EXECUTIVE SUMMARY

The Sun Power Energy Limited is a company associated with energy generation which is mainly
focused on producing electricity through solar photovoltaic technology. Though Nepal has high
potential for the hydro-electricity generation but it has not been harnessed to even its economical
potential. The demand for energy is ever growing but the production rate is still crawling.

Solar energy has emerged as the best alternative solution for the electricity generation due to the
topographical and climatic advantage of Nepal. The advancements in the technology has made it
cheaper and affordable.

In a country starved of energy and craving for the industrialization, sufficient availability of
electricity is desperately wanted. We, Sun Power Energy Limited commit for the generation of
25MW power-plant to address this energy issue to some extent.

A Solar Electricity generation plant with annual production capacity of 41062.5MWhrs needs a

capital investment estimated of NRs. 3,246,912,560 for construction, purchasing equipments and
machineries. In addition to this, an estimated sum of NRs. 4,587,342.500 is needed as the working
capital. The total project cost is estimated at NRs. 3,251,499,902.

Projected IRR and WACC are 15% and 12% respectively, whereas Net Present Value (NPV) and
Payback period of the project are NRs. 788165557.31 and 7.21 years respectively. Since all the
required criterions for a successful investment are met by this project, it is a desirable project to
invest into both economically and socially.

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METHODOLOGY

Project feasibility checking is carried out with following sequential methods:

1. Estimation of cash flows

After establishing new companies there are supposed to incur many transaction in the company’s
account. The transaction incurs in different types of cost titles. We first have to find the cost type
and then have to estimate and calculate the costs that are supposed to occur during the supposed
life of the product.
To start any business, it needs initial investment that we are planning to take subsidized soft loan
from ADB and raise equity from share holders. Since our project’s service life is 25 years we are
planning to pay the ADB loan at annual payment for 25 years. The raw material cost is uniform
for over the entire service life because we have a supplier which supplies raw material annually at
uniform rate over 25 years

2. Analysis of data

After estimating we then analyze with different economical tool like finding net present value, net
future value, minimum attractive rate of return, internal rate of return annual equivalent worth,
payback period.

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INTRODUCTION

The earth receives more energy from the sun in just one hour than the world uses in a whole
year. The surface receives about 47% of the total solar energy that reaches the Earth. Only this
amount is usable. The Earth receives 174 Petawatts (PW) (1015 watts) of incoming solar
radiation at the upper atmosphere. Approximately 30% is reflected back to space while the rest
is absorbed by clouds, oceans and land masses.

Fig1.0: Breakdown of incoming solar energy

Ref:http://en.wikipedia.org/wiki/File:Breakdown_of_the_incoming_solar_energy.svg

Solar power is the conversion of sunlight into electricity, either directly using Photovoltaic
(PV), or indirectly using concentrated solar power (CSP).Photovoltaic Technology is a
process of generating electrical energy from the energy of solar radiation. PV remained the
world’s fastest growing power-generation technology.

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Introduction of solar energy:

The energy from the sun can be exploited directly in the form of heat or first converted into
electrical energy and then utilized. Accordingly the solar energy is classified into solar thermal
and solar photovoltaic (PV).

Solar thermal has numerous applications like water heating, drying vegetables and agricultural
products, cooking etc. In Nepal the solar water heaters are being extensively used in urban
areas. The applications of solar dryers and cookers have found moderate use simply because
of the low level of dissemination of these technologies.

The solar PV, on the other hand, is extensively used not only in the developing countries but
also in highly developed countries. The application of solar PV is virtually unlimited. Countries
like Germany, Japan and United States of America have initiated highly subsidized rooftop
programs for solar PV. The level of subsidy is up to 65% of the total system cost. In Nepal
solar PV is extensively used for communications, home lighting, drinking water pumping etc.
The installed capacity of Solar PV in Nepal now exceeds 3.4 MWp mark and over 93,000
households are electrified using this technology. Considering the positive impact that solar PV
can bring to the rural population of the developing countries like Nepal, the Government of
Kingdom of Denmark has supported Energy Sector Assistance Program (ESAP) to promote
alternative energy sources, including PV. ESAP target was to subsidize installation of 25,000
Solar Home Systems within a time span of 5 years. Similarly, a sizeable project with assistance
from European Union (EU) is being implemented to promote institutional Solar PV in Nepal.

