2QFY22
2QFY22
2QFY22
Earnings Review
Nov 18, 2021
1
Disclaimer
Forward-Looking Statements
This announcement contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the services offered by ReNew
Energy Global, the markets in which ReNew Energy Global operates and ReNew Energy Global’s future potential financial and operational results. These forward-looking
statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will,"
"would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that
are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from
the forward-looking statements in this announcement, including but not limited to, the ability to implement business plans, forecasts, and other expectations, the ability to identify
and realize additional opportunities, and potential changes and developments in the highly competitive renewable energy and related industries. The foregoing list of factors is not
exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in ReNew Energy Global's annual report on Form 20-F filed with the
Securities and Exchange Commission (the "SEC") on August 27, 2021 and other documents filed by ReNew Energy Global from time to time with the SEC. These filings identify
and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-
looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ReNew Energy Global assumes
no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. ReNew Energy Global
gives no assurance that it will achieve its expectations.
This presentation contains financial measures which have not been calculated in accordance with International Financial Reporting Standards (“IFRS”), including EBITDA because
they are a basis upon which our management assesses our performance and we believe they reflect the underlying trends and indicators of our business. Although we believe
these measures may be useful for investors for the same reasons, these financial measures should not be considered as an alternative to IFRS financial measures as a measure
of the Company's financial condition, profitability and performance or liquidity. In addition, these financial measures may not be comparable to similar measures used by other
companies. At the Appendix to this presentation, we provide further descriptions of these non-IFRS measures and reconciliations of these non-IFRS measures to the
corresponding most closely related IFRS measures.
2
Agenda 01 ReNew Overview
02 H1 FY 22 & Q2 FY 22 Highlights
03 Guidance
05 Appendix
3
01
ReNew
Overview
4
Highly Diversified Portfolio Of Contracted Assets
ReNew’s Regionally Diversified Utility Portfolio(1) Largest Operating Portfolio In India(1)
Commissioned,
7.0 GW,
68%
Committed (2)
99 MW 3.3 GW,
3,058 MW 32%
100 MW
Notes: 5
1. As on 15 November, 2021; Map includes only operational and committed capacity (does not include distributed solar capacity)
2. Committed capacity means projects for which a PPA has been signed or projects for which the bid has been won and a letter of award has been received, or in the case of an acquisition, where binding agreements have been signed
Strong Growth Through Organic And Inorganic Opportunities
Installed Capacity (In GW)
Bn
• Govt. target implies ~35-40 GW of annual auctions
through 2028
• 6-7 GW of auctions scheduled
• Highest organic operational capacity among peers $30-50 M&A
Bn
• Overall market opportunity of 30-50 GW
• 6-8 GW up for sale currently/near term
• 1.8 GW of acquisitions done; competitive advantage on
financing, asset improvement & management, analytics
