Amit Kumar Tata Power Solar Confidential Copyright 2015

Amit Kumar Tata Power Solar Confidential © Copyright 2015 0 Confidential © Copyright 2015

The Tata Group India’s largest and most trusted* business group Businesses in seven sectors Over half a million employees Operating in more than 100 countries Group revenue of nearly $100 billion With over 60% business from outside India Materials Engineering IT and Communication Energy Services Consumer Products Chemicals * Voted as India’s most trustworthy company, as part of the world's 500 most valued brands, by Brand Finance Global 500 in 2014 1 Confidential © Copyright 2015

Introducing Tata Power Solar § Tata Power Solar is the largest integrated solar solutions provider in India § Tata Power Solar is based in Bengaluru where it operates 180 MW of cell manufacturing and 300 MW of module manufacturing facilities § Established in 1989, Tata Power Solar (formerly Tata BP Solar) was a joint venture between Tata Power and BP Solar § Today, it is a wholly owned subsidiary of Tata Power, India’s largest integrated power utility 25 years pioneering excellence in solar Module Manufacturing Facility 25 years of operations with 700 employees across India 1 GW of our best-in-class Tata manufactured modules exported till date Utility scale projects of 250 MW commissioned till date; 112 MW of rooftop & distributed generation projects Touched nearly 31 million lives; delivered 8 lakh off grid solar installations/products nationwide Positive environment impact through reduced carbon footprint by 9. 2 mn tonnes Ranked the #1 rooftop solar player for 2015 by Bridge To India; Awarded for rooftop solar projects by MNRE 2 Confidential © Copyright 2015

Tata Power Solar history & important Milestones 2014 Inter Solar Award for NPTC 50 MW project 2007 Largest Solar Water Heating System of 29 KLPD installed in India Doubled module manufacturing capacity to 85 MW TPS declared Best Solar Water Heater Manufacturer TPS was presented EEPC’s Star Performer (large enterprise) award in recognition of its outstanding contribution to Engineering Exports 2001 -02 80 remote villages lit up 1991 Commercial production commenced 1989 JV between Tata Power and BP Solar 2010 Inauguration of 32 MW solar cell plant Special commendation for Golden Peacock award for Occupational Health & Safety 2011 -12 50 MW grid-connected power achieved Received CII’s Leadership and Excellence Award in Environmental Health and Safety Award Ranked #1 third-party EPC player as well as #1 domestic module supplier for 2014 in India Solar Map 2016 Ranked #1 in industrial and MNRE commercial segment award for Ranked #2 in residential segment largest for 2014 Roof Top Company 2015 2012 Tata Power Solar is formed 2008 ICAI Award for Excellence in Financial reporting 2004 -05 TPS receives the FICCI Annual Award 2008 -09 for Over 100 solar power plants in 107 outstanding achievement in environmental sustainability of business villages in Chhattisgarh 100 k. Wp solar power plant installed at Vidhana Soudha, Bangalore 3 • Won a 100 MW solar power plant project from NTPC. • Awarded “Rooftop Solar EPC company” of the year • National Excellence Management Award for in Cost • Energy And Environment Foundation Global Excellence Award-2015 Confidential © Copyright 2015

About Tata Power Solar § India’s largest and most trusted business group with $100 Bn revenue and operations in 80+ countries § Tata power, largest private IPP in India, currently holds 100% of Tata Power Solar Cells § Founded in 1989, oldest solar company in India § Largest most respected cell, module and systems manufacturer in India Modules Products § 180 MW of cell § 200 MW of module § Solar lighting, § capacity heating and pumping § Market leading § 500+ MW modules solutions § efficiency and cost shipped outside § Largest dealer, subof conversion India dealer and Installer § § Process both mono § 36, 60 and 72 cell network and multi cells configurations § #1 brand in India among others 4 § Founded in 1981, BP solar was the pioneer of the solar PV technology § Globally exited the solar industry in 2012, upon which Tata Power bought its stake in the joint venture Industrial Solutions Custom rooftop / § ground mount systems 1000+ installations across India § Many above 15 years old, with excellent performance record Large Projects Most respected solar EPC brand in India Executed maximum number of grid connected projects Confidential © Copyright 2015

