Report and Recommendation of the President to the Board of Directors

Project Number: 54035-001 March 2020

Proposed Loan Electro Solaire Private Limited Gujarat Project (India)

This is a redacted version of the document approved by ADB’s Board of Directors, which excludes information that is subject to exceptions to disclosure set forth in ADB's Access to Information Policy.

CURRENCY EQUIVALENTS (as of 5 February 2020) Currency unit – Indian rupee/s (₹) ₹1.00 = $0.01406 $1.00 = ₹71.1280

ABBREVIATIONS

ADB – Asian Development Bank BCD – basic customs duty COVID-19 – coronavirus disease CUF – capacity utilization factor EPC – engineering, procurement, and construction ESPL – Electro Solaire Private Limited ESS – ENGIE Solar SAS GPCL – Gujarat Power Corporation Limited GUVNL – Gujarat Urja Vikas Nigam Limited LTA – lender’s technical advisor O&M – operation and maintenance PBG – performance bank guarantee PPA – power purchase agreement SDILLP – Solairedirect India LLP SEIPL – Solairedirect Energy India Private Limited

WEIGHTS AND MEASURES

GW – gigawatt kV – kilovolt kWh – kilowatt-hour MW – megawatt

GLOSSARY

Balance of system – refers to the components and equipment that move energy produced by solar panels through the conversion system which in turn produces alternating current (AC) electricity. CUF – capacity utilization factor calculated from 1 April to 31 March. Financial closure – signing of financing documents with lenders, signing of the implementation and service agreement, signing of the lease agreement with GPCL, and the adoption of technology in accordance with the Ministry of New and ’s Approved Models and Manufacturers of Solar Photovoltaic Modules (Requirements for Compulsory Registration) Order, 2019. Grid backdown – the power supplier is ordered to reduce output by the grid operator primarily due to lack of demand.

Grid unavailability – the temporary unavailability of evacuation infrastructure beyond the delivery point due to which the power generated cannot be evacuated. Must-run status – the power generated from a project will be compulsorily evacuated except for grid safety and security. P90 scenario – the statistical confidence level where 90% of possible estimates exceed the value assumed. Safeguard duty – the duty imposed by the Government of India in July 2018 on solar cell imports from the People’s Republic of China and Malaysia for 2 years—25% from 30 July 2018 to 29 July 2019, 20% from 30 July 2019 to 29 January 2020, and 15% from 30 January 2020 to 29 July 2020. Undertaking – a formal pledge or promise to do something.

NOTES

(i) The fiscal year (FY) of Electro Solaire Private Limited ends on 31 March. “FY” before a calendar year denotes the year in which the fiscal year ends, e.g., FY2020 ends on 31 March 2020.

(ii) In this report, “$” refers to United States dollars.

Vice-President Diwakar Gupta, Private Sector Operations and Public–Private Partnerships Director General Michael Barrow, Private Sector Operations Department (PSOD) Director Shantanu Chakraborty, Private Sector Infrastructure Finance Division 1, (PSIF1), PSOD

Team leader Keshari Agrawal, Investment Specialist, PSIF1, PSODa Project advisor Mayank Choudhary, Principal Investment Specialist, PSIF1, PSODa Team members Genevieve Abel, Principal Transaction Support Specialist (Integrity), Private Sector Transaction Support Division (PSTS), PSOD Annalice Aliluya, Investment Officer, Office of the Director General-Risk Analytics Unit, PSOD Jhiedon Florentino, Economics Officer, PSTS, PSOD Toni Rose Galang-Ante, Operations Assistant, PSIF1, PSOD Beatrice Yulo Gomez, Safeguards Specialist, PSTS, PSOD Swati Jairath, Investment Officer, PSIF1, PSODa Manfred Kiefer, Senior Economist, PSTS, PSOD Isabella McDermid, Senior Counsel, Office of the General Counsel Aarti Mehra, Senior Guarantees and Syndications Specialist, Office of the Director General-Guarantees and Syndications Unit, PSOD Emmanuel Ong, Investment Officer, PSIF1, PSOD Abhishek Singh, Principal Safeguards Specialist, PSTS, PSOD a Outposted to the India Resident Mission.

In preparing any country program or strategy, financing any project, or by making any designation of or reference to a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.