Note: Total addressable market amount based on company estimates; INR numbers converted to USD at 1 USD = 75 INR
7
1. As per India Brand Equity Foundation (IBEF) report from August 2021, 2. Includes plain vanilla renewable energy and intelligent energy solutions such as Firm
Power, Round-the-Clock (RTC), Peak Power, Battery Storage, etc.; 3. Market opportunity calculated basis assumed value of $1Mn/MW; 4. Assuming replacement of
Presence In All Market Segments Provides Multiple Avenues Of
Growth Along With Access To Higher Return Opportunities
No. Of ~15 - 20
3-4 5-6 5-6
Competitors (Large scale 8 – 10)
Indicative Lower end of Higher than Higher than plain Higher than plain
Range Of IRRs targeted range plain vanilla RE vanilla RE vanilla RE
8
1. If provided by Renewable Energy; PPA Capacity being auctioned is 2 - 3 GW
02
H1 FY 22 &
Q2 FY 22
Highlights
9
Q2 FY 22 And H1 FY 22 Overview
10
1. Capacity as on 30 September, 2021; ReNew sold 300 MW Pavagada solar project effective 15 February, 2021
2. Total Income (or revenue) includes finance income of (a) INR 807 Mn in H1 FY 22 and INR 1,121 Mn in H1 FY 21; (b) INR 343 Mn in Q2 FY 22 and INR 476 Mn in Q2 FY 21. However, finance income is not included in Adjusted EBITDA
$470 Mn Of Weather Adjusted EBITDA in H1 FY 22
H1 FY 22 Adjusted
H1 FY 22
Adjustments H1 FY 22
Million (INR) (USD) (INR) (USD) (INR) (USD) Comments
Revenue from contracts with customers 32,507 438 2,966 40 35,473 478 $40 Mn of negative weather impact
Other operating income 1,575 21 1,575 21
Finance income 807 11 -807 -11 - - Removal of interest income
Other income 3,230 44 3,230 44
Total income 38,119 514 2,159 29 40,278 543
11
Notes: FY represents fiscal year end 31st March ; INR numbers converted to USD at 1 USD = 74.16 INR
FY 22 Capacity Additions On Track
Quarterly Additions of Installed Capacity
8.2 GW
Additional
Projects /
acquisitions
0.5 GW
6.3 GWs
5.6 GWs 5.7 GWs
FY 21 Q1 FY 22 Q2 FY 22 Q3 FY22 Q4 FY22 FY 22
Proactive Measures For Expediting GOI Also Prioritizing Overall Macro Environment &
Collections Clearing Discom Dues Improving Power Demand
Active receivable management Recently invoked tripartite agreement Accounts Receivables
and continuous discussions / between itself, certain state govts. situation is expected to
monitoring with offtakers through and Reserve Bank of India improve onward after
dedicated teams & senior recovery following a COVID
Mandating opening Letters of Credit
management committees spike, proactive Govt.
from Discoms
initiatives, continued shift
Pursuit of legal and regulatory
towards the best
remedies Discoms with dues of 7 months or
counterparties and improved
more prohibited from purchasing
power demand (10% higher
power from exchange or spot markets
than pre Covid levels) which
Discom liquidity package of ~ $18 Bn will help improve Discom
financials
13
03
Guidance
14
Strong Growth Profile Which Is Fully Equity Funded
Net Debt(1) & Leverage(2) At Operating Capacity
Run Rate Adjusted EBITDA Of 6.3 GWs And 10.3 GWs
7000 6
INR 422 - 438 Bn
6000 ($5,700 - $5,900 Mn)
INR 84 – 90 Bn
($1,126 - $1,216 Mn) 5000 5.5
INR 60 - 65 Bn INR 263 Bn
INR 55 - 60 Bn
($805 - $870 Mn)
4000 ($3,550 Mn)
($740 - $800 Mn) 4.9x 5
3000
2000 4.5x
4.5
1000
INR 67 Bn
INR 57 Bn
($907 Mn)
($778 Mn) INR 7 - 8
H1 FY22
H1 FY22 ($96 - $111 Mn)
On track to achieve FY 22 weather adjusted EBITDA guidance of $810 Mn (INR 60.8 Bn) and 8.2 GWs of
operational capacity by 31st March 2022