Business Overview Tata Power Solar is India’s largest integrated solar solutions provider and has a rich legacy of 25 years of pioneering excellence in solar LP Projects IS Polysillicon /Wafer Cell • 180 MW capacity • State-of-art equipment • Market leading efficiencies • 250 MW installed capacity to date • 20+ years of delivering 1000+ IS installations • O&M services Module Corporate/ Power producer Electricity Investor TPS can help connect & facilitate discussions with an array of potential solar power investors Bank/Nodal agency • 300 MW capacity • World class standard modules • Distinctive specialty modules Products Customer • Rooftop solutions • Pumping solutions • Wide range of products • Pan India dealer network • Best in class after sales support TPS’ presence in the value chain TPS not present in these areas 5 Confidential © Copyright 2015

Cell & Module Manufacturing TPS has India’s largest integrated cell and module manufacturing facility § 180 MW of cell manufacturing and 300 MW of module manufacturing capacity § Additional 96 MW of cell capacity available for rapid ramp-up § All facilities are ISO 9001: 2008 and ISO 14001: 2004 certified and meet highest industry standards We have a broad portfolio of offerings for the specialized needs of our global clients § Multiple configurations (36, 60 and 72 cells) and wattages (up to 300 W) available § Cell manufacturing lines can process both mono and multi-crystalline wafers of 125 mm and 156 mm sizes Product excellence through process excellence 6 Confidential © Copyright 2015

Cell Manufacturing – Crystalline Silicon Production facility overview Features • 180 MW of cell manufacturing capacity • High conversion efficiency, resulting in superior power output • 20+ years of production experience • Outstanding power output even in low light/high temperature • High quality German equipment and tools • Optimized design for ease of soldering and lamination Production facility overview • Long-term stability, reliability and performance • Precision cell efficiency sorting procedure • Low breakage rate • Stringent criteria for color uniformity and appearance • Color uniformity • Reverse current and shunt resistance screening • REACH-SVHC test passed, ISO 9001, ISO 14001 and OHSAS 18001 certified (in progress) • Calibrated against Fraunhofer ISE 7 Confidential © Copyright 2015

Module Manufacturing – Standard Modules Characteristics • Available in the range of 230 -305 W • Internationally certified by TUV, IEC, UL • Modules with positive power tolerance of 0 ~ +5 W for TP series • Torsion and corrosion resistant anodized aluminium frame • Optimized edge clearance for high quality rugged design • Ability to withstand high wind pressure and snow loads TP 250 Series Multi-Crystalline Modules TP 300 Series Multi-Crystalline Modules Unique features Benefits Anti-reflective glass (ARC glass) High energy yield High fill factor Improved energy conversion efficiency Ultra-soft interconnect with stress relief Enhanced reliability Unique output termination using spot soldering Improved product longevity and reliability Unique back sheet design Used even under corrosive environments 8 Confidential © Copyright 2015

Module Manufacturing – Speciality Modules: Gold / Platinum series Characteristics • • • Wide range – 5 W to 200 W available Industry leading power warranty Meets MNRE, DGS&D and STQC specifications for use in Indian market Blocking and bypass diode available IV curve and specifications available for all products UV resistant, weather-proof junction box available Applications • • • Lighting: Indoor, street and lanterns Telecommunication and radio relay towers Stand alone systems Defense and offshore applications Solar water pumps Signage and flashers Unique features Benefits Torsion and corrosion-resistant anodized aluminum frames with high strength and mounting holes Quick and easy installation High efficiency cells used in modules for applications in which space is a constraint Highly customizable solutions High transitivity glass used as superstrate Higher impact resistance 9 Confidential © Copyright 2015

Modules - Our Product Proposition 1 High Energy Yield § AR coated glass improves low light performance § High fill factor cells and modules § Enhanced low light performance 4 Reliability § 25 year module warranty in line with industry best practices § Warranty claims of less than 0. 07% over two decades 2 Durability § Optimized edge clearance § Torsion and corrosion resistant anodized aluminum frame § Designed to withstand high snow and wind loads 3 Performance § Superior performance beyond IEC/UL standards § High reliability under extreme weather conditions § Electroluminescence tested for micro -cracks 10 Confidential © Copyright 2015

Products Rooftop Solutions Grid-Tie Solutions Broad Product Portfolio Off-Grid Solutions 15+ years of proven track record Financing available Pumping Solutions Retrofit Solutions AC/DC Submersible/Surface Best-in-class Innovative, after sales high quality support products 11 Affordable price point Confidential © Copyright 2015