The solar PV can be considered the only form of electricity that can be generated anytime and
anywhere provided sunshine is available. The earth receives more energy from the sun in just
one hour than the world uses in a whole year. The annual total amount of solar energy incident
on the surface of the earth is estimated to be about 795 x 1012MWh, which is 8300 times greater
than the global energy demand in 1991. The Environmental savings from the Photovoltaic
modules are highlighted in table 3.1 below:

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 Table 1.1 Environmental Savings from Photovoltaic Modules

SN Description Savings of one 50Wp module *

1 Electricity saved per year 90 kWh
2 Electricity saved per life of PV module 2700 kWh
3 Barrels of oil saved over lifetime of PV module 4.8 barrels
4 Pounds of coal saved over lifetime of PV module 2700 lbs
5 Carbon Di-oxide kept out of the air over life of PV 4000 lbs
6 Sulfur Di-oxide kept out of air over life of PV 23.3 lbs
* Based on:

Coal required to produce 1 kWh = 1 lb

Carbon Di-oxide emission = 1.5 lb/kWh

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History and development of solar PV technology

Photovoltaic (PV) Technology

Photovoltaic (PV) Technology is a process of generating electrical energy from the energy of
solar radiation. The principle of conversion of solar energy into electrical energy is based on
the effect called photovoltaic effect. The smallest part of the device that converts solar energy
into electrical energy is called solar cell. Solar cells are in fact large area semiconductor diodes,
which are made by combining silicon material with different impurities. The sand, a base
material for semiconductor, is the most abundantly available raw material in the world. The
ordinary sand (SiO2) is the raw form of silicone.

The solar energy can be considered as a bunch of light particles called photons. At incidence
of photon stream onto solar cell the electrons are released and become free. The newly freed
electrons with higher energy level become source of electrical energy. Once these electrons
pass through the load, they release the additional energy gained during collision and fall into
their original atomic position ready for next cycle of electricity generation. This process of
releasing free electrons (generation) and then falling into original atomic position
(recombination) is a continuous process as long as there is the stream of photons (solar energy)
falling onto the solar cell surface.

History of Development of PV Technology

The PV effect was observed as early as 1839 by Alexandre Edmund Becquerel, and was the
subject of scientific inquiry through the early twentieth century. In 1954, Bell Labs in the U.S.
introduced the first solar PV device that produced a useable amount of electricity, and by 1958,
solar cells were being used in a variety of small-scale scientific and commercial applications.

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Development of solar PV technology
Solar cell was US$ 25 (or US$ 1,785 per Watt). The efficiency of commercially available solar
cell increased to 9% in 1958.

The first PV powered artificial satellite of the earth, Vanguard I, with 0.1 W of solar cell
occupying an area of approximately 100 cm2 and powering a 5 mW back-up transmitter was
launched in 17 March 1958. Three more PV powered satellites were launched in the same year.
The first PV powered telephone repeater also was built in Americus, Georgia, USA in the same
year.
Sharp Corporation was the first company to develop the first usable PV module (group of solar
cells put together in a single module) in 1963.
By 1974 the cost of PV power came down to US$ 30 per watt from US$1785 per watt in 1955.
With the dramatic reduction in the cost, the PV power once affordable only in space vehicle
became an alternative source of electrical energy for terrestrial applications. The fig. 3.1 below
illustrates the decrease in price (US$ per peak watt) of solar PV with time.

Fig. 1.1 Average selling price trend of PV modules

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As the price started falling down the demand and production of the PV modules started
growing. In 1980 ARCO Solar became the first manufacturer to produce PV modules with
peak power of over 1 Mega Watt (MW). By 1983 worldwide production of PV modules
exceeded 21.3 MW with a business volume of 250 million US$. The total installed capacity of
PV modules exceeded 1000 MW worldwide in 1999. As of end of 2002, total installed capacity
of PV power exceeds 2000 MW and a business volume of about 2 billion US$ (400 MW @
5$/Wp).

Nepal could not remain in isolation with development pace of PV technology. With only 8
Solar Home System (SHS) installations in 1992/93, it increased to over 93,362 SHS by end of
2006. The fig. 3.2 below highlights the trends in growth of SHS installations in Nepal which
constitute above 3414 kWp as of December, 2006. The trend of SHS installation shows a steep
rise after 2000 due to the subsidy policy implemented by AEPC/ESAP. Till December 2004,
51 solar PV pumping systems have been installed, of which 28 were installed after 2000 with
subsidy provided from AEPC.