CONTENTS

Page

PROJECT AT A GLANCE

I. THE PROPOSAL 1 II. THE PROJECT 1 A. Project Identification and Description 1 B. Development Impact, Outcome, and Outputs 4 C. Alignment with ADB Strategy and Operations 4 D. Project Cost and Financing Plan 5 E. Implementation Arrangements 5 F. Projected Financial and Economic Performance 6 III. THE PROPOSED ADB ASSISTANCE 6 A. The Assistance 6 B. Value Added by ADB Assistance 7 C. Risks 7 IV. POLICY COMPLIANCE 8 A. Safeguards and Social Dimensions 8 B. Anticorruption Policy 10 C. Investment Limitations 10 D. Assurances 10 V. RECOMMENDATION 10

APPENDIXES 1. Design and Monitoring Framework 11 2. List of Linked Documents 13

I. THE PROPOSAL

1. I submit for your approval the following report and recommendation on a proposed loan of up to $65,500,000 in Indian rupee equivalent to Electro Solaire Private Limited (ESPL) for the Gujarat Solar Power Project in India.

2. The Asian Development Bank (ADB) and other lenders propose to provide senior secured loans of $109.1 million to ESPL to construct a 200-megawatt (MW) solar photovoltaic-based power plant located in the state of Gujarat in India. The project will further diversify the energy mix of India in favor of renewable energy and help the Government of India meet its targets for non-fossil-fuel-based electric power generation, leading to a reduction in the intensity of India’s carbon emissions.

II. THE PROJECT

A. Project Identification and Description

3. Project identification. In May 2019, ESPL won a bid to develop 200 MW of photovoltaic solar capacity on a build–own–operate basis under Phase III of Raghanesda Solar Park (700 MW capacity) through competitive bidding conducted by state-owned electricity distribution company Gujarat Urja Vikas Nigam Limited (GUVNL). ESPL is a special purpose vehicle incorporated on 13 October 2015 to implement the project and is 100% owned by ENGIE Solar SAS (ESS), an entity incorporated and based in France, which holds the solar assets of the ENGIE group. ESPL has approached ADB to arrange a senior secured loan of up to $109.1 million to fund the construction of the project. ADB is providing up to $65.5 million and is facilitating cofinancing of up to $43.6 million from commercial lenders as a parallel loan.

4. The project provides ADB with an opportunity to scale up its clean-energy financing.1 ADB’s initiative will actively support the government’s target to achieve 175 gigawatts (GW) of renewable energy generation capacity by 2022, including 100 GW from solar power. As of December 2019, operational solar generation capacity in India was about 33.7 GW (85.9 GW total renewable energy capacity).2 The government expects the private sector to lead the capacity addition. The unique reverse auction structure leading to discovery of the lowest tariff, favorable movement in solar panel prices, creation of credible offtake intermediaries, and setting up of mega solar parks and other enabling infrastructure have resulted in solar power tariffs declining to about ₹2.7 ($0.04) per kilowatt-hour (kWh) from about ₹5.2/kWh in fiscal year 2015, leading to improved affordability of .

5. Project design. ESPL signed a 25-year power purchase agreement (PPA) with GUVNL on 26 August 2019 at a tariff of ₹2.65/kWh. The project has to achieve financial closure within 9 months of the date of execution of the PPA, with commissioning to occur within 15 months of the same date (by 25 November 2020, the scheduled commissioning date or SCD). In case of a delay in commissioning of certain capacity beyond SCD but up to 6 months from SCD, GUVNL may draw on ESPL’s performance bank guarantee (PBG) calculated at ₹13,111 per MW per day for such capacity. The total PBG will be capped at ₹472 million ($6.6 million). Also, for capacity delayed for more than 6 months beyond scheduled commissioning date, the tariff will be reduced by ₹0.0050/kWh per day.

1 ADB. 2009. Energy Policy. Manila. 2 Government of India. Ministry of Power. Central Electricity Authority.

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6. The project cost estimates include proposed 20% basic customs duty (BCD) on imported solar modules, which is about 10% of project cost. The BCD was announced by the government on 1 February 2020 to provide impetus to domestic manufacturers, however, the effective date had not been declared as of end-February 2020.

7. As per the PPA, the contracted capacity utilization factor (CUF) for the project is 27.72%. GUVNL is required to grant must-run status to the project. For any grid backdown due to low demand, ESPL will be compensated at 50% of average generation during the month. For curtailment due to grid unavailability, ESPL will not be compensated.