Projects 100 MW solar plant in Andhra Pradesh (50 MW commissioned) 50 MW solar plant in Madhya Pradesh 12 MW rooftop solar plant in Punjab [World’s Largest rooftop plant] 17 MW solar plant in Gujarat 12 Confidential © Copyright 2015

Rooftop and distributed generation projects installed capacity across India 65+ MW of total rooftop and distributed generation projects executed State J&K 4060 2850 Uttarakhand 474 1820 5730 6470 12410 140 4791 5110 981 180 Andhra Pradesh 1210 Gujarat 6470 Tamil Nadu 8790 Maharashtra 5110 Kerala 3620 Rajasthan 5730 Karnataka 2270 Delhi 2850 Uttar Pradesh Telangana 8790 3620 981 1820 12410 1430 Madhya Pradesh 140 Orissa 180 Bihar 140 Others 13 470 4791 Haryana 1210 2270 4060 Chattisgarh West Bengal 1430 Capacity (k. W) 2398 Confidential © Copyright 2015

Solar Radiation Map Of india 14 Confidential © Copyright 2015

Snapshot: NTPC Project Rajgarh Project The 50 MW flagship project in Rajgarh, Madhya Pradesh, is the LARGEST ever by NTPC and the LARGEST ever to use India manufactured solar modules. In August 2016 we have commissioned the 100 MW Ananthpur Project. Key Statistics Plant Size : 50 MW Land Area : 238 Acres No. of Modules : 217392 Module Type : Tata Power Solar Rating of Module : 230 Wp No of Structures : 9058 Time to complete : 9 months Civil Foundations : 72464 Units Generated : 78. 661 MUs in Year 1 Commissioned : March 2014 CO 2 reduction : 62929 MTs in Year 1 15 Confidential © Copyright 2015

NTPC Rajgarh 50 mw Plant View 16 Confidential © Copyright 2015

Overall View of NTPC Site Ananthpur 2 X 50 Mw CMCS- P 2 Block CMCS External View P 2 -CMCS 17 Confidential © Copyright 2015

Other ground mount project installations 3 MW solar plant in Maharashtra 11. 52 MW solar plant in Karnataka 2 MW solar plant in Andhra Pradesh 17 MW solar plant in Gujarat 18 Confidential © Copyright 2015

Flowchart of Installation and system integration 19 Confidential © Copyright 2015

Ravi Beas Satsang 12 MW Worlds Largest Roof Top 20 Confidential © Copyright 2015

Safety Installing solar panels on roves and elevated surfaces is dangerous business. Roof edges and skylights compose a constant threat to worker safety. Skylights can be especially dangerous for solar installations because the paneling narrows the walking space around these fall hazards. All skylights should be protected with railings or skylight screens during installation and all required maintenance. 21 Confidential © Copyright 2015

Tata Power Solar: Remote Monitoring System Architecture Mobile Application Tool for Enterprise/ HTTP/FTP Central scalable Cloud enabled Application server, and database Internet Project engineer view/performance Monitor. tatapowersolar. com DB Customer/Investor view/email Solar. Log Data logger with display, SIM card = ~ Utility Meter Data collection Site Monitoring Performance Analysis Reporting Control Asset management Maintenance Management Service Delivery Mobile app SMS Public view Operating experience feedback 10 to 300 KW Plant TPS 24/7 Remote Operation Center 22 Confidential © Copyright 2015

Details of monitoring solution ü Dedicated TPS server ü Capabilities: Ø Monitoring : Local and Remote Ø Communication: LAN, Wi-Fi, GPS Ø Reports and alerts via email 23 Confidential © Copyright 2015

Benefits to the customer Real time plant performance results in “increased savings” Ease of maintenance with system generated alerts Customized report generation Continuous monitoring by TPS team improves system performance 24 Confidential © Copyright 2015

Snapshot : Gujarat Energy Development Agency ( GEDA) project The 1. 2 MW Rooftop project in Gandhinagar, Gujarat was a prestigious project catering to the power requirements of Government buildings in Gujarat Key Statistics Plant Size : 1. 2 MW No. of Sites : 34 No. of Modules : 4800 Module Type : Tata Power Solar Rating of Module : 250 Wp No. of Structures : 159 Time to complete : 3 months Units Generated : 1. 8 MUs in Year 1 Commissioned : March 2014 CO 2 reduction : 1440 MTs in Year 1 Range of systems : 10 k. Wp to 100 k. Wp 25 Confidential © Copyright 2015

