Solar Power - Potential Opportunity in India1

All rights reserved | Preliminary & Tentative
Mergers & Acquisitions Discussion Document | 1

SOLAR POWER
- POTENTIAL OPPORTUNITY IN INDIA

May 2010
Preliminary and tentative

Draft for discussion purposes only

PRESENTATION OBJECTIVE AND STRUCTURE
This presentation provides an overview of solar power

sector in India and tax and regulatory regime governing
solar power projects in India
We have also provided possible entry strategies which

could be considered by potential investors while
putting in place their India investment plans
Future Outlook of Solar Power in India – A snapshot

Presentation Solar Power in India – Present Status
Structure
Solar Power in India – Growth Drivers
Key Players And Potential Opportunity

FUTURE OUTLOOK OF SOLAR
POWER IN INDIA –
A SNAPSHOT

TOWARDS A RENEWABLE ENERGY FUTURE…
India's renewable energy capacity expected to increase to 20,000 MW by December 2012,

from the current 15,542 MW - Key Initiatives taken by Government are as follows:
Unveiled the ‘National Action Plan for Climate Change’ (NAPCC) in June 2008 – prescribes nationwide
minimum Renewable Purchase Standards (“RPS”) at 5% of the total power purchases from FY 2009-10; to
be increased to 15% by 2020
‘National Solar Mission’ launched in January 2010 to display India’s commitment to the climate problem –
solar power generation capacity to increase from ~ 6 MW (as on date) to 1,000 MW by 2013 and further to
20,000 MW by 2022

Fund allocation for the ‘Ministry of New and Renewable Energy’ (“MNRE”) increased by 61 percent from
INR 6.2 BINR in FY 2009-10 to INR 10 BINR in FY 2010-11
India has formally backed ‘Copenhagen Accord’ with conditional association - voluntarily proposed carbon
emission reduction targets (20%-25% by 2020 over 2005 levels), subject to financial support by the
developed countries

SOLAR MISSION – FROM 6 MW of Solar Power at present…
At Present, Solar power accounts for

less than 0.1% of grid interactive
Waste to Solar power renewable power
Biomass 5.3% Energy 0.4% 0.04%
Current applications:
Small Hydro
Power 16.2%
Grid interactive
Cogeneration-
bagasse 8.0%
Off – grid/ distributed
applications (solar lighting
systems etc.)
Wind Power

70.1%
Decentralized energy
systems
(solar cookers, solar heaters

etc.)

…to 20,000 MW by 2022
Key measures to achieve the Mission
Indigenous
manufactu-
ring
Research Financial
& and Fiscal
Developm incentives
ent
20000 MW

Infrastruct
Regulatory ure
framework developm
ent
Attractive
tariffs

NATIONAL SOLAR MISSION – KEY FOCUS AREAS
Grid • Proposes to add 20,000 MW of solar power generation capacities by 2022 (current capacity of 6
connected MW)
Solar Power
• Key driver – Minimum Renewable Purchase Standards (For Solar power, proposing to set it at
0.25% by 2013 and 3% by 2022)
• To be supported by recently announced CERC tariff regulations (providing attractive feed in tariffs
with minimum IRR of ~ 19%-24% for solar power), international finance and technology transfer
• Also eligible for Generation based incentives – explained in detail later in the presentation
• Proposes ‘Rooftop Solar PV’ and other small solar power plants – will be eligible for CERC
determined tariff
Solar • Promote low-cost, high quality solar manufacturing (across the value chain including PV
manufacturing manufacturing plants, manufacture of silicon material etc.)
capacity

• Proposed target – Installed capacity of 4-5 GW by 2020 (including manufacturing capacity for
polysilicon material) - current PV module manufacturing capacity of ~ 700 MW
• Key driver – Proposal for mandatory use of domestic solar PV cells and modules for grid
connected solar power plants
• Key raw materials/ components for manufacture of solar system such as polycrystalline silicon, PV
cells, solar cells etc. are chargeable to concessional Import duty (in few cases, the import duty is
exempt)
• Manufacture of Solar cells/ modules exempt from manufacturing tax in India

