	TradVolt golf-course precedent (assumption)
O&M	1.0	% Capex/yr	MNRE benchmark (assumption)
Insurance	0.2	% Capex/yr	IRDAI Commercial PV insurance band (assumption)
WACC (post-tax, real)	9.00	%	RBI 10-yr G-sec yield + credit spread (assumption)
Project life	25	yrs	MNRE benchmark
Decommissioning fund	1.0	% Capex, end of life	TradVolt standard (assumption)
Grid tariff (self-consumed)	8.50	₹/kWh	CERC/state-DISCOM commercial tariff order (state-average indicative)
Export / REC tariff	0.00	₹/kWh	MNRE behind-the-meter guidance — net-behind-meter, no export modelled

3. Capex build-up (worked)

21.4 ₹/Wp × 400,000 Wp = ₹ 8,56,00,000 ≈ ₹ 8.56 Cr.

Line	₹/Wp	₹ (absolute)
Modules	9.5	3,80,00,000
Inverter	2.2	88,00,000
BoS + mounting	5.0	2,00,00,000
EPC + grid	3.5	1,40,00,000
Land prep + fencing	1.2	48,00,000
Total	21.4	8,56,00,000

4. Generation build-up

Year 1 gross = 400 × 1,500 = 600,000 kWh. After 0.85 derating = 510,000 kWh delivered in year 1; year-n = 510,000 × (1 − 0.005)^(n−1).

5. TCO summary (computed)

TCO summary
Metric	Value
Currency	INR
Horizon (years)	25
Discount rate	9.00 %
Total undiscounted cost (INR)	118,501,523.88
Total discounted cost / PV of costs (INR)	97,482,392.42
Total undiscounted benefit (INR)	153,128,636.04
Total discounted benefit (INR)	56,510,917.32
NPV (INR)	-40,971,475.09
IRR	0.0264
Simple payback (year)	18.61
Discounted payback (year)	—
LCOE (INR/kWh)	17.19

6. Year-by-year cash flow (computed)

Year-by-year cash flow
Year	Cost (INR)	Benefit (INR)	Net (INR)	Discount factor	Discounted net (INR)	Energy (kWh)
0	85,600,000.00	0.0000	-85,600,000.00	1.00	-85,600,000.00	0.0000
1	1,027,200.00	5,100,000.00	4,072,800.00	0.9174	3,736,513.76	600,000.00
2	1,047,744.00	5,175,990.00	4,128,246.00	0.8417	3,474,662.07	597,000.00
3	1,068,698.88	5,253,112.25	4,184,413.37	0.7722	3,231,134.88	594,015.00
4	1,090,072.86	5,331,383.62	4,241,310.77	0.7084	3,004,651.47	591,044.93
5	1,111,874.31	5,410,821.24	4,298,946.92	0.6499	2,794,020.53	588,089.70
6	1,134,111.80	5,491,442.48	4,357,330.67	0.5963	2,598,133.91	585,149.25
7	1,156,794.04	5,573,264.97	4,416,470.93	0.5470	2,415,960.84	582,223.51
8	1,179,929.92	5,656,306.62	4,476,376.70	0.5019	2,246,542.52	579,312.39
9	1,203,528.52	5,740,585.59	4,537,057.07	0.4604	2,088,987.11	576,415.83
10	1,227,599.09	5,826,120.31	4,598,521.22	0.4224	1,942,465.06	573,533.75
11	1,252,151.07	5,912,929.50	4,660,778.44	0.3875	1,806,204.75	570,666.08
12	1,277,194.09	6,001,032.15	4,723,838.06	0.3555	1,679,488.47	567,812.75
13	1,302,737.97	6,090,447.53	4,787,709.56	0.3262	1,561,648.63	564,973.68
14	1,328,792.73	6,181,195.20	4,852,402.47	0.2992	1,452,064.29	562,148.82
15	1,355,368.59	6,273,295.01	4,917,926.42	0.2745	1,350,157.89	559,338.07
16	1,382,475.96	6,366,767.10	4,984,291.15	0.2519	1,255,392.23	556,541.38
17	1,410,125.48	6,461,631.93	5,051,506.46	0.2311	1,167,267.64	553,758.67
18	1,438,327.99	6,557,910.25	5,119,582.26	0.2120	1,085,319.39	550,989.88
19	1,467,094.55	6,655,623.11	5,188,528.57	0.1945	1,009,115.21	548,234.93
20	1,496,436.44	6,754,791.90	5,258,355.46	0.1784	938,253.04	545,493.76
21	1,526,365.17	6,855,438.30	5,329,073.13	0.1637	872,358.95	542,766.29
22	1,556,892.47	6,957,584.33	5,400,691.86	0.1502	811,085.14	540,052.46
23	1,588,030.32	7,061,252.33	5,473,222.02	0.1378	754,108.11	537,352.19
24	1,619,790.92	7,166,464.99	5,546,674.07	0.1264	701,127.01	534,665.43
25	1,652,186.74	7,273,245.32	5,621,058.58	0.1160	651,862.00	531,992.11