Note: We intend to add to committed capacity only once PPA is signed in future; INR numbers converted to USD at 1 USD = 74.16 INR
1. Including corporate debt; 10.3 GWs net debt assumes one year of Cash Flow to equity for 6.3 GWs; net debt reduced by excess cash balance after incurring capex for 6.3 GW or 10.3 GWs respectively; Excludes capex & debt for manufacturing 2. Net debt/Run Rate EBITDA; includes corporate debt; excludes
15
capex for manufacturing 3. Estimated Net Debt for Operating Capacity of 6.3 GW as on September 30, 2021 and 10.3 GW; 4. Capex is for 4.7 GW (excluding already incurred) beyond 5.6 GW of commissioned capacity as on 31st March, 2021; doesn’t include duty impact and capex for manufacturing; 5. EBITDA
less tax expenses, debt servicing (interest cost and amortisation), change in working capital and maintenance capex
04
Sustainability
And ESG
16
ReNew Is Leading The Energy Transition In India And Is
Committed To Global Sustainable Development Goals
Our ESG Initiatives Partnerships With
Environment Social
ReNew avoids carbon ReNew continued its strong safety
emissions 200 times its Scope performance with zero fatality incidents
1 & 2 emissions
400,000 lives impacted across 200+ villages in 9 Indian
ReNew’s total installed capacity states through community development initiatives in FY 20-21
contributes to 1.5% of India’s total
installed power capacity, and helps
With the view of strengthening the supply chain responsibly, the
avoid 1.1% of the emissions from the
power sector
Company released sustainable supply chain framework for
evaluating and screening suppliers on non-financial parameters
Signatory To
Total avoided emissions by ReNew’s GRI Sustainability Imperatives
clean energy operations stands at 10
million tCO2e
Governance
ReNew Power has committed to ReNew has adopted GRI 2020 standards for
being net-zero by 2050 by adopting its sustainability disclosures
Science Based Targets
Sustainability Committee is vested with the responsibility of
ReNew Power is taking initiatives to implementing and monitoring sustainability initiatives and
reduce water consumption such as progress periodically
deploying robotic cleaning at seven
sites in Rajasthan, helping it save Strong management systems certified as per Plans To Adopt
over 66,000 kilolitres annually ISO 9001, 14001 and 45001
17
Source: Company Information
Impacting Communities With Sustainability Initiatives
ReNew Women India Initiative (ReWIN) Lighting Lives – Electrification Of Schools
18
Source: Company Information
05
Appendix
19
$267 Mn Weather Adjusted EBITDA in Q2 FY 22
Q2 FY 22 Adjusted
Q2 FY 22
Adjustments Q2 FY 22
Million (INR) (USD) (INR) (USD) (INR) (USD) Comments
Revenue from contracts with customers 16,990 229 1,632 22 18,622 251 $22 mn of negative weather impact
Other operating income 1,550 21 1,550 21
Finance income 343 5 -343 -5 0 0 Removal of interest income
Other income 2,429 33 2,429 33
Total income 21,312 287 1,289 17 22,601 305
20
Counterparty Overview And Asset Breakdown
Notes:
1. Weighted average operational capacity is calculated as electricity generated divided by the plant load factor and weighted by number of days for the reporting period
2. Electricity sold is approximately 4% lower than the electricity generated as a result of electricity lost in transmission or due to power curtailments
3. Revenue from the sale of power constitutes 100%, 99% and 99% of our revenue from contract with customers for the years ended 31st March, 2019, 2020 and 2021, respectively
4. Includes distributed solar energy projects