8. The project is located in Raghanesda Solar Park in Gujarat, which is being developed by Gujarat Power Corporation Limited (GPCL). ESPL signed an Implementation Support Agreement with GPCL on 22 October 2019 to grant ESPL access to the common solar park infrastructure. GPCL has also provided ESPL with possession of 100% of the land that it requires for the project (939 acres). ESPL will sign the land lease agreement prior to financial closure. In addition, GPCL will build the solar park’s infrastructure and will charge annual operation and maintenance (O&M) fees to maintain this infrastructure.

9. GPCL will also provide all power evacuation facilities. The project will connect to the internal substation at its own cost through an underground cable for which GPCL will provide right-of-way. GPCL is constructing a 35-kilometer transmission line that will connect the internal substation to the grid substation at Khimanawas being constructed by Power Grid Corporation of India Limited. The project will be considered to have been commissioned on the date it starts evacuating power into the grid substation. As confirmed by the lender’s technical advisor (LTA), the grid substation is ready for commissioning, and construction of transmission lines is already underway. Of the 110 towers to be installed, piling work has been completed for 51 towers, 35 of which have been erected. It is expected that the solar park will be commissioned by September 2020. As per the LTA, the project is expected to commission on schedule.

10. GUVNL is the offtaker for the project. It is 100% owned by the state of Gujarat and is the holding company for the entities engaged in electricity generation, transmission, and distribution services in Gujarat. GUVNL is consistently regarded as the best state distribution company in India and has robust financials. It has a track record of making timely payments, including for two ADB projects for which GUVNL was the PPA counterparty: the 145 MW Grid Connected Solar Project and the Solar and Wind Power Development Project.3 ICRA Limited, an independent rating agency based in India and a subsidiary of Moody’s, has rated GUVNL domestic AA- (stable) as of March 2019. GUVNL reported revenues of $7.0 billion and a net profit of $140.0 million in FY2019. As of 31 March 2019, it had total assets of $11.4 billion and its net worth was $3.8 billion.

11. (Confidential information redacted).

12. Borrower and sponsor. ESPL is the special purpose vehicle set up to implement the project. It is 100% owned by ESS, which has more than 3 GW of solar assets, either operational or under construction, spread across France (about 1.3 GW), India (about 800 MW), Mexico (772 MW), and Brazil (296 MW). ESS is ultimately held by ENGIE SA, a French energy conglomerate with operations in more than 70 countries. In addition to 800 MW of solar photovoltaic capacity in India, the ENGIE group has another 480 MW of wind projects, either operational or under construction in India. Its other significant business interests include Tractebel India, a well-known

3 ADB. India: 145 Megawatts Grid-Connected Solar Project. and ADB. India: Solar and Wind Power Development Project.

3 engineering services provider, and Cofely Axima India, which specializes in climate engineering. As of December 2019, ENGIE SA had 96.8 GW of installed power capacity, of which renewable energy accounted for 28%. Its market capitalization was $44 billion as of 4 March 2020.

13. ESS owns and operates 619 MW of solar photovoltaic assets in India through Solairedirect Energy India Private Limited (SEIPL), a 100% owned subsidiary. About 84% of SEIPL’s portfolio has been contracted with central government offtakers: Solar Energy Corporation of India (rated domestic AA+ by ICRA Limited) and NTPC Limited (rated domestic AAA by ICRA Limited). The portfolio has performed robustly, with actual generation typically above P90 estimates. Average accounts receivables for SEIPL’s projects range between 0 month and 3 months, except for projects in Telangana, where outstanding receivables stand at about 10 months. Historically, SEIPL has supported its projects to meet debt obligations through additional capital infusions when required. In January 2020, as part of an asset monetizing strategy, SEIPL entered into a binding agreement with Edelweiss Infrastructure Yield Plus Fund to sell a 74% shareholding in each of its 12 projects. Once the sale is completed, SEIPL will use sale proceeds to develop new assets in India and repay loans from ESS.

14. For the proposed project, ESS and SEIPL will jointly and severally provide sponsor support to ESPL. (Confidential information redacted).