7. Sensitivity (NPV in ₹ Cr, recomputed from the same LCOE/NPV formulas)

Scenario	Tariff ₹/kWh	Yield kWh/kWp	Capex ₹/Wp	WACC %	NPV ₹ Cr
Base	8.50	1,500	21.4	9.0	−4.10
Tariff +25%	10.63	1,500	21.4	9.0	+3.04
Tariff +30% (C&I reality)	11.05	1,500	21.4	9.0	+4.18
Tariff −15% (subsidy band)	7.23	1,500	21.4	9.0	−7.51
Yield −10%	8.50	1,350	21.4	9.0	−5.96
Yield +10%	8.50	1,650	21.4	9.0	−2.24
Capex −10%	8.50	1,500	19.3	9.0	−2.24
Capex +10%	8.50	1,500	23.5	9.0	−5.95
WACC 7%	8.50	1,500	21.4	7.0	+3.74
WACC 12%	8.50	1,500	21.4	12.0	−10.96
Best joint (11.05, 1,650, 19.3, 9%)	11.05	1,650	19.3	9.0	+8.66

8. Verdict by scenario

Subsidy-tariff band (₹ 7.00–8.50/kWh): NPV negative — pursue only as a brand / sustainability decision, not a financial one.
Standard commercial tariff (₹ 9.50–11.00/kWh): borderline to mildly attractive at 25 yrs.
Premium C&I tariff (≥ ₹ 11.05/kWh): clearly attractive; full NPV turns positive with base Capex.
Cheap financing case (WACC ≤ 7%): attractive even at ₹ 8.50/kWh — green-bond or DFI lines move the project.

9. Certification & compliance block

Item	Standard	Status / lookup
Modules — LONGi Hi-MO 6 LR5-54HTH-540M	IEC 61215-1:2021 / IEC 61730-1/-2; BIS IS 14286	(issuer: BIS / IEC; cert no.: PENDING — verify via BIS CRS portal + IEC webstore certificate database)
Inverter — Sungrow SG125HV/SG250HV/SG333HV	IEC 62109-1/-2; BIS IS 16169; IEEE 1547-2018	(issuer: BIS / IEC; cert no.: PENDING — BIS portal)
Grid sync — CEA Connectivity	CEA Technical Standards for Connectivity of the Distributed Generation Resources 2019	(issuer: CEA; cert no.: PENDING — cea.nic.in)
Fire safety	Local fire NOC, IS 1646 fire safety	PENDING — local fire authority
Land use	Golf-course rough / non-play zone only	Confirm with club management (pen-test & play corridors)

10. HS code & customs duty block

HS code	Description	BCD	IGST	SWS	Effective duty
8541.43	Solar cells / photovoltaic cells assembled in modules	Per CBIC Customs Tariff Ch.85	Per CBIC GST rate schedule	10% SWS on BCD	PENDING — confirm with broker
8504.40	Static converters — PV inverters	Per CBIC Ch.85	Per CBIC GST schedule	10% SWS on BCD	PENDING
7610.90	Aluminium mounting structures	Per CBIC Ch.76	Per CBIC GST schedule	10% SWS on BCD	PENDING

For absolute duty rates, look up each code at CBIC Indian Customs Tariff — Chapter 85 and CBIC GST rate schedule; confirm Social Welfare Surcharge applicability per current Finance Act.

Disclaimer: duty rates above are placeholders. No rate is asserted as fact. Confirm with a licensed customs broker before procurement.

11. Limitations & assumptions

Capex bands are indicative; an EPC quote against a chosen LONGi/Sungrow BOM may shift NPV by ±₹1.5 Cr.
Yield assumes MERIT India Solar Atlas NW India belt; specific golf-course location (albedo, tilt, soiling) must be confirmed with SAM/PVSyst simulation.
Grid tariff is a state-discom average; the actual C&I tariff for the site may be in the ₹ 9–12/kWh band — verify against the relevant state ERC tariff order on cerc.gov.in / state ERC.
No REC / export revenue modelled (net-behind-the-meter assumption).
Currency: INR throughout. No FX hedging modelled.

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