NATIONAL SOLAR MISSION – KEY FOCUS AREAS
Off grid • Proposes to add 2,000 MW by 2022 (current capacity of ~ 2.4 MW)
applications
• To be supported by Govt programmes – subsidies, refinance facility, soft loans up to 5%
annual interest rate by Indian Renewable Energy Development Agency (IREDA)
Research and
• Improve efficiency of existing/new materials & applications & develop cost effective storage
Development
initiative technologies
• Measures - Development of National Centre of Excellence to undertake & fund R&D; High
level Research Council to guide overall strategy; Support Incubation & Innovation through a
Venture Fund
Infrastructure • Create 2-3 large solar manufacturing technology parks consisting of manufacturing units,

development
housing, offices, research institutes)
Mode of funding the • Budgetary support from the Government

Mission
• International funds under the UNFCCC framework

KEY EVENTS TO WATCH OUT...
Indian solar energy market is emerging as a huge potential for the prospective investors – primarily
focusing on grid connected Solar power generation and PV cell/ module manufacturing
Uptil now, the Indian solar energy sector was more focused on ‘off-grid/ distributed power’ (for captive
consumption) and ‘decentralized energy systems’, however, given the initiatives taken by the
Government, ‘grid interactive supply’ and ‘PV cell manufacturing’ is likely to increase in the coming
years
1 Target upto 2013
• Grid interactive Solar Power – 1000 MW
• Rooftop and small power plants – 100 MW
• Off grid solar applications – 200 MW

2 Copenhagen Summit
• Copenhagen Accord to be formally adopted as an official UN document
• India to submit proposal for domestic reduction measures - Nationally Appropriate Mitigation Actions
(“NAMAs”), in accordance with the voluntary commitment made in the Copenhagen Summit

KEY EVENTS TO WATCH OUT...
3 Development of ‘Solar cities’
• The project aims to reduce a minimum of 10 per cent of projected demand of conventional energy at the end of
five years through energy efficiency measures and generation from renewable energy installations
• Target to develop 60 ‘Solar cities’ - 34 cities have received ‘in principle’ approval from the Government
• Financial support up to 5 MINR would be provided by MNRE to the respective State governments for each solar
city – this is to support preparation of a master plan, setting-up institutional arrangements, awareness and
capacity building activities etc.
• For two model solar cities (Nagpur and Chandigarh), financial support up to a maximum of 95 MINR will be
provided for implementation of master plan

4 Scope of domestic ‘Photovoltaic Industry’
• Proposal was made in February 2010 for mandatory use of domestic PV cells and modules for all grid connected
solar power plants commissioned upto March 2013 (Please refer Annexure I for the proposal made to the Govt)
• Presently, the proposal is under consideration by the Government – may accept the proposal or allow imports
upto a certain extent?

SOLAR POWER SECTOR IN
INDIA –
PRESENT STATUS

CURRENT INSTALLED CAPACITIES….
Grid Solar PV
Interactive
Installed capacity of ~ 6 MW (accounts for less than 0.1% of grid interactive
renewable power)
At present, c-si technology dominates the market in India with an overall share of
~ 90% of the Solar PV production, followed by ~ 10% by thin films
PV Cell/ Annual capacities for key PV manufacturers– A snapshot

Module
Manufacturers Capacity of cells (“MW”) Capacity for modules (“MW”)
Manufacturing
2010 2012 2010 2012
Moser Baer 90 300 - -
Tata BP Solar 84 180 125 300

Indo Solar 80 160 - -
Solar semi Conductor 60 160 120 180
XL Telecom 120 160 192 232
Webel Solar 40 120 40 120
Presently, ~70% of this capacity is utilized to cater export market; situation likely
to change with projected growth in domestic market
*The capacity for 2010 is as on February 2010 and for 2012 is based on estimated expansion

CURRENT INSTALLED CAPACITIES….
Programme/Systems Achievement*
Off-grid and
Decentralized Off-Grid/Distributed Power
Energy Solar PV Power Plants &
Systems 2.39 MWp
Street Lights
Decentralized systems
Home Lighting Systems 5,10,877 nos
Solar Lanterns 7,67,350 nos
Street Lighting System 82,384 nos
PV Pumps 7,247 nos
3.12 million sq.m. of