5. Revenue from contract with customers includes an unallocable amount which refers to income allocable to management shared services that we provide under our joint venture agreements with our joint venture partners; Commissioned capacity for H1 FY 22 includes 99 MW Hydro project 22
6. Reduced by 300 MW on account of sale of solar asset
7. For operating capacity of 5.6 GWs as on 31st March, 2021; Generation profile is basis actual performance for Q1 & Q2 and estimated for balance quarters
Track Record Of Efficient Capital Raise From Diverse Sources Of
Funding
Outstanding Funding (30th September 2021) (1) Raised US$3bn+ In Bond Offerings Through 7
USD Bond Offerings At Competitive Rates
Reduction in cost of
debt
6.67% 1.71%
Working Capital 6.45%
Loan
6.00%
INR Bonds 3.3%
6.6% 5.88%
(2) 5.38%
Equity Weighted average cost of debt: 6.25% (4)
28.8%
Total 4.50%
Raised > $10 Bn since 2011; ~49% USD bonds are rated BB- by Tenor (yrs) 5.0 4.5-5.0 3.0 7.0 3.5 6.0 7.25
through greenfield/corporate debt S&P, BB-/ BB by Fitch and
and balance through refinancing Ba3 by Moody’s
Ability to refinance existing debt at lower Increases liquidity for
Local rating (CARE) of interest cost, longer tenor, top-ups to financing capex of
USD bonds are hedged release liquidity and less onerous new projects
A1+ for short term debt
and A+ for long term restricted payment conditions
Corporate rating of Ba2 by Moody’s
Variable Rate
28%
1 year
By Currency(1) By Maturity 17%
US Dollars
48% (fully > 5 years
INR hedged) 39%
52%
1 to 5 years
44%
1. Applicable tariff is based on PPAs or the latest invoices issued and in the case of group captive customers is a weighted average figure based on invoices issued to the customer
2. MSEDCL: Maharashtra State Electricity Distribution Co. Ltd; JVVNL: Jaipur Vidyut Vitran Nigam Ltd; APSPDCL: Andhra Pradesh Southern Power Distribution Co. Ltd; AVVNL: Ajmer Vidyut Vitran Nigam Ltd ; MPPMCL: M.P. Power Management Co. Ltd; GUVNL: Gujarat Urja Vikas Nigam Ltd ;
Third Party refers to private commercial & industrial customers and power sold through IEX
3. Tariff grossed up by 4% to include transmission loss reimbursement as per the relevant; (3a) PPA Tariff grossed up by 2.5% to include transmission loss reimbursement as per the relevant PPA;
4.10 years from date of first supply in September 2020; 5. HT tariff refers to high tension tariff, which is the tariff charged by the electricity distribution companies for power supplied at high voltage. The electricity distribution company typically publishes a tariff chart which categorizes tariffs at different
25
voltage levels. The rate varies from state to state and from year-to-year; 6. Any income tax paid by us is “passed-through” to our offtakers in addition to the tariff; 7. Hybrid Projects; 8. CoD for operational projects are weighted average CODs; for under development projects are management
estimated CoDs; 9. Transaction closed in first week of November 2021
Project Level Details
Project Capacity (MW) Location CoD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at CoD
Utility Scale Wind Energy Commissioned Projects (3,718 MW)
Bhesada 100.8 Rajasthan Dec-15 5.88(3a) JDVVNL 25
Nipaniya 40.0 Madhya Pradesh Feb-16 5.92 MPPMCL 25
Kod and Limbwas 90.3 Madhya Pradesh Mar-16 5.92 MPPMCL 25
Ostro-Lahori 92.0 Madhya Pradesh Mar-16 5.92 MPPMCL 25
Ostro-Amba 66.0 Madhya Pradesh Mar-16 5.92 MPPMCL 25
Ron 40.0 Karnataka Aug-16 6.07 + escalation linked to HT Tariff or predefined escalation(5) 3rd Party 10
