Company Background Company Profile Overview Management Team Versatile

Company Background Company Profile Overview Management Team Versatile and Unique Business Model Capacity Break-up by Geography Rajasthan, [VALUE], [PERCENT AGE] Madhya ‒ Leap Green Energy Pvt. Ltd. (“LGE”, “Leap Green” or the “Company”) is a wind IPP with an installed capacity of 453 MW and is currently in process of acquiring 300 MW of assets ‒ Managed by Rajeev Akshay Karthikeyan and Devanand Vijayan, over 10 years of experience in the renewable energy (RE) industry ‒ Demonstrated capability to acquire operating assets at attractive pricing ‒ Highly visible green energy brand has successfully implemented the C&I(2) and FIT(2) sales model ‒ In-house technical team driving operational efficiency ‒ Best in-class wind forecasting and micrositing system with fully equipped inhouse team Customer Profile ‒ Large, diversified customer base of over 100 industrial and commercial customers Growth Plans ‒ Charted a plan to build a portfolio of ~2, 450 MW by 2019 through acquisition of operating assets, and turnkey acquisitions in select states Pradesh, [VALUE], [PERCEN TAGE] Tamil Nadu, [VALUE], [PERCENTAG E] Revenue (FY 16) Break-up by Geography Rajasthan 15% Madhya Pradesh 4% Tamil Nadu 81% Financial Snapshot Particulars FY 16(3) Details Capacity (MW) 453 4 Year CAGR(4) - 110% Revenue (USD mn) 48 4 Year CAGR(5) - 67% EBITDA (USD mn) 29 4 Year Average Margin – 65% Net Debt/Equity (x) 1. 3 x (1) Commercial and Industrial, (2) Feed-in-Tariff, (3) Financial Year Ending March 31, 2016, (4) CAGR from Mar -11 to Sep -15, (5) From FY 12 - FY 16

Leap Green Energy Snapshot ü Largest aggregator of wind turbines in India ü Largest Indian Wind IPP in private green power sale ü First IPP in India to promote branded green power under its “Wind Built” label ü Wind forecasting advisors to the Government of Tamil Nadu/Rajasthan and Ministry of New and Renewable Energy (MNRE), Go. I ü Selling power to over 100 consumers including marquee names ü Highest EBITDA per INR Million invested in India ü Highest levels of corporate governance - Strong systems and processes in place sinception ü Robust financial position – Rated “BBB+” by CRISIL, an S&P affiliate ü Developed strong in-house wind forecasting and micro-siting capabilities ü Developed strong relationships with the banking sector

Key Business Highlights 1 Large Scale wind IPP with differentiated business model < Large Scale: 453 MW operational across 3 states, with a diversified sales mix across C&I Sales and FIT models < Rapid growth: Scaled up to 453 MW within a span of 4. 5 years < IRR based asset acquisition strategy: Acquisition of operational and turnkey assets to eliminate development risk and earn superior IRRs < Unique business model: Sale of power through highly profitable C&I Sales model with attractive inflation protected pricing which is at a premium of ~100% to FITs helps drive superior portfolio IRRs Differentiated model Highly profitable strategy 2 True Wind IPP operator < Demonstrated strong in-house operational expertise ‒ Disciplined three-tier preacquisition diligence process ‒ Post-acquisition, in house O&M team has ensured machine availability >95% < Provides customers end to end energy management solutions ‒ Undertaking scheduling and allocation for over 100 customers < Pioneered wind forecasting initiative in India ‒ Supporting TANGEDCO through IWPA, in forecasting wind generation for the entire state ‒ Visible improvement in grid availability in Tamil Nadu Unwavering focus on execution of the strategy 3 Experienced promoters backed by marquee sponsors < Led by Rajeev Akshay Karthikeyan and Devanand Vijayan, with support and experience of PSG Group, 100 year old reputed business house in India < Promoters with over 10 years of experience in wind energy business < Supported by a strong and experienced management team < Backed by JP Morgan, marquee investor in the Asian infrastructure space, managing US$1. 5 bn < Have institutionalized high corporate governance standards, robust systems and processes Driven by experienced promoters, supported by a marquee sponsor