15. (Confidential information redacted). SEIPL’s financial performance has been improving since FY2017. Its operational capacity increased from 154 MW on 31 March 2017 to 369 MW on 31 March 2019 and to 619 MW on 28 February 2020. Its cash flow from operations declined significantly in FY2019 because of an increase in receivables at its 50 MW project in Telangana— which was addressed through a fresh capital infusion (Table 1). (Confidential information redacted).

16. ADB conducted integrity due diligence. 4 ESPL, ESS, SEIPL, beneficial owners, and management do not appear to constitute a significant or potentially significant integrity risk, as there is no unresolved or substantiated adverse media or other information related to them. ADB’s review of the entity does not give ADB cause to believe that it is being used for money laundering or terrorism financing. No tax integrity due diligence was required.

B. Development Impact, Outcome, and Outputs

17. Impact. The project is aligned with the following impacts: (i) renewable energy generation capacity of 175 GW achieved by 2022,5 and (ii) share of non-fossil-fuel-based electric power generation capacity increased to 40% by 2030.6

18. Outcome. The project will have the following outcome: renewable power delivered to the domestic grid increased.7 It will generate about 439 gigawatt-hours of clean energy per annum and help avoid the emission of 385,000 tons of carbon dioxide annually from 2022. The project will also boost local employment and contribute to the local economy through domestic purchases.

4 ADB. 2003. Enhancing the Asian Development Bank's Role in Combating Money Laundering and the Financing of Terrorism. Manila. 5 Government of India, National Institution for Transforming India Aayog. 2018. Strategy for New India@75. New Delhi. 6 Government of India, National Institution for Transforming India Aayog. Draft National Energy Policy (version as of 27 June 2017). New Delhi. 7 The design and monitoring framework is in Appendix 1.

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19. Outputs. The outputs will be (i) solar power generation capacity increased by 200 MW, (ii) local employment generated, (iii) growth of local economy supported, and (iv) strengthening of human resources policy and practices to make it more gender-responsive.

C. Alignment with ADB Strategy and Operations

20. Consistency with ADB strategy and country strategy. The project is fully aligned with ADB's Energy Policy, which prioritizes support for renewable energy development (footnote 1). The project is consistent with the following operational priority of ADB’s Strategy 2030: tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability.8 It contributes to ADB’s goal to provide climate finance of $80 billion cumulatively from 2019 to 2030. Total climate mitigation finance is estimated to cost $65.5 million, 100% of ADB’s own investments. No adaptation finance has been estimated for this project. It relates to two of the five core specializations of ADB: infrastructure and environment. The project will also contribute to ADB’s operational goal of scaling up private sector development and private sector operations, including supporting private sector operations’ long-term cofinancing target where every $1 in financing is to be matched by $2.50 of long-term cofinancing as per ADB’s Strategy 2030 (footnote 8). The project is aligned with ADB’s country partnership strategy for India, 2018– 2022, which calls for higher efficiency and carbon mitigation through power generation from renewable sources.9

21. Lessons from previous operations. Extended annual reviews of previous ADB wind and solar projects in India financed by Nonsovereign Operations highlighted three key lessons: (i) the importance of energy assessment, (ii) the risks associated with land acquisition, and (iii) the need for adequate power evacuation facilities. The project’s implementation arrangements incorporate these lessons and ADB, as a key senior lender, will closely monitor these aspects.

D. Project Cost and Financing Plan

22. (Confidential information redacted).

23. (Confidential information redacted).

E. Implementation Arrangements

24. (Confidential information redacted).

F. Projected Financial and Economic Performance

25. (Confidential information redacted).

8 ADB. 2018. Strategy 2030: Achieving a Prosperous, Inclusive, Resilient, and Sustainable Asia and the Pacific. Manila. 9 ADB. 2017. Country Partnership Strategy: India, 2018–2022—Accelerating Inclusive Economic Transformation. Manila.

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III. THE PROPOSED ADB ASSISTANCE

A. The Assistance

26. ADB will provide a loan of up to $65.5 million. The loan will have a tenor of 20 years with a fixed repayment schedule. ESPL will be bound by commercial terms, and financial and operational covenants stipulated in the financing agreements.

