Corporate factor and money basis

grid t/MWh = EF_grid (kg/kWh); diesel t/L = EF_diesel ÷ 1000; gas kg/kWh = EF_gas (kg/SCM) ÷ 10.55

Gas is turned from per cubic metre into per kWh using a declared calorific value.

• EF_grid
  Grid factor · kg CO₂e / kWhIndia: 0.675 kg CO₂e / kWh · CEA CO2 Baseline Database for the Indian Power Sector v22.0 (Aug 2026), Table S (2026)↗ sourcepending review
  Factor table
• EF_diesel
  Stationary diesel · kg CO₂e / LIndia: 2.66155 kg CO₂e / litres · DEFRA 2026: diesel (100% mineral diesel), litres↗ source
  Factor table
• EF_gas
  Natural gas · kg CO₂e / SCMIndia: 2.116 kg CO₂e / SCM (m³) · PPAC natural gas conversion factors (via BPCL): GCV 10,000 kcal/SCM, NCV 90% of GCV; IPCC 2006 Vol.2 Ch.1/Ch.2 natural gas 56.1 tCO2/TJ (2006 / PPAC) [medium confidence]↗ sourcepending review
  Factor table
• EF_coal
  Boiler / kiln coal · kg CO₂e / tIndia: 1,894 kg CO₂e / tonnes · India Initial National Communication coal factors (Choudhury et al. 2004) as tabulated by MoEFCC/NIES WGIA; CO2 EF consistent with CEA v22 Appendix B (95.8 gCO2/MJ NCV); IPCC 2006 Vol2 Ch2 Table 2.3 CH4/N2O (2004 (factors); 2026 (CEA corroboration)) [medium confidence]↗ sourcepending review
  Factor table
• GCV
  Natural gas calorific value · kWh / SCMIndia: 10.55 kWh per SCM · Ploxi engineering assumptionpending review
  Factor table

value = own row; else RESCO = own tariff × (India RESCO ÷ India tariff); else India value × (local per US$ ÷ ₹ per US$)

No open-access row means no open-access market (lever off). Yield, discount rate and FX are copied, not converted.

• tariff
  Industrial grid tariff · per kWhIndia: 9 INR per kWh · MERC MSEDCL MYT Order (Case 217 of 2024) press note — Annexure 1 approved HT-I Industry ABR; MPERC FY2025-26 Retail Supply Tariff Order Table 93; MERC TPC-D MYT press note (2025-26) [medium confidence]↗ sourcepending review
  Factor table
• OA saving
  Open-access saving vs grid · per kWhIndia: 3 INR per kWh · Ploxi declared basis: 25–35% landed saving under green open access (kept). Research derived ~₹1.5/kWh from IEX G-DAM + CSS with assumed wheeling/banking (low confidence; state-specific ₹0.5–3).pending review
  Factor table
• RESCO
  Zero-capex rooftop offtake tariff · per kWhIndia: 5.5 INR per kWh · Ploxi declared basis: C&I rooftop RESCO offtake (kept). Research found only the CSERC levellised utility tariff ₹3.39/kWh as a proxy (low confidence).pending review
  Factor table
• REC
  REC / I-REC price · per MWhIndia: 65 INR per MWh · Ploxi declared basis: indicative India I-REC price (kept). Research found only the domestic Indian REC on IEX (~₹360/MWh, Aug 2026) — a different instrument; India I-RECs trade OTC with no official price.pending review
  Factor table
• yield
  Solar specific yield · kWh / kWp·yrIndia: 1,560 kWh per kWp per year · World Bank/ESMAP Global Solar Atlas (Solargis model v2.2.68, data to 2025) — PVOUT at 10 Indian metros (2026) [medium confidence]↗ sourcepending review
  Factor table
• capex
  Solar capex · per WIndia: 35 INR per W · CSERC Generic RE Tariff FY2025-26 (Suo-motu Petition 101 of 2025) — normative capital cost solar PV 0.5-2 MW ₹3.5 Cr/MW; corroborated by CTUIL/CEA benchmark (Sep 2026) ₹3.5 Cr/MW and MNRE GCRT benchmark (OM 21-Jul-2020) ₹36/W for 100-500 kW (2025-26) [medium confidence]↗ sourcepending review
  Factor table
• O&M
  Solar O&M · per W·yrIndia: 0.93 INR per W per year · CSERC Generic RE Tariff FY2025-26 — normative O&M for solar PV ₹9.26 lakh/MW (escalating ~5.25%/yr) (2025-26) [medium confidence]↗ sourcepending review
  Factor table
• diesel
  Diesel price · per LIndia: 95.2 INR per litre · Retail selling price of diesel, Delhi (IOCL/PPAC), as of 14 Oct 2026 (2026) [medium confidence]↗ sourcepending review
  Factor table
• gas
  Industrial gas price · per m³India: 48.3 INR per m3 · Gujarat Gas (largest industrial CGD) Q4FY26 realisation per SCM — Bank of Baroda Capital result review (1 Jun 2026) (2026) [low confidence]↗ sourcepending review
  Factor table
• BESS
  Battery storage capex · per MWhIndia: 26,000,000 INR per MWh · Ploxi declared basis: CERC 2025-26 4-hr C&I band ₹2.2–3 Cr/MWh (kept). Research found the CTUIL utility-scale benchmark ₹0.80 Cr/MWh, which the source says understates C&I (1.3–2×).pending review
  Factor table
• water
  Water tariff · per kLIndia: 95 INR per kL · Ploxi declared basis: intake + effluent tariff blended (kept). Research found MIDC water-only rates ₹17.75–26/kL (Circular 08/2025), excluding CETP/effluent charges.pending review
  Factor table
• r
  Discount rate · %India: 9.21 percent · CSERC Generic RE Tariff FY2025-26 — post-tax WACC discount factor for solar PV (70:30 debt-equity, 10.99% interest, 14% post-tax ROE) (2025-26) [medium confidence]↗ sourcepending review
  Factor table
• FX
  Local currency per US$India: 95.0317 INR per USD · Reserve Bank of India homepage - Exchange Rates, INR / 1 USD (Source: FBIL, as at 1.00pm of October 14, 2026) (2026-10-14)↗ sourcepending review
  Factor table
• HP package
  Heat-pump readiness package (India, converted elsewhere) · INRIndia: 15,000,000 INR · Ploxi declared costpending review
  Factor table
• sorting line
  Waste sorting line (India, converted elsewhere) · INRIndia: 2,500,000 INR · Ploxi declared costpending review
  Factor table
• ETP capex
  ETP recycling capacity · INR per kL·yrIndia: 200 INR per kL per year · Ploxi declared costpending review
  Factor table
• BESS running
  Battery charging + running cost · INR per kWhIndia: 8 INR per kWh · Ploxi declared costpending review
  Factor table
• waste value
  Net value of diverted waste · INR per tIndia: 5,000 INR per t · Ploxi declared costpending review
  Factor table
• captive equity
  Captive SPV equity (26%) · INR per MWh·yrIndia: 1,140 INR per MWh per year · Ploxi declared costpending review
  Factor table

blended price = Σ (quantity_c × price_c in display currency) ÷ Σ quantity_c

Each price is weighted by what it applies to: grid MWh for tariffs, roof area for solar, diesel litres for diesel, thermal kWh for gas, water m³ for water.

• discount fallback
  Discount rate if noneValue used: 10%
  Ploxi assumption