Charted a Plan to Scale to ~2, 450 MW by FY 19 Planned Capacity Growth upto FY 19 453 MW 753 MW 1, 406 MW 2, 006 MW 2, 456 MW Capacity(1) (MW) 450 600 654 300 453 (2) Jun-16 P Existing Capacity 453 Sep-15 A 2, 006 1, 406 753 FY 17 P Capacity During the Year FY 18 P Incremental FY 19 P State-Wise Split MP 7% AP 11% RJ 32% RJ 21% TN 72% MP 4% TN 64% RJ 29% MP 11% KT 7% AP 13% RJ 28% TN 42% MP 13% KT 10% TN 36% AP 14% RJ 28% MP 15% KT 12% TN 30% TN – Tamil Nadu; MP – Madhya Pradesh, RJ – Rajasthan, AP – Andhra Pradesh, KT – Karnataka Share of C&I Sales and FIT models FIT 22% C&I 78% C&I 67% FIT 54% FIT 51% FIT 47% FIT 33% C&I 53% C&I 49% C&I 46% (1) Installed capacity which will become revenue generating in the next financial year, (2) Ongoing asset (300 MW) acquisition process, targeted to be completed by end of June 2016

Funds Needed for Pipeline Private Equity Investors Equity: USD 400 mn IPO Internal Accruals Total Funds: USD 1, 663 mn Debt: USD 1, 262 m Banks/ Bonds Sr. No. Year of issuance Amount (USD mn) Tenor (Years) 1 FY 2017 452 14 2 FY 2018 443 14 3 FY 2019 366 14 Exchange Rate: 67 INR/USD

Project Pipeline (1/3) Project Pipeline for FY 17 Tamil Nadu Rajasthan Madhya Pradesh Karnataka Andhra Pradesh 120 60 20 101 101 151 Project Type (Acquisition/ Turnkey) Acquisition Turnkey Construction Months NA NA NA 12 12 Total Capex (USD mn) 90 27 9 100 105 164 Total Fund Requirement (USD mn) 76 23 8 100 105 164 Required Debt (USD mn) 72 21 7 75 75 79 123 Required Equity(1) (USD mn) 4 1 0 25 25 26 41 Location Capacity (MW) Fund Requirement: USD 452 mn Debt + USD 124 mn Equity(1) = USD 576 mn (1) Equity excludes funding from internal accrual; Exchange Rate: 67 INR/USD

Project Pipeline (2/3) Project Pipeline for FY 18 Tamil Nadu Rajasthan Madhya Pradesh Karnataka Andhra Pradesh 120 60 20 100 100 Project Type (Acquisition/ Turnkey) Acquisition Turnkey Construction Months NA NA NA 12 12 Total Capex (USD mn) 94 27 9 106 109 119 Total Fund Requirement (USD mn) 75 21 7 99 102 111 Required Debt (USD mn) 75 21 7 79 82 89 89 Required Equity(1) (USD mn) – – – 20 20 22 22 Location Capacity (MW) Fund Requirement: USD 443 mn Debt + USD 85 mn Equity(1) = USD 523 mn (1) Equity excludes funding from internal accrual; Exchange Rate: 67 INR/USD

Project Pipeline (3/3) Project Pipeline for FY 19 Tamil Nadu Rajasthan Madhya Pradesh Karnataka Andhra Pradesh 30 15 5 100 100 Project Type (Acquisition/ Turnkey) Acquisition Turnkey Construction Months NA NA NA 12 12 Total Capex (USD mn) 25 7 2 106 109 119 Total Fund Requirement (USD mn) 20 5 2 99 102 111 Required Debt (USD mn) 20 5 2 79 82 89 89 Required Equity(1) (USD mn) – – – 20 20 22 22 Location Capacity (MW) Fund Requirement: USD 366 mn Debt + USD 85 mn Equity(1) = USD 451 mn (1) Equity excludes funding from internal accrual; Exchange Rate: 67 INR/USD