B. Value Added by ADB Assistance

27. ADB’s assistance is critical as it will provide long-term financing, which continues to be challenging for the renewable energy sector in India. Even prior to COVID-19, local financial institutions having largely reached their exposure limits for the energy sector along with tightening liquidity in the domestic financial market had led to a renewed and prominent role for ADB support to overcome gaps in the availability of long-term finance. ADB’s role is now expected to be even more relevant in light of the expected significant disruptions in the commercial debt market due to COVID-19. As per the financing agreements, the project will be obligated to implement ADB’s Safeguard Policy Statement (2009), thereby adopting internationally recognized environmental and social standards. ADB’s involvement will also ensure that the project promotes gender equity. ADB is also facilitating cofinancing through a parallel loan.

C. Risks

28. (Confidential information redacted).

29. (Confidential information redacted).

30. (Confidential information redacted).

31. (Confidential information redacted).

32. (Confidential information redacted).

33. (Confidential information redacted).

34. (Confidential information redacted).

35. (Confidential information redacted).

36. (Confidential information redacted).

IV. POLICY COMPLIANCE

A. Safeguards and Social Dimensions

37. ADB has categorized the project in compliance with ADB’s Safeguard Policy Statement (2009) as environment (category B), involuntary resettlement (category C), and indigenous peoples (category C). 10

10 ADB. Safeguard Categories.

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38. ADB has undertaken due diligence and reviewed the potential environmental and social impacts of the project and the measures to avoid, minimize, mitigate, and compensate for the adverse impacts in the safeguard reports and plans. The environmental and social measures and the institutional capacity and commitment of ESPL to manage the project’s social and environmental impacts are deemed adequate.

39. Environment. An independent consultant has prepared an initial environmental examination report. The potential environmental impacts—noise, vibration, dust, waste generation, ground contamination, and soil erosion—are generally associated with construction activities. These impacts are generally site-specific and short-term and can be effectively managed by implementing good engineering, construction, and project management practices as well as preventive and control measures reflected in the World Bank Group’s Environmental, Health, and Safety General Guidelines, as detailed in the site-specific environmental management plans. Potential climate-change induced impacts have also been assessed within the initial environmental examination report. Occupational health and safety risks will be mitigated through the development of a health and safety plan that will include routine training, monitoring, and the provision of personal protective equipment. Environmental and occupational health and safety provisions, consistent with ADB’s Safeguard Policy Statement requirements, will be incorporated into the contractor agreements.

40. Social safeguards. The project is in a solar park and covers about 939 acres. The environmental and social assessment and ADB’s due diligence found no legacy issues around the transfer of government land to the project. The land is saline, sandy (mostly deprived of vegetation), uncultivable, and not fit for agricultural usage. No private land has been acquired or leased for the project and no physical or economic displacement is envisaged. The transmission line linking the project to the grid substation is a shared facility being built by GPCL (and will also be operated by it) for the entire solar park. The project is not located in an area inhabited or used by distinct and vulnerable indigenous peoples or ethnic minority groups. No impact on indigenous peoples is envisaged.

41. Some gender elements. ESPL commits to implement measures to promote gender equality and/or women’s empowerment in its business activities following ADB’s Policy on Gender and Development (1998). (Confidential information redacted). At the company level, ESPL will strengthen human resource policies and procedures to ensure equal remuneration for women; a better workplace environment (e.g., sanitation, hygiene); access to social security benefits for women; and prevention of sexual harassment policies and guidelines. Targeted community development benefits for women (30% of the total community development budget will be for women groups) will also be implemented. ESPL will submit periodic reports on implementation of gender measures to ADB.

42. ESPL will comply with national labor laws and, pursuant to ADB’s Social Protection Strategy (2001), will take measures to comply with the internationally recognized core labor standards.11 The client will report regularly to ADB on (i) its compliance with such laws and (ii) the measures taken. The company will submit a safeguards and social monitoring report on an annual basis that will include information on the project’s compliance with ADB’s Safeguard Policy Statement. Information disclosure and consultation with affected people will follow ADB requirements. 12

11 ADB. 2003. Social Protection Strategy. Manila (adopted in 2001). 12 Summary Poverty Reduction and Social Strategy; and Safeguards and Social Dimensions (accessible from the list of linked documents in Appendix 2).

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B. Anticorruption Policy

43. ESPL was advised of ADB’s policy of implementing best international practice relating to combating corruption, money laundering, and the financing of terrorism. ADB will ensure that the investment documentation includes appropriate provisions prohibiting corruption, money laundering, and the financing of terrorism; and remedies for ADB in the event of noncompliance.

C. Investment Limitations

44. (Confidential information redacted).