Fig 1.2: Installation of Solar systems - Installed till December 2006

The estimated market potential is huge and about 4,750 kWp of photovoltaic power is currently
being used in various public and private sectors (telecommunication, utility supply, stand-
alone, water supply, aviation etc.) in Nepal are shown in Table 3.2.

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 Table 1.2: Application of PV Power by Sector

SN Service PV Power, kWp No. of Installation

1 Telecommunications 1001 3,000+
2 Utility supply (centralized) 100 2
3 Stand- alone system 3414 93,000+
4 Water supply 120 51
5 Aviation 37 45
6 Miscellaneous 78 100+
Total 4,750

In near future more and more PV systems will be used for various types of services. There is a
plan to install 150,000 solar home systems in areas where national grid will not reach within
second phase of ESAP (March 15 2007 – March 15 2012. These facts indicate that time has
come to pay special attention for PV powered systems for income generating activities.

COMPANY INFORMATION

Sun Power Energy Limited is the only company in Nepal offering the electricity generated
from solar PV power in such a large scale. It is a company consisting of a dedicated and
experienced personnels in the energy sector. Highly ambitious and diligent group of promoters
have made Sun Power Energy Limited a powerful company in the electricity generation sector.
We intend to extend our production systems based on the response of this system. Highly efficient
solar panels and equipments having very low loss are selected for the operations. No less than
Optimum performance is desired for generation of electricity and highly efficient production and
distribution is ensured.

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ASSUMPTIONS

 For the proposed project, the required area is 275,000 m2.

 Land is taken in lease.
 Panel area cost is equal to 0.25% of total cost of solar panels.
 Unit cost for 5 years is constant, 6-10 years 5% increment, 11-25 years 2% increment,
 Raw Material 10% increment in every year.
 Staff salary 0.5% increment every year.
 Maintenance cost 1% every year
 Transportation cost increases 5% per year
 Electricity expenses constant due to our own production
 Administrative expenses increase 1%
 Stationary expenses increases by 1%
 Rental expenses increases by 2%
 Machinery depreciation 10% every year (Straight line method)
 Building depreciation 5% per year
 Share price par value is Rs.100
 Salvage value is 1% of machinery
 Total plant capacity is 25MW, total operating hours per day is 4.5hrs and the annual energy
generation is 41062.5MWhrs.

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ELECTRICITY PRODUCTION TECHNOLOGY
How Solar Cells Work

 The smallest part of the device that converts solar energy into electrical energy is called
solar cell. Formed by a light sensitive P-N junction semiconductor

p-n junction layer

n-type semiconductor
p- type semiconductor

Fig1.3: P-N Junction

 Photons in sunlight hit the solar panel and are absorbed by semiconducting materials, such
as silicon.
 Electrons (negatively charged) are knocked loose from their atoms, allowing them to flow
through the material to produce electricity.
 An array of solar cells converts solar energy into a usable amount of direct current (DC)
electricity.

Light
energy

n-type semiconductor Electric

al
p- type semiconductor
Power

p-n junction
Fig 1.4: How Solar Cells Work

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Photo-voltaic Arrays:
In many applications the power available from one module is inadequate for the load. Individual
modules can be connected in series, parallel, or both to increase either output voltage or current.
This also increases the output power.

When modules are connected in parallel the current increases. For example, three modules which
produce 15 volts and 3 amps each, connected in parallel, will produce 15 volts and 9 amps (Figure
1.13).

Figure 1.13: Three Modules Connected in Parallel

If the system includes a battery storage system, a reverse flow of current from the batteries through
the photovoltaic array can occur at night. This flow will drain power from the batteries.

A diode is used to stop this reverse current flow. Diodes are electrical devices which only allow
current to flow in one direction (Figure 2-22). A blocking diode is shown in the array in Figure 2-
23.
Diodes with the least amount of voltage drop are called schottky diodes, typically dropping .3 volts
instead of .7 volts as in silicon diodes.

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 Fig 1.14: Basic Operation of a Diode

Because diodes create a voltage drop, some systems use a controller which opens the circuit instead
of using a blocking diode.If the same three modules are connected in series, the output voltage will
be 45 volts, and the current will be 3 amps.