Ample Opportunities for Leap Green Ability to acquire assets from a large pool of existing operating assets Phase III: Rapid Growth of IPPs 1. FITs have increased from INR 3. 5 -4. 5/unit in FY 12 to up to INR 5. 56. 0/unit in FY 15 leading to 35% CAGR in IPP capacity 2. AD reintroduced in 2013 Phase II : Aggressive AD Capacity Addition 1. Tax Savings 2. CER Upsides 3. Electricity Act 2003 - Feed in tariff/ RPO mechanism 4. IPP capacities started scaling up post 2009 Provides acquisition pool of >18 GW Installed Capacity (MW) WIND CAPACITY ADDITION DRIVERS Phase I : Fragmented AD 1. Captive consumers 2. Tax Benefits – AD(1) introduced 26, 769 18, 421 19, 564 16, 084 1, 167 1, 456 1, 702 2, 125 3, 000 2001 2002 2003 2004 (1) Accelerated Depreciation, Source: GWEC, MNRE 4, 430 2005 6, 270 2006 7, 845 2007 9, 655 2008 10, 926 2009 13, 065 2010 2011 2012 2013 42445

Strong Policy Thrust on Renewable Power Target of 60 GW Of Wind Energy Capacity in India by 2022 7. 4 11. 9 Tamil Nadu Gujarat Capacity (GW) Rajasthan AP wind energy growth such as: 33. 8 3. 6 8. 8 3. 3 1. 0 84. 4 18. 8 10. 1 4. 5 7. 6 Karnataka 2. 6 6. 2 ‒ National offshore wind energy policy to encourage development of offshore wind assets ‒ Dedicated green evacuation corridor(1) 44. 2 ‒ Focus on improving grid management through forecasting 45. 4 < Wind has been the most proven source of power amongst 55. 9 0. 9 6. 2 10. 5 Others 0. 6 ‒ Extension of the Generation Based Incentives (GBI) scheme upto 2018 and giving AD benefits ‒ Launch of National Wind Energy Mission 8. 6 Maharashtra MP < Central Government has adopted various measures to encourage 9. 3 Installed Capacity (FY 15) Potential Capacity (2) Target Capacity (FY 22) renewable energy sources with a stabilized tariff regime supporting its future growth The government has proposed various policy changes through the Amendment to Electricity Act 2014, Amendment to National Tariff Policy and National Renewable Energy Act 2015 to augment the growth of renewable energy and achieve the specified targets Source: MNRE, ICRA, CRISIL, NIWE, (1) Expected to impact states of Tamil Nadu, Karnataka, Andhra Pradesh, Gujarat, Maharashtra, Rajasthan, Himachal Pradesh and Jammu & Kashmir; (2) Wind potential at hub height of 100 meters (Source: NIWE WRA)

Key Risk and Mitigants Key Risk Mitigants Competition from Solar Players ‒ ‒ Increasing focus of Government on Solar Energy Solar IPPs are currently charging INR 4. 6/ unit, such low tariffs are unsustainable in the long run as it is difficult to make more than 10%-11% equity IRRs at this level ‒ Solar generation peaks during day time, however the peak industrial demand is in evening post 6: 00 pm which coincides with peak wind generation ‒ Falling capital cost of solar making it more lucrative ‒ Since solar IPPs can provide power only for six hours a day, hence the industrial consumers have to buy power from wind IPPs or SEBs Curtailment of Wind Power ‒ Forecasting initiative of LGE has helped significantly improve grid availability in Tamil Nadu as the major reason for curtailment was unpredictability of wind power generation ‒ Curtailment issues started in Rajasthan as well ‒ Various steps taken by government such as developing Green Energy Corridor, establishment of Renewable Energy Management Centres (REMC) to manage renewable power evacuation etc. Tariff Based on Competitive Bidding ‒ Competitive Bidding in wind is unsustainable due to the following ‒ Downward pressure on tariffs ‒ Low grid availability in Tamil Nadu due to backing down of wind power ‒ Guidelines published by Ministry of New and Renewable Energy (MNRE) for competitive bidding for wind § Higher unpredictability of wind power generation as compared to other fuel sources makes it difficult to arrive at a competitive tariff § Low tariffs would be unviable as the capital cost incurred by the wind power generators is comparatively higher and competitive bidding could end up in pricing out the players from the market

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