Solar Water Heating Systems
collector area

Solar Cookers 6.57 lakh
*Source MNRE – As on November 30, 2009

GRID INTERACTIVE SOLAR POWER GENERATION –
SNAPSHOT OF THE PROJECTS IN THE PIPELINE
Gujarat Government has approved 34 solar power projects with an investment of ~ 2.4 BUSD over the next few years
– this would add 716 MW to the State Electricity grid comprising 365 MW for Solar PV and 351 MW for Solar Thermal.
(Refer Annexure II for the list of companies who have been allotted such projects)
The Clinton Climate Initiative (CCI), a programme of US-based William J Clinton Foundation is setting up of the
world’s largest solar power plant in Gujarat with an estimated investment of INR 500,000 Mn - likely to be invested
over the next five years. The proposed 3,000MW plant promises to make Gujarat the solar power hub of India
Also, CCI jointly with Rajasthan government is proposing to set up solar parks in Rajasthan. Solar park will serve as a
concentrated zone of solar development - 3,000 to 5,000 MW of solar power generation as well as manufacturing
The country’s largest power generation entity, NTPC has entered into a memorandum of understanding (“MoU”) with
the state government-run Gujarat Power Corporation Ltd (“GPCL”) - plans to set up a total capacity of 100MW in the

initial phase
Investment of ~ 92.5 MUSD by Nomura, IDFC PE, Morgan Stanley and Credit Suisse in Moser Baer Photo Voltaic
(one of the biggest players engaged in Solar PV power generation)
Punj Lloyd, a diversified construction and engineering group, has tied up with Singapore-based Delta Solar to foray
into the solar utility space

SOLAR PV MANUFACTURING – SNAPSHOT OF THE
PROPOSED INVESTMENTS
US-based Signet Solar has signed a memorandum of understanding with the Government of Tamil Nadu to put up a
INR 20,000 Mn project to manufacture 300 MW of ‘thin film photovoltaic modules’ at Sriperumbudur, near Chennai
US-based Solar Semi Conductor entered into strategic partnership with IBC Solar AG of Germany to manufacture and
supply high quality Photo Voltaic (PV) Modules and augment its manufacturing capacities to 200 MW from 30MW
Major economic zone in Hyderabad (“Fab City”), set up in 2006 to encourage the genesis of chip manufacturing in
India, is now betting big on photovoltaic (PV) products. Government has also approved five companies to take part in
projects in Fab City
• India-based Titan Energy Systems proposing an investment of US$ 50 Mn in solar PV cells
• NanoTech Silicon India to invest US$ ~2.1 Bn to manufacture thin film solar cell fab
• India-based XL Telecom & Energy to invest US$ 76.25 Mn for a solar cells and solar modules unit

• KSK Energy Ventures (Hyderabad, India), a venture capital fund, plans to set up a unit for solar PV panels with an
investment of US$ 70.25 Mn
• Indian subsidiary of the Canada-based Embedded IT Solutions is planning to set up a PCB manufacturing project
with an investment of US$ 5 MINR
We have discussed key Solar PV players and their expansion plans later in the presentation

SOLAR POWER SECTOR IN
INDIA –
GROWTH DRIVERS

SOLAR POWER IN INDIA – GROWTH PROSPECTS
Besides the initiatives being taken by Government to promote Renewable Energy Sector (with focus on
Solar power), other major factors driving growth of Solar Power in India -
India’s power supply-demand gap has averaged 8%-10% over the last 10 years where
Energy
electricity access does exist
shortfall
India’s grid connected power generation capacity would need to be increased from the
current (2008) figure of about 147 GW to ~ 460 GW by 2030
Preference for Renewable Energy - Due to climate change concerns, volatility in prices of
Preference for
fossil fuels, need for India’s energy security, emphasis is being increasingly placed on
Solar energy
Renewable sources of energy
Abundant Supply - Most parts of India receive 4-7 kWh of Solar radiation per square meter

per day with 250-300 sunny days in a year, equivalent to over 5,000 trillion kWh/ p.a.
A dedicated ministry focused on renewable energy - Ministry of New & Renewable Energy
(“MNRE”) is introducing proactive policies in the form of subsidies/ incentives
Proactive
Government Also, efficient renewable energy focused financial institutions - Indian Renewable Energy
Development Agency (“IREDA”) are providing significant support to the sector