Ostro-Nimbagallu 100.0 Andhra Pradesh Sep-16 4.84+Tax Pass-through to offtakers(6) APSPDCL 25
Limbwas 2 18.0 Madhya Pradesh Oct-16 4.78 MPPMCL 25
Ellutala 119.7 Andhra Pradesh Nov-16 4.84+Tax Pass-through to offtakers(6) APSPDCL 25
Jogihalli 4.8 Karnataka Dec-16 7.24 3rd Party 10
Jogihalli 7.2 Karnataka Jun-17 7.24 3rd Party 10
Batkurki 60.0 Karnataka Jan-17 4.50+Tax Pass-through to Offtakers(6) HESCOM 25
Bableshwar 50.0 Karnataka Mar-17 4.50+Tax Pass-through to Offtakers(6) HESCOM 25
Veerabhadra 100.8 Andhra Pradesh Mar-17 4.84+Tax Pass-through to offtakers(6) APSPDCL 25
Amba-1 44.0 Madhya Pradesh Mar-17 4.78 MPPMCL 25
Amba-2 8.0 Madhya Pradesh Mar-17 4.78 MPPMCL 25
Patan 50.0 Gujarat Mar-17 4.19 GUVNL 25
Lahori 26.0 Madhya Pradesh Mar-17 4.78 MPPMCL 25
Molagavalli 46.0 Andhra Pradesh Mar-17 4.84+Tax Pass-through to offtakers(6) APSPDCL 25
Ostro-Sattegiri 60.0 Karnataka Mar-17 4.50+Tax Pass-through to offtakers(6) HESCOM 25
Ostro-Ralla Andhra 98.7 Andhra Pradesh Mar-17 4.84+Tax Pass-through to offtakers(6) APSPDCL 25
Ostro-Ralla AP 98.7 Andhra Pradesh Mar-17 4.84+Tax Pass-through to offtakers(6) APSPDCL 25
Ostro-AVP Dewas 27.3 Madhya Pradesh Mar-17 4.78 MPPMCL 25
Ostro-Badoni Dewas 29.4 Madhya Pradesh Mar-17 4.78 MPPMCL 25
Sadla 38.0 Gujarat Mar-17 3.86 GUVNL 25
Sadla 10.0 Gujarat May-17 3.86 GUVNL 25
Ostro-Taralkatti 100.0 Karnataka Feb-18 4.50+Tax Pass-through to offtakers(6) GESCOM 25
Bableshwar 2 40.0 Karnataka Mar-18 3.74+Tax Pass-through to offtakers(6) BESCOM 25
1. Applicable tariff is based on PPAs or the latest invoices issued and in the case of group captive customers is a weighted average figure based on invoices issued to the customer
2. MSEDCL: Maharashtra State Electricity Distribution Co. Ltd; JVVNL: Jaipur Vidyut Vitran Nigam Ltd; APSPDCL: Andhra Pradesh Southern Power Distribution Co. Ltd; AVVNL: Ajmer Vidyut Vitran Nigam Ltd ; MPPMCL: M.P. Power Management Co. Ltd; GUVNL: Gujarat Urja Vikas Nigam Ltd ;
Third Party refers to private commercial & industrial customers and power sold through IEX
3. Tariff grossed up by 4% to include transmission loss reimbursement as per the relevant; (3a) PPA Tariff grossed up by 2.5% to include transmission loss reimbursement as per the relevant PPA;
4.10 years from date of first supply in September 2020; 5. HT tariff refers to high tension tariff, which is the tariff charged by the electricity distribution companies for power supplied at high voltage. The electricity distribution company typically publishes a tariff chart which categorizes tariffs at different
26
voltage levels. The rate varies from state to state and from year-to-year; 6. Any income tax paid by us is “passed-through” to our offtakers in addition to the tariff; 7. Hybrid Projects; 8. CoD for operational projects are weighted average CODs; for under development projects are management
estimated CoDs; 9. Transaction closed in first week of November 2021
Project Level Details
Project Capacity (MW) Location CoD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at CoD
Utility Scale Wind Energy Commissioned Projects (3,718 MW)
Bapuram 50.0 Karnataka Mar-18 3.74+Tax Pass-through to offtakers(6) GESCOM 25
(6)
Nirlooti 60.0 Karnataka Mar-18 3.74+Tax Pass-through to offtakers GESCOM 25
Borampalli 50.4 Andhra Pradesh Mar-18 4.84+Tax Pass-through to offtakers(6) APSPDCL 25
Kushtagi-1 71.4 Karnataka Mar-18 3.72+Tax Pass-through to offtakers(6) HESCOM, GESCOM 25
Ostro - Kutch (SECI 1) 250.0 Gujarat Oct-18 3.46 PTC 25
SECI II 230.1 Gujarat Oct-19 2.64 SECI 25
