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Renewable Energy – Policies and Challenges -Developers Perspective

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Renewable Energy – Policies and Challenges -Developers Perspective Welspun Group | Welspun Energy Energy Limited Limited Renewable Energy – policies and challenges -Developers perspective -Raghunath Mahapatra CSE - Annual South Asian Media Briefing on Climate Change, 2013 18 September 2013 Welspun Group | Welspun Energy Limited WELSPUN GROUP • One of the fastest emerging Indian conglomerates with revenues of over $3.5 billion • Diversified business interests with leadership position in each business • Welspun Corp, the flagship company of the group is the world’s largest steel pipe producer Pipes • Key Markets 80% export to US, Europe, Latin America, Middle East • International Setup Steel Textile Christy, UK Welspun Sorema, Portugal Group Textile facility in Mexico Office in Manhattan-NY, Huston-US Energy Infra Pipe facility in Arkansas, US Pipe Facility in Saudi Arabia Welspun Group | Welspun Energy WELSPUN RENEWABLE ENERGY AMONG TOP RENEWABLE ENERGY IPPS IN INDIA Only business group in India -to win largest capacities in both JNNSM – I & II • Won “The most innovative power producers in Asia” • Pioneer in Renewable energy space award for the 15 MW solar power project at Anjar 150 137 130 . Welspun Energy Limited (WEL) has been recognized as one 110 of the most innovative power producers in Asia for its 15 100 80 MW solar power project at Anjar (Gujarat) MW 50 50 30 25 15 0 Welspun Lanco Kiran Energy Moser Baer Operational Construction • …at low tariff – demonstrates its ability to beat • Has won maximum capacity allocation… competition and continue to realize growth 60 10.0 8.95 9.39 50 8.05 50 8.0 7.49 40 35 30 6.0 30 (MW) 20 4.0 20 (INR KWh) (INR 10 2.0 0 0.0 Welspun Azure Kiran Energy Mahindra Solar Welspun Median tariff Minimum tariff Maximum tariff Welspun Group | Welspun Energy OUR PROJECTS Welspun Renewables : Solar • Large Business Conglomerates with substantial Renewable Energy Plans • Proven track record in timely project execution Punjab: 32 MW • Focus on Solar and wind energy Rajasthan: 20 MW • Strong in-house technical and engineering team Phalodi : 50 MW Operational Capacity (131 MW) Phalodi : 5 MW • Gujarat 15 MW Anjar : 15+5 MW Neemuch: 130 MW • Gujarat 5 MW • Gujarat 30 MW S’Nagar : 30 MW • Andhra Pradesh 5 MW Mangalwedha: 20 MW • Rajasthan 5 MW • Rajasthan 50 MW • Rajasthan 20 MW Wind Kadappa: 5 MW Karnataka: 17 MW Capacity under construction (265 MW) • 130 MW in MP Solar: Operational • Maharashtra 20 MW TN: 66 MW Solar: Under Implementation • 17 MW in Karnataka • 32 MW in Punjab Wind: Under Implementation • 66 MW in Tamilnadu Welspun Group | Welspun Energy PROVEN RECORD – FASTER EXECUTION Faster project execution • 15 MW Gujarat – 6 months Punctuality • 5 MW Andhra Pradesh - 4 months • 5 MW Gujarat –3 months • 5 MW Rajasthan - 2.5 months No Cost Overruns Project implemented within budgeted costs without any cost overrun Team Experience Excellent engineering, procurement and project management Capacity All existing plants are operating at CUF around 20% Utilization Welspun Group | Welspun Energy PROVEN RECORD – PERFORMANCE EXCELLENCE . All operational projects performing better than estimated and designed generation Cumulative generation for the projects 25.0% 20.0% 15.0% CUF 10.0% 5.0% 0.0% Gujarat 15 MW Gujarat 5 MW Rajasthan 5 MW AP 5 MW Cum Generation Estimated . Best daily generation for our operational projects . Gujarat 5 MW Project : 26.44% . Rajasthan 5 MW : 26.64% . Gujarat 30 MW : 24.72% . Rajasthan 50 MW : 22.60% 6 Welspun Group | Welspun Energy SOLAR TARIFF – TRENDS IN INDIA TRENDS IN TARIFF 20 17.35 18 16 14 12 10.96 10 7.49 7.94 7.9 8 7 6 4 2 0 2010 JNNSM Batch 1 (12/10) JNNSM Batch 2 (12/11) Karnataka (4/12) Madhya Pradesh (5/12) Odisha (2/12) JNNSM taking Solar power toward Grid parity Welspun Group | Welspun Energy POLICY ENABLERS Robust policy – JNNSM, State policies Financial incentives Tariff policies etc. Structural framework Dedicated ministries Dedicated nodal bodies at center and state Structured and integrated process Welspun Group | Welspun Energy POLICY CHALLENGES Allow SEBs to claim RECs for the purchase of RE power beyond the RPO limit • RPO target – 15% from RE projects by 2022 • Solar RPO – 0.25% in 2012-13; to be increased by 3% per annum Strict enforcement of RPO obligations by states Promote REC bilateral trading Resourceful states should be allowed to take REC beyond the RPO target Restriction on Solar plant CUF • With evolving solar technology, CUF restriction in the PPAs is an obstacle Restriction on upper CUF to be taken off Reverse bidding – location agnostic Local content requirement Accelerated depreciation Welspun Group | Welspun Energy FINANCING RENEWABLE – INDUSTRY IMPERATIVES . Very short project duration (PPA to COD) . Front loaded expenses . Rapid growth needs . Locking in equipment supplies . Higher fund velocity . Reduced FC duration (PPA to FC) . Sector nascence . Experience . Expertise . Reality check yet to be done 10 Welspun Group | Welspun Energy FINANCING RENEWABLE – CHALLENGES FACED Policy and regulatory . Common sector definition i.e. thermal = renewables . Sector exposure limits Lenders . Risk perception and analysis . Developer, project, vendor and contract, asset, off-taker . Payment security . Understanding of the sector (nascence) . Experience of wind . Tenure mismatch – takeout finance enabling . Gearing (70:30 or ?) 11 Welspun Group | Welspun Energy A CASE STUDY – NEEMUCH, MP Capacity 130 MW AC, 150 MW DC State policy – aligned with JNNSM Land – free allocation by government Collateral – leasing Financing Risk appetite Multiple lenders (Risk appetite, sectoral cap) Evacuation Forest ROW Documentation 12 Welspun Group | Welspun Energy Limited THANK YOU.
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