SOLAR POWER IN INDIA – GROWTH PROSPECTS (Cont..)
Overall favorable regulatory regime for development of Solar Projects, particularly the following:
Legal aspects Tariff structure Incentives and other benefits
• Approvals from regulators for • Tariff determination • Direct and indirect tax
governed by independent incentives
setting up solar projects
Central regulators
• Generation based incentives
• Minimum percentage of
• Tariffs based on “Cost Plus available for sale of power
electricity to be purchased method”
• Favorable regime for
from renewable energy • Locked in contracts for ~ 25 obtaining registration/
sources years with the distribution approvals from host
companies government for CERs
• 100% foreign investment
• Enabling regime for open
allowed under the Automatic • Technical support

access, wheeling and
route – no approvals required banking • Funding support
We have discussed the above in detail in subsequent slides…

LEGAL ASPECTS
MNRE has been constituted for conceptualizing and implementing policy related measures for
encouraging electricity generation using Renewable Energy Sources including Solar
Interface with regulators for the purpose of setting up of Solar Projects - The overall regulatory framework for
electricity generation in India is governed by Central Electricity Regulatory Commission (CERC) and State Electricity
Regulatory Commission (SERC) – Though various approvals are required from Central/ state authorities for capacity,
grid connectivity, power evacuation, land acquisition, commissioning etc., such approvals could be easily obtained
because of the increasing focus of Government on renewable energy sources
Renewable energy obligations of distribution companies – State authorities have prescribed minimum percentage
of electricity to be purchased by the distribution companies from renewable energy sources – the same varying from
state to state - 5% to 10%. As per publicly available information, state authorities are proposing to increase the

renewable power purchase limit in order to further promote this sector
In this regard, we wish to highlight that presently the state distribution companies are not able to meet their
obligations due to demand supply mismatch, which provides further scope for solar project developers in
India
No approvals required for foreign investment in this sector

TARIFF STRUCTURE
The per unit cost of generating electricity through solar power is typically higher as compared to other
conventional (fossil fuel based) sources, however fixation of attractive tariffs and incentives assist in
stabilizing the cash flow, reduce risk profile of project and permit projects to recover their full cost of
investment over reasonable time frames
Feed-in tariff structure – Recently, CERC has notified the Tariff Regulations for electricity generated from Renewable
Energy Sources – key provisions have been provided below:
o Applicable for projects commissioned upto March 31, 2012;
o Tariff determined shall be applicable for the period of 25 years from the date of commercial operation of the project;
o Financial and technical principles for determination of tariff –
- Debt equity ratio – 70:30

- Return on Equity – Pre tax return of 19% per annum for first 10 years and 24% per annum 11th year onwards
- Loan – Tenure of 10 years with floating interest rate
- Capital cost – 1700 lakhs/ MW for Solar PV and 1300 lakhs/ MW for Solar Thermal
- Capacity utilization factor – 19% for Solar PV and 23% for Solar Thermal
o Also, at the option of the project developer, tariff could be determined by CERC on a case to case basis

INCENTIVES – SOLAR PROJECTS
Direct Tax Incentives
• 100% Income tax holiday for a period of 10 years out of a block of 15 years in respect of income earned by a
Solar Project from sale of electricity
However, minimum alternate tax is payable @ ~ 19% of Book Profits - the same is available as credit against income
tax liability for a period of 10 years
Accelerated depreciation available @ 100% for Solar equipments during the first year of commercial operations,
however, the same is not available if the ‘Generation based incentive’ is claimed by the power generation plants
Indirect Tax Incentives

Manufacture of key solar equipments such as solar power generating system, solar photovoltaic cells/ modules,
solar pumps, solar cookers etc are not chargeable to any Manufacturing tax in India (Excise duty)
Key raw materials/ components for manufacture of solar system such as polycrystalline silicon, PV cells, solar
cells etc. are chargeable to concessional Import duty (in few cases, the import duty is exempt)
Generation of electricity by a Solar project is not subject to any indirect taxes in India (Excise/ VAT/
Service tax)

INCENTIVES – SOLAR PROJECTS (Cont..)
Generation based Incentives
‘Solar thermal’ and ‘Solar PV’ power generation plants, supplying power to the grid are eligible for generation based
incentives, subject to prior approval of the project by MNRE
Eligibility
As per the present policy, MNRE will provide the said incentive for a maximum capacity upto 50 MW, subject to 10
MW in a particular State, during the period of 11th 5 year plan (2007-12). Further, in order to claim this incentive, a
project developer can set up maximum capacity upto 5 MW and minimum capacity of 1 MW - this limit applies to
aggregate capacity of solar PV as well as solar thermal power generation plant
However, based on publicly available information, we understand that the Government is considering to relax

the aforesaid limits and provide these incentives for larger capacities
Incentive
MNRE has specified a maximum incentive of 9.5 INR per KWh for solar thermal project and 11.4 INR per KWh for
solar PV project – this incentive will be available for a maximum period of 10 years