GUVNL 35.0 Gujarat Oct-19 2.45 GUVNL 25
MSEDCL Bid 76.0 Maharashtra Dec-19 2.85 MSEDCL 25
SECI III 300.0 Gujarat Dec-20 2.44 SECI 25
SECI VI 116.0 Karnataka Oct-21 2.82 SECI 25
SECI VII 11.0 Gujarat Nov-21 2.81 SECI 25
Utility Scale Wind Energy Committed Projects (224 MW)
SECI VI 184.0 Karnataka Q4 FY 22 2.82 SECI 25
SECI VII 39.6 Gujarat Q4 FY 22 2.81 SECI 25
Corporate Wind Energy Committed Projects (26 MW)
Corporate Projects 26.3 Gujarat Grasim, Ultratech
Total Wind 3,967.4
Utility scale Solar Energy Commissioned Projects (3,106 MW)
VS- Lexicon 10.0 Rajasthan Feb-13 8.69 NTPC 25
VS- Symphony 10.0 Rajasthan Feb-13 8.48 NTPC 25
Sheopur 50.0 Madhya Pradesh Jun-15 6.97 MPPMCL 25
VS-Star Solar 5.0 Rajasthan Jul-15 6.45 RREC 25
VS-Sun Gold 5.0 Rajasthan Jul-15 6.45 RREC 25
5.98 for year 1 with 3% escalation till year 10, 10th year tariff
Adoni 39.0 Andhra Pradesh Mar-16 APSPDCL 25
applicable from 11th year
5.98 for year 1 with 3% escalation till year 10, 10th year tariff
Cumbum 21.0 Andhra Pradesh Mar-16 APSPDCL 25
applicable from 11th year
Mehbubnagar-1 100.0 Telangana May-16 6.73 TSSPDCL 25
Sadashivpet 24.0 Telangana Jun-16 6.8 TSSPDCL 25
Ittigi 50.0 Karnataka Jan-17 5.92 + escalation linked to HT Tariff or predefined escalation(5) 3rd Party 08-10 years
1. Applicable tariff is based on PPAs or the latest invoices issued and in the case of group captive customers is a weighted average figure based on invoices issued to the customer
2. MSEDCL: Maharashtra State Electricity Distribution Co. Ltd; JVVNL: Jaipur Vidyut Vitran Nigam Ltd; APSPDCL: Andhra Pradesh Southern Power Distribution Co. Ltd; AVVNL: Ajmer Vidyut Vitran Nigam Ltd ; MPPMCL: M.P. Power Management Co. Ltd; GUVNL: Gujarat Urja Vikas Nigam Ltd ;
Third Party refers to private commercial & industrial customers and power sold through IEX
3. Tariff grossed up by 4% to include transmission loss reimbursement as per the relevant; (3a) PPA Tariff grossed up by 2.5% to include transmission loss reimbursement as per the relevant PPA;
4.10 years from date of first supply in September 2020; 5. HT tariff refers to high tension tariff, which is the tariff charged by the electricity distribution companies for power supplied at high voltage. The electricity distribution company typically publishes a tariff chart which categorizes tariffs at different
27
voltage levels. The rate varies from state to state and from year-to-year; 6. Any income tax paid by us is “passed-through” to our offtakers in addition to the tariff; 7. Hybrid Projects; 8. CoD for operational projects are weighted average CODs; for under development projects are management
estimated CoDs; 9. Transaction closed in first week of November 2021
Project Level Details
Project Capacity (MW) Location CoD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at CoD
Utility scale Solar Energy Commissioned Projects (3,106 MW)
Mandamarri 48.0 Telangana Feb-17 5.59 TSNPDCL 25
Alland 20.0 Karnataka Mar-17 4.86 BESCOM 25
Bhalki 20.0 Karnataka Mar-17 4.85 BESCOM 25
Siruguppa 20.0 Karnataka Mar-17 4.76 HESCOM 25
Humnabad 20.0 Karnataka Mar-17 4.86 HESCOM 25
Charanka 40.0 Gujarat Mar-17 4.43 SECI 25
Mulkanoor 30.0 Telangana Mar-17 5.59 TSNPDCL 25
Chincoli 20.0 Karnataka Apr-17 4.84 BESCOM 25
6.36 + escalation linked to HT Tariff or predefined escalation or no
Raichur 50.0 Karnataka May-17 3rd Party 08-12 years
escalation
Minpur 65.0 Telangana Jun-17 5.59 TSSPDCL 25
Dichipally 143.0 Telangana Jun-17 5.59 TSNPDCL 25
Devdurga 20.0 Karnataka Sep-17 4.76 MESCOM 25