Important features of the project The 1. 2 MW solar power project at GEDA was executed at 34 different sites and is expected to generate 1. 8 million units of energy Project Details • Multiple Systems in the range of 10 KWp to 100 KWp were installed • Basic purpose was for the state Government buildings to become more self reliant and promote the use of renewable energy • Systems were installed on various buildings like Gujarat High Court & Gujarat Forensic Science University besides collector offices and DDO offices • Managing installations across 34 different rooftops was an arduous task which we were be able to manage given our experience in executing multiple projects simultaneously Executed in record time given the geographic spread of the projects across multiple locations and cities in Gujarat 26 Confidential © Copyright 2015

Snapshot : Murugan Textiles Project The 2 MW Rooftop project in Tirupur, Tamil Nadu was the LARGEST rooftop project in South India for the LARGEST power loom producer in India Key Statistics Plant Size : 2. 01 MW No. of Sites : 3 No. of Modules : 8136 Module Type : Imported Rating of Modules : 250 Wp and 245 Wp No of Structures : 8136 Time to complete : 3 months Units Generated : 3. 02 MUs in Year 1 Commissioned : March 2014 CO 2 reduction : 2450 MTs in Year 1 27 Confidential © Copyright 2015

Important Features of the Project Tata Power Solar was awarded this project due to our superior design and execution capabilities Project Details • Part of the client’s green initiative to pioneer solar energy in the textile industry • Installation is spread over 3 buildings with 800 k. Wp situated in one building • The plant is designed for captive consumption and, to avail REC benefits, is connected to the grid through a 11 k. V feeder • The plant is the first phase of a 3 MW project and work on the second phase of 1 MW will begin early next year Primary Challenges • Buildings were located in Heavy wind zone with high wind speed making it difficult to mount modules • Various wind mills all around added to pressure and required considerable structural planning and innovation • Zero downtime to manufacturing plant during installation 28 Confidential © Copyright 2015

Snapshot: Asian Paints The 800 k. Wp rooftop project in Chennai, Tamil Nadu is the LARGEST rooftop plant with DCR modules and FIRST DG Synchronization project Key Statistics Plant Size : 800 k. Wp No. of buildings : 6 No. of Modules : 2667 Module Type : TPS Rating of Module : DCR modules of 300 Wp Time to complete : 3 months Units Generated : 1. 28 MUs in Year 1 Commissioned : Oct 2014 CO 2 reduction : 640 MTs in Year 1 DGs synchronized : 4 DG sets of capacities 3 x 750 k. VA, 1 x 1000 k. VA 29 Confidential © Copyright 2015

Important Features of the Project First DG Synchronization project using SMA fuel save controller and the BIGGEST DG synchronization project in India till date Project Details • Project was implemented to save on electricity and diesel costs and to promote use of renewable energy • DG Synchronization • saves diesel consumption by utilizing optimum DG set along with solar power • ensures stable operation of the plant by preventing reverse flow of power • SMA’s fuel save controller was used for DG synchronization: 9 solar feeding points and 4 DGs sets (3 x 750 k. VA and 1 x 1000 k. VA) are being continuously monitored • Spread over 6 buildings and an area of 8000 sq. m. , the solar system is installed on GI sheets utilizing unused space Primary Challenges • • • Roofs were 30 meters high and safety was a big concern during execution Being a manufacturing plant we had to take adequate measures to ensure zero plant downtime Cable routing was complex as we were using existing trays for routing cables inside the facility 30 Confidential © Copyright 2015

Other rooftop projects executed in India Titan Industries – 316 k. Wp Surat Municipal Corporation – 750 k. Wp TCS – 60 k. Wp IIT Roorkee – 1800 k. Wp 31 Confidential © Copyright 2015

Unique Rooftop Solutions BIPV: Building Integrated Solar PV systems BIPV or Building Integrated Photo Voltaic deals with aesthetically integrating the Solar PV panels with the building design, while providing the users with Green Electricity. • Building Integration can be done by replacing building sections with Solar or by super imposing on some parts of Building • Overall design: Building atheistic has the Highest priority followed by Energy Generation Capacity of the plant. Opaque or transparent modules • Energy Yield: Highly site dependent as each system is custom designed & tilt, façade will be different 32 Confidential © Copyright 2015

BIPV Installations by Tata Power Solar PV Modules Ordinary Glass IOCL, Delhi - 30 k. Wp TCE, Jamshedpur - 10 k. Wp FESTO, Noida - 20 k. Wp Coal India, Kolkata - 40 k. Wp 33 Confidential © Copyright 2015