If one module in a series string fails, it provides so much resistance that other modules in the string
may not be able to operate either. A bypass path around the disabled module will eliminate this
problem (Fig1.14). The bypass diode allows the current from the other modules to flow through in
the "right" direction.

Many modules are supplied with a bypass diode right at their electrical terminals. Larger modules
may consist of three groups of cells, each with its own bypass diode.

Built in bypass diodes are usually adequate unless the series string produces 48 volts or higher, or
serious shading occurs regularly.Combinations of series and parallel connections are also used in
arrays (Figure 1.15). If parallel groups of modules are connected in a series string, large bypass
diodes are usually required.

Fig1.15: Three Modules Connected in Series with a Blocking Diode and Bypass Diodes

Isolation diodes are used to prevent the power from the rest of an array from flowing through a damaged
series string of modules. They operate like a blocking diode. They are normally required when the array

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produces 48 volts or more. If isolation diodes are used on every series string, a blocking diode is normally
not required

Fig 1.16: Twelve Modules in a Parallel-Series Array with Bypass Diodes and Isolation Diodes

Solar Electricity Potential in Nepal

 Area of Nepal = 147,181 km²

 Solar Insolation average value for Nepal
= 4.5 kWh/ m² - day
 Using PV module @ 12% efficiency total electrical energy generated
= 0.12 * 4.5 * 147,181
= 80,000 GWh/ day

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SWOT ANALYSIS

Strength:
 Plenty of sun shine
 Carbon credits
 Government subsidies and Incentives
 Easy to maintain
 Long life

Weakness
 Needs greater support through a national policy
 Costly
 Weather dependent
 Lack of technical support for remote locations

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Opportunity:
 Increasing energy requirement of the country
 Lead via a large scale project
 Development of human resources
 Improving livelihoods
 Job opportunities

Threat:
 Long term return of investments
 Change in long term government policy
 Technological challenges(storages)
 Lack of cooperation from local distribution utility

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ECONOMIC ANALYSIS
Human Resource Management
Number of Monthly salary Annual salary
SN Position person (Rs) (Rs)
1 CEO 1 80000 1040000
2 Manager 3 50000 1950000
Sn.
3 Engineers(Electronics) 2 45000 1170000
4 Sn.Engineer(Electrical) 2 45000 1170000
5 Sn.Mechanical Engineer 1 45000 585000
6 Electrical Engineer 1 30000 390000
7 Mechanical Engineer 1 30000 390000
8 Overseer 5 22000 1430000
9 Accountant 2 18000 468000
10 HR 2 20000 520000
11 Receptionist 2 16000 416000
12 Helpers 10 10000 1300000
13 Guards 5 10000 650000
14 Total 36 341000 10,439,000.00

LAND AND BUILDING

For the proposed project, an area of about 274480 sq.meters. is required. It is recommended that
the land would be leased in Surkhet, Middle-western region of Nepal estate. The details of the area
required for different activities are given below:

Building covered requirement

SN Description Area (m2) Qty Total in Rs
1 Management building 250 1 2,000,000.00
2 Panel area 274480 22 6038560
3 Store and workshop 120 1 500000
4 Total construction cost(Building and infrastructure) 274850 8,538,560.00

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S Unit price
N Description Unit QTY (NRS.) Total cost(NRs.)

25,000,000.
1 Solar Plant watt 00 90 2,250,000,000.00

2 Solar stand and accessories Pcs L/S 11,250,000.00

3 Inverter (31.25MVA) KVA 31,250 1000 31,250,000.00

4 Cables (AC/DC) M L/S 450,000,000.00

5 Transformer(31.25MVA) KVA 31250 4000 125,000,000.00

6 Junction Box (47.480) KA 47.48 50000 2,374,000.00

7 Installation KW 25000 10000 250,000,000.00

8 Land Use(rental) m2 274480 22 6,038,560.00

Other accessories(furniture and
9 fixtures) L/S 112,500,000.00

S.N. Capital investment In Rs

1 Land(rent) 6,038,560.00
2 Building/Infrastructure 2,500,000.00
3 Machinery and Equipment 2,869,874,000.00
4 Instatallation 250,000,000.00
5 Furniture and fixtures 112,500,000.00
6 Office requirement(stationary) 500000
7 Automobiles 5500000