Ostro-Wanaparthy 50.0 Telangana Sep-17 5.59 TSSPDCL 25
MPSolar II 51.0 Madhya Pradesh Oct-17 5.46 MPPMCL 25
Yadgir 20.0 Karnataka Oct-17 4.85 BESCOM 25
Honnali 20.0 Karnataka Nov-17 5.05 BESCOM 25
Turuvekere 20.0 Karnataka Nov-17 4.84 BESCOM 25
Mahbubnagar 2 100.0 Telangana Nov-17 4.66 NTPC 25
Ostro-Rajasthan 60.0 Rajasthan Nov-17 5.07 NTPC 25
Pavagada 50.0 Karnataka Dec-17 4.8 NTPC 25
4.83 + escalation linked to HT Tariff or predefined escalation or no
Wadgare 20.0 Karnataka Dec-17 3rd Party 10
escalation
4.83 + escalation linked to HT Tariff or predefined escalation or no
Nirna 20.0 Karnataka Mar-18 3rd Party 10
escalation
4.83 + escalation linked to HT Tariff or predefined escalation or no
Ladha 20.0 Karnataka Mar-18 3rd Party 10
escalation
Bhadla 50.0 Rajasthan Apr-19 2.49 SECI 25
TN 100 100.0 Tamil Nadu Sep-19 3.47 TANGEDCO 25
1. Applicable tariff is based on PPAs or the latest invoices issued and in the case of group captive customers is a weighted average figure based on invoices issued to the customer
2. MSEDCL: Maharashtra State Electricity Distribution Co. Ltd; JVVNL: Jaipur Vidyut Vitran Nigam Ltd; APSPDCL: Andhra Pradesh Southern Power Distribution Co. Ltd; AVVNL: Ajmer Vidyut Vitran Nigam Ltd ; MPPMCL: M.P. Power Management Co. Ltd; GUVNL: Gujarat Urja Vikas Nigam Ltd ;
Third Party refers to private commercial & industrial customers and power sold through IEX
3. Tariff grossed up by 4% to include transmission loss reimbursement as per the relevant; (3a) PPA Tariff grossed up by 2.5% to include transmission loss reimbursement as per the relevant PPA;
4.10 years from date of first supply in September 2020; 5. HT tariff refers to high tension tariff, which is the tariff charged by the electricity distribution companies for power supplied at high voltage. The electricity distribution company typically publishes a tariff chart which categorizes tariffs at different
28
voltage levels. The rate varies from state to state and from year-to-year; 6. Any income tax paid by us is “passed-through” to our offtakers in addition to the tariff; 7. Hybrid Projects; 8. CoD for operational projects are weighted average CODs; for under development projects are management
estimated CoDs; 9. Transaction closed in first week of November 2021
Project Level Details
Project Capacity (MW) Location CoD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at CoD
Utility scale Solar Energy Commissioned Projects (3,106 MW)
Mah Ph I 250.0 Rajasthan Oct-19 2.72 MSEDCL 25
MESCOM, BESCOM,
Karnataka 140 140.0 Karnataka Oct-19 3.22 25
GESCOM, CESC
SECI Raj 110.0 Rajasthan Feb-21 2.49 SECI 25
GUVNL 105.0 Gujarat Apr-21 2.68 GUVNL 25
SECI III 300.0 Rajasthan Aug-21 2.55 SECI 25
SECI IV 250.0 Rajasthan Sept-21 2.54 SECI 25
Mah Ph II 300.0 Rajasthan Nov-21 2.75 MSEDCL 25
(9)
Acquisition - Telangana 260.00 Telangana Jun-17 5.65 TSNPDCL, TSSPDCL 25
Solar Committed Pipeline (1,250 MW)
SECI IV 50.0 Rajasthan Q3 FY 22 2.54 SECI 25
SECI VI 300.0 Rajasthan Q3 FY 22 2.71 SECI 25
SECI-Rihand 100.0 UP Q3 FY 23 3.29 SECI 25
SECI VIII 200.0 Rajasthan PPA Awaited 2.51 SECI 25
SECI IX 400.0 Rajasthan PPA Awaited 2.38 SECI 25
GUVNL IX (Dholera) 200.0 Gujarat PPA Awaited 2.79 GUVNL 25
Corporate Solar Energy Committed Projects (89 MW)
Corporate Projects 89.3 Multiple FY 22/FY 23 2.8 – 3.6 Multiple
Total Solar (exc Distributed Solar) 4445.3
Distributed Solar Commissioned (117 MW)
Distributed Solar 116.7 Multiple Third Party
Distributed Solar Committed (1 MW)
Distributed Solar 1.0 Multiple Third Party