Actual incentive provided by MNRE shall be determined as the difference between the notional cost of
generation and power purchase rate (tariff) fixed by the Central/ State Electricity Regulatory Commission or
the utilities, subject to maximum incentive as specified above
Conditions for availing the Incentive
The incentive will not be available to the following solar projects:
- Availing accelerated depreciation; or
- Utilizing alternative source of power generation
Also, the generation based incentive will not be available for in house consumption, third party sale, banking
and wheeling of power i.e. only sale of power to the grid shall be eligible for claiming the incentive

Carbon Credits
• Solar projects are eligible for Certified Emission Reductions (CERs or Carbon Credits) under the Kyoto
Protocol, subject to obtaining necessary approvals including the specified authorities in India and UNFCCC
Indian authorities and UNFCCC have been fairly liberal in granting approvals to various Renewable Energy projects -
At present, only 284 of the 1846 renewable power projects in India are registered with UNFCCC
The CERC Regulations provide for a mechanism for sharing of CDM benefits between the project developer and the
beneficiaries
Others

• Funding support for Solar projects - Government owned financial institutions like Indian Renewable Energy
Development Authority (“IREDA”), Power Finance Corporation (“PFC”), Rural Electric Corporations etc. provides
funding (upto 70% of project costs) at softer interest rates

‘Capital Subsidy Scheme’ announced by the Govt for promoting solar PV projects closed
on March 31, 2010
• It was launched to promote investments in manufacturing of solar cells, PV modules and

certain other products for the initial period of 10 years of the project
• This scheme attracted 26 proposals from PV manufacturers for capital subsidy; involving
an investment more than 2,290,000 MINR over a 10 year period
• Till the date of closing, 12 proposals were granted ‘in principle’ approval (Please refer
Annexure III for the list of companies) – 14 proposals are under consideration

SOLAR POWER IN INDIA –
KEY PLAYERS AND POTENTIAL

OPPORTUNITY

KEY PLAYERS
We have provided an illustrative list of key Solar PV players in India, having access to latest international
technology through collaborations with leading overseas players
Focused on complete solar value chain from module systems to solar farm power
XL Telecom & generation
Energy Limited
Operating with a module capacity of 180 MW, located in Hyderabad, company has set up a
1.6 MW solar power plant in Majorca, Spain, with an investment of € 9.5 million
It has also entered into a 5- year solar supply pact with Germany’s Mola Solaire (for
multi crystalline and mono crystalline solar wafers).
Xl Telecom has formed a Joint Venture to bid and execute solar projects with Spain's
SDEM TEGA, anticipating opportunities about $2 billion in coming 2 years

Private equity-backed solar energy service provider based in New Delhi, has partnered
Azure Power
Limited with SunEdison, for developing a 15 megawatt (MW) photovoltaic solar power plant in
Gujarat. Sun Edison will supply monitoring technologies at cost to Azure for projects
up to 25 MW

KEY PLAYERS
Offers turnkey solutions in solar photovoltaic power generation. India’s largest PV

producer with an 80 MW c-si cell plant and 40 MW thin film plant. The company has invested
Moser Baer
Photovoltaic Ltd in solar technology R&D through stakes in three U.S.-based companies: Stion, Solaria
and SolFocus
Proposed investment – As per publicly available information, they are contemplating for more
than 600 MW of thin-film and 500 MW of crystalline and concentrator modules by 2010. Also, as
announced they have partnered with the Rajasthan Renewable Energy Corporation (RREC) to
set up a solar project of 1-5 MW capacity in the State
Contemplating to invest USD 5 billion in its manufacturing facilities in Chennai and Hyderabad
over 10 years

TATA BP Solar A 49: 51 joint venture between TATA Power Company Ltd and BP Solar. It provides
India Limited
customized solar solutions to wide ranging sectors – education, banking, healthcare,
telecommunications, railway signaling systems etc. Presently, it is operating with a manufacturing
facility of 52 MW capacity (for Solar cells), located in Bangalore
Proposed investment – As per publicly available information, they had signed an agreement to
raise $78 million to fund a 128MW solar cell expansion project, eventually totaling 180MW solar
cell manufacturing capacity