Total Capital Cost (A) 3,246,912,560.00

S.N. Working Capital In Rs

1 Raw material inventory( E/M) 3,587,342.500
2 Cash 1,000,000.00
Total Working Capital (B) 4,587,342.500

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Total Investment (A+B) 3,251,499,902.50

Initial Financing Rs
Debt 64.50%
Equity 35.50%
TotaL 100.00%

S.N. Annual Operating Cost(for initial)

1 Raw Materials 200,000.00
2 Staffs salary 11,921,000.00
3 Maintenance Cost 100,000.00
4 Transportation 175,000.00
5 Electricity 120,000.00
6 Interest Expense 220,925,670.67
7 Administrative 200,000.00
8 Depreciation (Machines and Buildings) 114,537,010.40
9 Stationary 200,000.00
10 Rental Expenses 6,038,560.00
11 Tax
12 Other overhead cost 50,000.00
Total operating cost 353,110,241.07

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REQUIRED CALCULATIONS

Weighted Average Cost of Capital calculation

Investment criteria
Debt rate (D)= 64.5%
Equity rate (E)= 35.5%
we have the formula,
𝑅𝐷∗(1−𝑡𝑎𝑥)∗𝐷 𝑅𝐸∗𝐸
WACC (i) = +
𝐼 𝐼

S.N Particulars/years 0
1 Total Investment 3,659,406,192.80
Tax 20%
2 Rd 8%
3 Debt(64.5I) 2,360,316,994.36
4 Equity(35.5 I) 1,299,089,198.44
5 Risk Free,Rf 2%

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 6 Market Interest Rate,Rm 12%
7 Company's Risk B 2.00
9 Re(From Capam) 22%
10 WACC 12%

Internal rate of return (IRR) calculation

For finding whether the project is feasible or not we must calculate the internal rate of return. The
internal rate of return is the interest rate that is charged on the unrecovered project balance of the
investment such that, when the project terminates, the unrecovered project balance will be zero.
Hence internal rate of return is that break even interest rate which equates the present worth of a
project’s cash outflows to present worth of cash inflows.

NPV=0
O r, -I +∑25
𝑗=1 Pj(F/Pj, i ∗, Nj) =0

From Excel calculation, IRR (i*)=15%

Net Present Value (NPV) calculation

From the above estimated cash flows we have calculated the present worth of all cash flows. This
calculated value is the net present worth. With the help of the net present worth we will find
whether the project is acceptable or not .For the calculation of net present worth we have calculated
the MARR. The NPV can be found as follows.

F
NPV= -I+∑25
𝑗=1 Pj(Pj , 12%, Nj)

NPV = Rs. 788,165,557.31

Net Future Value (NFV) calculation

The future worth analysis is another tool for evaluating the project. We evaluate the project for its
feasibility according to the sign of net future worth. The net future worth of our project is calculated
according to following formula

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NFV = NPV (F/P,i,N)
= Rs. 788,165,557.31 *(F/P, 12%, 25)
= Rs. 788,165,557.31 * 17.01
= Rs. 13,398,893,290.81
Annual equivalent worth calculation
The annual equivalent worth analysis is the basis for measuring the present worth by determining
the equal payments on an annual basis. The annual equivalent worth is calculated by following
formulae.
AE =PW (A/P, 12%, 25)
= 788,165,557.31 * 0.1275
=Rs. 450,999,323.33

Payback period calculation

It is the time of that is taken to pay back the investment in project with certain annual equal earning
annuity.
Payback period = total investment /annual equivalent

= 3,251,499,902.50 /450,999,323.33
= 7.21 years

Discounted cash flow

0% 11,545,587,161.13
5% 4,635,872,516.21
10% 1,588,490,821.22
15% 67,349,711.27
20% (781,402,618.13)
25% (1,301,996,871.58)
30% (1,646,868,691.45)
35% (1,889,711,971.65)
40% (2,069,111,643.11)
45% (2,206,748,240.85)
50% (2,315,572,569.85)
55% (2,403,735,933.62)
60% (2,476,601,445.26)
65% (2,537,832,867.65)

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 Calculation of IRR:
 If IRR>MARR, accept the project