Total Distributed Solar projects 117.7
Hydro Power Project (99 MW)
Acquisition - L&T Hydro 99.0 Uttrakhand Dec-20 Third Party
Total Hydro 99.0
1. Applicable tariff is based on PPAs or the latest invoices issued and in the case of group captive customers is a weighted average figure based on invoices issued to the customer
2. MSEDCL: Maharashtra State Electricity Distribution Co. Ltd; JVVNL: Jaipur Vidyut Vitran Nigam Ltd; APSPDCL: Andhra Pradesh Southern Power Distribution Co. Ltd; AVVNL: Ajmer Vidyut Vitran Nigam Ltd ; MPPMCL: M.P. Power Management Co. Ltd; GUVNL: Gujarat Urja Vikas Nigam Ltd ;
Third Party refers to private commercial & industrial customers and power sold through IEX
3. Tariff grossed up by 4% to include transmission loss reimbursement as per the relevant; (3a) PPA Tariff grossed up by 2.5% to include transmission loss reimbursement as per the relevant PPA;
4.10 years from date of first supply in September 2020; 5. HT tariff refers to high tension tariff, which is the tariff charged by the electricity distribution companies for power supplied at high voltage. The electricity distribution company typically publishes a tariff chart which categorizes tariffs at different
29
voltage levels. The rate varies from state to state and from year-to-year; 6. Any income tax paid by us is “passed-through” to our offtakers in addition to the tariff; 7. Hybrid Projects; 8. CoD for operational projects are weighted average CODs; for under development projects are management
estimated CoDs; 9. Transaction closed in first week of November 2021
Project Level Details
Project Type Capacity (MW) Location CoD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at CoD
Wind 322.0
PP-I (7) Karnataka PPA Awaited Off Peak - 2.88; Peak - 6.85 SECI 25
Solar 81.0
2.9 for year 1 with 3% escalation till year 15, from 16th to 25th
RTC-I (7) Wind 300.0 Maharashtra Q3 FY 23 SECI 25
year 15th year tariff will apply
1. Applicable tariff is based on PPAs or the latest invoices issued and in the case of group captive customers is a weighted average figure based on invoices issued to the customer
2. MSEDCL: Maharashtra State Electricity Distribution Co. Ltd; JVVNL: Jaipur Vidyut Vitran Nigam Ltd; APSPDCL: Andhra Pradesh Southern Power Distribution Co. Ltd; AVVNL: Ajmer Vidyut Vitran Nigam Ltd ; MPPMCL: M.P. Power Management Co. Ltd; GUVNL: Gujarat Urja Vikas Nigam Ltd ;
Third Party refers to private commercial & industrial customers and power sold through IEX
3. Tariff grossed up by 4% to include transmission loss reimbursement as per the relevant; (3a) PPA Tariff grossed up by 2.5% to include transmission loss reimbursement as per the relevant PPA;
4.10 years from date of first supply in September 2020; 5. HT tariff refers to high tension tariff, which is the tariff charged by the electricity distribution companies for power supplied at high voltage. The electricity distribution company typically publishes a tariff chart which categorizes tariffs at different
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voltage levels. The rate varies from state to state and from year-to-year; 6. Any income tax paid by us is “passed-through” to our offtakers in addition to the tariff; 7. Hybrid Projects; 8. CoD for operational projects are weighted average CODs; for under development projects are management
estimated CoDs; 9. Transaction closed in first week of November 2021
Thank You
For further inquiries
please contact
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