45. (Confidential information redacted).

D. Assurances

46. Consistent with the Agreement Establishing the Asian Development Bank (the Charter),13 ADB will proceed with the proposed assistance upon establishing that the Government of India has no objection to the proposed assistance to ESPL. ADB will enter into suitable finance documentation, in form and substance satisfactory to ADB, following approval of the proposed assistance by the Board of Directors.

V. RECOMMENDATION

47. I am satisfied that the proposed loan would comply with the Articles of Agreement of the Asian Development Bank (ADB) and recommend that the Board approve (i) the loan of up to $65,500,000 in Indian rupee equivalent from ADB’s ordinary capital resources to Electro Solaire Private Limited for the Gujarat Solar Power Project in India, with such terms and conditions as are substantially in accordance with those set forth in this report, and as may be reported to the Board; and (ii) the waiver of the single-project exposure limit for the $65,500,000 loan as set forth in para. 44 of this report.

Masatsugu Asakawa President

27 March 2020

13 ADB. 1966. Agreement Establishing the Asian Development Bank. Manila.

8 Appendix 1

DESIGN AND MONITORING FRAMEWORK

Impacts the Project is Aligned with

Renewable energy generation capacity of 175 gigawatts achieved by 2022 (Strategy for New India@75)a

Share of non-fossil-fuel-based electric power generation capacity increased to 40% by 2030 (Nationally Determined Contribution, draft National Energy Policy)b

Performance Indicators with Data Sources and Risks Results Chain Targets and Baselines Reporting Mechanisms Outcome By 2022:

Renewable power a. Electricity delivered to a.–e. Company’s annual Changes in delivered to the domestic offtaker increased to 439 development regulatory grid increased gigawatt-hours per year effectiveness monitoring environment or (2019 baseline: 0) report power purchase b. Annual emission of agreement 385,000 tons of carbon dioxide avoided (2019 Climate-change baseline: 0) and weather- related risks c. At least 22 jobs provided during operation, of which 4 are for women (2019 baseline: 0)

d. Annual domestic purchases of goods and services by the project amounts to more than $1.2 million during operation (2019 baseline: 0)

e. Annual payments to government related to operation of this project amount to at least $0.2 millionc (2019 baseline: 0) Outputs By 2021:

1. Solar power generation 1. 200 megawatts of 1.–4. Company’s annual Construction capacity increased by electricity-generating development delays because 200 MW capacity installed (2019 effectiveness monitoring of force baseline: 0) report majeure events

Cost overruns 2. Local employment 2. At least 400 jobs provided generated during construction, of which 30% are for women (2019 baseline: 0)

Appendix 1 9

Performance Indicators with Data Sources and Risks Results Chain Targets and Baselines Reporting Mechanisms 3. Growth of local 3. Total domestic purchases economy supported related to construction of this project amount to at least $54.4 million (2019 baseline: 0)

4. Strengthening of 4. Existing policies at ESPL 4. Reported annually human resources policy include specific provisions from year 2025 and practices to make it on equal remuneration for more gender-responsive equal work value, an inclusive workplace environment,d access to social security benefits, and anti-sexual harassment measures (2019 baseline: not applicable)

Key Activities with Milestones Outputs 1–4 1. Asian Development Bank executes loan agreement with client by 30 April 2020 2. Construction of solar power plant completed by 25 November 2020 3. Solar power plant commissioned by 26 November 2020 Inputs (Confidential information redacted). Assumptions for Partner Financing Not applicable a Government of India, National Institution for Transforming India Aayog. 2018. Strategy for New India@75. New Delhi. b Government of India, National Institution for Transforming India Aayog. Draft National Energy Policy (version as of 27 June 2017). New Delhi. c The project will incur losses on account of depreciation in the initial years of operations and, hence, will not pay any corporate taxes. d Sanitation and hygiene facilities. Source: Asian Development Bank.

10 Appendix 2

LIST OF LINKED DOCUMENTS http://www.adb.org/Documents/RRPs/?id=54035-001-4

1. Sector Overview 2. Client Information 3. Details of Implementation Arrangements 4. Contribution to the ADB Results Framework 5. Financial Analysis 6. Economic Analysis 7. Country Economic Indicators 8. Summary Poverty Reduction and Social Strategy

Supplementary Document

9. Waiver of Single Exposure Limit for Nonsovereign Operations