KEY PLAYERS (Cont..)
Installed 10.5 KWh silicon PV module facility in UP and more PV systems are being
NTPC
planned
Plans for another 10 MW solar field at its Anta power project site in Rajasthan
Provides solar module panel products service, technical support and installation of
Sova Power
Ltd solar modules. Having the expertise and experience in the iron and steel industry, is keen to
be a leader in the solar PV business
• Spire Corporation (“Spire”) is a global solar company providing turnkey
production lines and capital equipment to manufacture PV cells, modules, and solar
systems worldwide
• Spire has delivered a PV module assembly line to Sova Power Ltd which along with
Spire’s industry expertise and superior equipment line, will provide a state-of-the-art PV

module assembly line in India
Manufacturer of PV modules (150 MW) supplying for on grid/ off grid applications;
Titan Energy
undertaking exports to US, Germany, Canada, Spain – major supplier for European
solar market
Planning to expand it further to 500 MW by 2010
Planning a 9,000 MINR project for solar cell and wafer line assembly

POSSIBLE INDIA ENTRY STRATEGIES
Enter into Solar

Business
Set up solar power project Undertake manufacturing of solar cell/

modules/ panel systems in India
Joint Venture Acquisition of a 100% subsidiary Joint Venture with Joint Venture with 100%
with existing Solar farm under existing players new entrants subsidiary
IPPs development

Key Advantages Key Advantages
Could cater to both domestic and export market

Generation based incentive/ preferential feed in tariff (benefit of SEZ may be available for export supplies)
from Government, if the prescribed conditions are
satisfied End use - supplies to Independent Power Producers or
for Decentralized Applications (telecom solutions,
street lights, solar cookers etc.)
End use – supply of power to distribution companies or
captive units Proposed benefits under National Solar Mission
Mergers && Acquisitions

Mergers Acquisitions Discussion Document | 31
POSSIBLE INDIA ENTRY STRATEGIES (Cont..)
Another area which could be of potential interest is supply of solar photovoltaic power systems for
telecom applications
Telecom operators and independent tower companies are adopting solar solutions to ensure
continuous power supply for the BTS site – this helps in realizing economic and environmental
benefits:
- Independence from fuel and utility grids
- Negligible running costs
- Long lifecycle of the product
- Pollution free
XL Telecom & Energy, a solar energy-focused company, has recently received an order worth INR 23.5
crore for supply of solar photovoltaic power systems to BSNL

Geographical preference – Though many States are keen to have investment in solar projects, lot of
action is expected in the State of Rajasthan and Gujarat. As per recent news reports, Rajasthan is likely
to attract an investment of INR 45,000 crore in solar energy sector - 72 power companies have already
registered with the Rajasthan Renewable Energy Corporation for generation of 2500 MW in the solar
energy sector. Also, 34 solar projects with investment of 2.4 BUSD have been approved in Gujarat

ANNEXURES

ANNEXURE – I PROPOSAL MADE TO GOVERNMENT
Domestic photovoltaic industry to get a boost with mandatory domestic content under National Solar
Mission
Source : Financial Daily
Date: February 18, 2010
The domestic manufacturing for photovoltaic cells and modules will get a major boost and expand the
domestic industrial base if the current recommendations of the Ajay Shankar committee are accepted. The
current recommendations include:
• Up to 2013: mandatory use of photovoltaic cells and modules made in India for all grids connected solar
power plants in
Phase 1

• 2012-2013: mandatory use of Power Conditioning Units (PCUs) made in India
• 2013-2014: review for possible extension to wafers and silicon made in India.
A meeting of the committee was held recently for consultations with developers, manufacturers, technology
providers and industry associations to discuss domestic production of raw materials and components
required for intensifying the industrial base in the country