 If IRR = MARR, remain indifferent

 If IRR < MARR, reject the project

As we know MARR is related to either borrowing interest rate or the Lending interest Rate. In
our project we have borrowed Nrs. 2,360,316,994.36 the loan from the ADB at the interest rate
of 8%.Hence the MARR Is calculated as 12%. So in this project, we have calculated the
IRR=15% i.e,
IRR>MARR
Hence the project is accepted

14,000.00
NPV verses Interest rate
Millions

12,000.00

10,000.00
Net Present Value

8,000.00

6,000.00
15%
4,000.00
IRR NPV verses interest rate

2,000.00

-
0% 10% 20% 30% 40% 50% 60% 70%
(2,000.00)

(4,000.00) Interest Rate

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 Net Cash Flow
1,000.00
Millions

500.00

-
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 26
(500.00)

(1,000.00)
Series1
(1,500.00)

(2,000.00)

(2,500.00)

(3,000.00)

(3,500.00) Years

Discounted Cash Flow

1,000.00
Millions

500.00

-
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 26
(500.00)

(1,000.00)

Series1
(1,500.00)

(2,000.00)

(2,500.00)

(3,000.00)

(3,500.00)
Years

24 | P a g e
25 | P a g e
RATIO ANALYSIS

Profit margin ratio Vs Year

0.8

0.6

0.4

0.2

0
0 5 10 15 20 25 30

Return on Assets(ROA) Return on…

0.12
0.1
0.08
0.06
0.04
0.02
0
0 5 10 15 20 25 30

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 Return on Equity(ROE) Return on…
0.6
0.5
0.4
0.3
0.2
0.1
0
0 5 10 15 20 25 30

Assets…
0.25
Assets Turnover
0.2
0.15
0.1
0.05
0
0 5 10 15 20 25 30

12
Current Ratio Curre…

10
8
6
4
2
0
0 5 10 15 20 25 30

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 Quic…
12.00
Quick Ratio
10.00
8.00
6.00
4.00
2.00
-
0 5 10 15 20 25 30

DISCUSSION AND ANALYSIS

There are many a tools that help to determine feasibility of project. We have used some common
economic tools to find the feasibility of our Company’s project. For the project we are taking soft
loan from ADB as proposed by them for the energy sector at 8% which covers the 64.5% of total
initial investment. We are planning to repay the loan at regular installment of 25 years. We
calculated the minimum attractive rate to be about 12%. We have calculated the net present worth
of the project which is Rs. 788,165,557.31, the net future worth of the project which is Rs.
13,398,893,290.81. As the present worth is positive the project is acceptable in economical terms.
The positive sign of future worth also signifies that the project is acceptable. The annual equivalent
worth of our project is Rs. 450,999,323.33, which shows that we will get annual return from our
company, this seems to be satisfactory. The return of such good amount will signify the
acceptability of project.
The Internal Rate of return found to be 15%, which is greater than the
calculated 12% rate of return. This also shows that we are getting return from the company at a
satisfactory rate. The project is feasible according to rate of return analysis also. Our company also
calculated the time after which the project starts to generate the profit. It’s been calculated that the
payback period as 7.21 years. This is also satisfactory for our project.

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29 | P a g e
CONCLUSION

Solar energy is one of the cleanest and fastest growing power sources in the world. Solar energy
will play a pivotal role in the energy mix of the future which is aimed at near CO2 free
electricity. However in the context of Nepal large scale solar power generation is useful where
there is not available of grid connection. From the technical, economic and financial analysis
of large scale solar power generation it seems that the technology is feasible to the rural areas
of Nepal which has potential for good solar irradiation over the year.

The crippling shortage of energy in the Nepal has compelled the government to seek out
alternative sources to meet the energy demand. From the financial, economic and risk analysis
we have found that the project of installing 25MW solar electricity generation in Surkhet is
feasible.

During the preparation of this report we learnt many things to check the feasibility using
different economic methods like present worth value method, future worth method, annual
equivalent worth method, Internal rate of return method. We can conclude that:
 We learned present worth analysis, future worth analysis, annual equivalent worth
analysis and internal rate of return analysis.
 We learned how to estimate the investment costs, annual operating costs and minimum
attractive rate of return.
 We also calculated NPV, NFV, AEW, and IRR. When the all worth values came
positive, the project is feasible.
 The company gets profit 7.21 years later, which is acceptable for case of renewable
energy company.

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