Multiple Financing models Equity IRR A) Capex model with *AD – IRR 18. 3% 20% 18% • Upfront Investment of Rs 78 lakhs A 18. 3% 16% D • Tax benefit due to 80% AD benefit ~ Rs 21 lakhs 15. 8% • O & M expenses Rs 1 lakh in Y 1 with Yo. Y escalation 14% B) Cap-ex option no *AD – IRR 10. 3% • Upfront Investment of Rs 78 lakhs 12% E 10% 8% 10. 6% B 10. 3% • O &M expenses Rs 1 lakh in Y 1 with Yo. Y escalation C) PPA with investor – IRR 8. 37% • No upfront investment and no O & M expenses C 8. 37% 6% • Rs 7. 65/ k. Wh of solar energy with 2. 5% escalation 4% for 25 years (~Rs 11 lakhs in Y 1) 2% D) Lease model with *AD – IRR 15. 8% 0% • Refundable security deposit of Rs Rs 7. 8 lakhs 50 0 Cr 0. 5 Cr 1 Cr 0 100 Upfront investment – 100 k. Wp system • EMI ~Rs 2 lakhs/month (~Rs 22 lakhs/yr) for 5 years • Operating lease & customer avails AD ~Rs 21 lakhs Assumptions • Calculations are for a 100 k. Wp system and EPC price is 78 lakhs for capex and lease models. EPC price for PPA model is 76. 7 lakhs • For IRR calculations we have considered grid tariff of Rs 6. 7 with 4% escalation for 25 yrs with an LCOE of Rs 8. 34 • 70: 30 as D: E ratio. Loan tenure of 10 years at 8% interest for 12 yrs • For Lease model, EMI calculations as based on 15% IRR for financing partner. For PPA model, tariff is based on Project IRR of 10. 2% for investor • Additional taxes and surcharges applicable *AD: Accelerated Depreciation benefit of 80% in Year 1 as per IT tax guidelines 34 • O & M expenses Rs 1 lakh in Y 1 with Yo. Y escalation E) Lease model no *AD – IRR 10. 6% • Refundable security deposit of Rs 7. 8 lakhs • EMI ~Rs 2 lakhs/ month (~Rs 22 lakhs/yr) for 5 years • O & M expenses Rs 1 lakh in Y 1 with Yo. Y escalation Confidential © Copyright 2015

Projects executed under PPA model Project: 69 k. Wp solar system with single axis trackers Location: Lonavla, Maharashtra • • Project: 1600 k. Wp solar power plant for a large telecommunications company Location: Pune, Maharashtra Both of these clients are benefiting from savings on electricity bills Tata Power Solar is working with investors who own the asset and Tata Power Solar - Has designed and installed these solar power plants - Is providing PR guarantees and warranties on these power plants - Maintaining these plants 35 Confidential © Copyright 2015

PPA model – tariffs in different cities Varying levels of solar insolation Roof space available Roof top Type Very High Good Low Very Low 2500 – 6000 sq. m. (~200 – 500 k. Wp solar system) RCC Roof 7. 15 7. 35 7. 85 8. 40 9. 40 GI Sheet 7. 20 7. 40 7. 90 8. 50 9. 50 6000 sq. m. (> 500 k. Wp solar system) RCC Roof 6. 75 6. 95 7. 45 7. 95 8. 90 GI Sheet 6. 80 7. 00 7. 50 8. 05 9. 05 Example Cities Nagpur Chennai Bangalore Mumbai Guwahati Assumptions for tariff calculations: • Tariffs are dependent on solar insolation which varies across India as indicated above • Year 1 tariff has been mentioned above. Escalation will be applicable for subsequent years • Single roof for the entire system • Regulatory charges like cross subsidy charges, electricity tax etc. will be additional • 100% generated power consumed throughout the year including weekends and holidays • 100% grid uptime during day time • Roofs are accessible and less than 15 m height • Standard distance for interconnection has been considered • Internet connection for remote access has not been considered 36 Confidential © Copyright 2015

Contact Us TATA POWER SOLAR SYSTEMS LIMITED #78 Electronics City Phase 1 Hosur Road Bangalore – 560100, India Phone: +91 -80 -6777 2200 THANK YOU The contents of this document are proprietary and confidential to Tata Power Solar and may not be disclosed in whole or in part at any time, to any third party without the prior written consent of Tata Power Solar. 37 Confidential © Copyright 2015