ANNEXURE – II LIST OF SOLAR IPP PROJECTS ALLOTTED IN
GUJARAT
Name of the Company Capacity
(in MW)
AES Solar Energy P. Ltd, US 15
As tonfield Solar (Gujarat), US 25
Azure Power Ltd. US 15
Common Wealth Busines s Technologies, UK 10
Dreisatz GmbH, Germany 25
Environmental Systems Pvt. Ltd. Mumbai 5
Euro Solar Ltd., Bhachau 5
JSW Energy, Mumbai 5
KRIBHCO, Surat 5
Lanco Solar P. Ltd. Hyderabad 35
Mi GmbH, Germany 25
Millennium Synergy Ltd., Bangalore 10
Moser Baer Ltd. Noida 15
PLG Power Ltd., Nashik 40

Precious Energy Ltd. (Moser Bear) New Delhi 15
Solar Semiconductor P. Ltd. Hyderabad 20
Solitaire Energies Ltd, (Moser Bear) New Delhi 15
Sunkon Energy P. Ltd. Surat 10
Tathith Energies US 5
Top Sun Energy Ltd., Gandhinagar 5
Torrent Power Ltd., Ahmedabad 25
Unity Power Ltd. (Videocon Group), Aurangabad 5
Waree Energies Ltd. Surat 20
Zeba Solar, Portugal 10

ANNEXURE – III LIST OF APPROVALS ALLOTED IN CAPITAL
SUBSIDY SCHEME
Name of the Company

Titan Energy Systems
Reliance Industries
Tata BP Solar Power
PV Technologies India
KSK Surya PV Ventures
Signet Solar
Indo-Solar Limited
Solar Semi conductors
TF Solar Power
Lanco Solar Private Limited
EPV Solar
Bhaskar Silicon


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All rights reserved | Preliminary & Tentative

Mergers & Acquisitions Discussion Document | 1

- POTENTIAL OPPORTUNITY IN INDIA

All rights reserved | Preliminary & Tentative

Preliminary and tentative

Mergers & Acquisitions Discussion Document | 2

This presentation provides an overview of solar power

We have also provided possible entry strategies which

Future Outlook of Solar Power in India – A snapshot

All rights reserved | Preliminary & Tentative

Key Players And Potential Opportunity

Mergers & Acquisitions Discussion Document | 3

All rights reserved | Preliminary & Tentative

India's renewable energy capacity expected to increase to 20,000 MW by December 2012,

be increased to 15% by 2020

All rights reserved | Preliminary & Tentative

INR 6.2 BINR in FY 2009-10 to INR 10 BINR in FY 2010-11

Mergers & Acquisitions Discussion Document | 5

At Present, Solar power accounts for

All rights reserved | Preliminary & Tentative

(solar cookers, solar heaters

Mergers & Acquisitions Discussion Document | 6

All rights reserved | Preliminary & Tentative

Mergers & Acquisitions Discussion Document | 7

All rights reserved | Preliminary & Tentative

• Manufacture of Solar cells/ modules exempt from manufacturing tax in India

Mergers & Acquisitions Discussion Document | 8

All rights reserved | Preliminary & Tentative

Mode of funding the • Budgetary support from the Government

Mergers & Acquisitions Discussion Document | 9

1 Target upto 2013

• Grid interactive Solar Power – 1000 MW

• Rooftop and small power plants – 100 MW

• Off grid solar applications – 200 MW

All rights reserved | Preliminary & Tentative

• Copenhagen Accord to be formally adopted as an official UN document

Mergers & Acquisitions Discussion Document | 10

All rights reserved | Preliminary & Tentative

Mergers & Acquisitions Discussion Document | 11

All rights reserved | Preliminary & Tentative

PV Cell/ Annual capacities for key PV manufacturers– A snapshot

All rights reserved | Preliminary & Tentative

Mergers & Acquisitions Discussion Document | 13

Home Lighting Systems 5,10,877 nos

Solar Lanterns 7,67,350 nos

Street Lighting System 82,384 nos

PV Pumps 7,247 nos

3.12 million sq.m. of

All rights reserved | Preliminary & Tentative

*Source MNRE – As on November 30, 2009

Mergers & Acquisitions Discussion Document | 14

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(one of the biggest players engaged in Solar PV power generation)

into the solar utility space

Mergers & Acquisitions Discussion Document | 15

• India-based Titan Energy Systems proposing an investment of US$ 50 Mn in solar PV cells

All rights reserved | Preliminary & Tentative

Mergers & Acquisitions Discussion Document | 16

All rights reserved | Preliminary & Tentative

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Mergers & Acquisitions Discussion Document | 18

Legal aspects Tariff structure Incentives and other benefits