10 MW SOLAR POWER PLANT

PROJECT SUMMARY
Based on Gujarat Govt. Renewable Energy Initiative
Investment Opportunity in the Indian Solar Sector
10MW PHOTOVOLTAIC PROJECT
($40,000,000) Project Finance Raise

In Gujarat (INDIA)

ASA BHANU

Prepared by
Asa Bhanu Technical Services Ltd
Hyderabad

Table of Contents
OFFER LETTER.................................................................................................................................................................3
About Asa Bhanu ................................................................................................................................................................4
EXECUTIVE SUMMARY .................................................................................................................................................5
About PPA Holder Inc ....................................................................................................................................................7
PPA Holder Project Management Process ....................................................................................................................8
Management Team & Sponsors........................................................................................................................................13
Location- Gujarat ............................................................................................................................................................. 14
Financial Model ................................................................................................................................................................ 16
Financial Summary of Project Highlights .........................................................................................................................17
Project Cost Breakdown (Detail) ................................................................................................................................17

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Project Cash flow Statement ......................................................................................................................................17

Project Finance Structure ...........................................................................................................................................17
Project Status Review ....................................................................................................................................................... 17
Engineering, Procurement & Construction (EPC).................................................................................................................20
Gujarat Site Map-Kutch ......................................................................................................................................................
Technical Layout-1MW ........................................................................................................................................................24
Technology Used and Module ...................................................................................................................................25
Important Qualification & Notice .......................................................................................................................................
Appendices ..........................................................................................................................................................................28
GEDA/EPD Solar Power Allotment Letter.......................................................................................................................
Share Holder/GEDA Process Letter .........................................................................................................................29
Share Holder CA Certificate ....................................................................................................................................30
Land Purchase Offer .......................................................................................................................................................

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Asa Bhanu

February 1, 2010

10MW SOLAR POWER PROJECT AT Bachau, Shivlakha, GUJARAT

Dear Interested Investor,

It is with great pride that we offer you this investment opportunity. It is a project our group has been
working on for the last two years, hand in hand with various state and central parts of the Indian
government to receive our allotments to build utility scale grid connected Solar Power Plants.
We do believe we have a very important moment of time in our hands, in which we can make a tremendous
difference for the country as well as the next generations to come in investing in the best infrastructure for
our nation, India. We have worked hard to bring to life a project that delivers excellent returns for the
investors of over 15% in project IRR and a net cash return of $58,000,000 (USD) over the project lifecycle
backed by the State of Gujarat PPA and as well helping balance our environment at the same time.
We are a close and privately held friends and family business group with interests in various sectors of the
Indian economy. We have invested thus far our monies behind this venture, as well as combined the
strengths of our joint venture partners, who number amongst the most respected business houses in India
to bring this opportunity to light.
We also thank in advance the State Government of Gujarat for their visionary approach in bringing the first
solar policy in the country into being, giving the rest of the nation the paved road on which to begin the
investments into the Solar sector.
We thank you in advance for your interest in reviewing our project information memorandum.

My Best Regards

Vice Chairman and Managing Director

PPA HOLDER Pvt Limited

About ASA BHANU TECHNICAL SERVICES LIMITED, HUDERABAD, INDIA

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ASA BHANU TECHNICAL SERVICES LIMITED (ABTS) is a provider of Technology

intensive Solutions and Services. ABTS develop and deliver Engineering Services, Project
Management Services and Software Solutions to Indian and International clients. ABTS works
relentlessly to earn total trust of our customers through our continuous strive for quality.
ABTS strives to provide innovative, valuable, and correct solutions in all aspects of the
customer needs. Our company focuses on Customer delight through our continuous quest for
value added services.
Our strength and capabilities lie in our vast experience and knowledge pool. ABTS have
supported our customers with project reports and solutions to execute challenging projects in
the field of Railways, Substations, Power Plants, IT solutions and IT enabled solutions
continuously.
ABTS employees and management committed themselves to be customer focused and to
make quality a way of life. At Asa Bhanu, we strive to earn our customers total trust and
delight. Dependability is the corner stone of our customer relationship management. ABTS
align all our internal processes to ensure dependable deliverables including timeliness,
quality and costs.
ABTS deliver total solution, which includes:

Consulting including Direct, Indirect taxation including expatriates support

Project Reports

Technology

Planning

Design works

Testing & Commissioning

Erection

Procurement

Quality Control

Operation & Maintenance

Engineering of Software

We measure our business success with the trust we earn and accumulate with our
customers. Frequent repeat orders from same customer bear testimony to this.
ABTS is involved in preparing Project Reports, Feasibility Reports and for the clients in
India and abroad in the Power & Engineering fields. This has helped the clients in taking
decision to setting the projects in India
ABTS has also vast experience in Project Coordination services for Andhra Pradesh Power
Generation Corporation ltd (APGENCO) Srisailam Left Bank Power Station Project and
Nagarjuna Sagar Hydro Electric Station Project for Mitsubishi Electric Corporation
(MELCO).
ABTS has also doing Project Management Services for MELCO for Delhi Metro Rail
Corporation (DMRC) project. ABTS successfully completed Phase-I of the Project and
DMRC after seeing our services awarded with Phase-III of the project to MELCO.

The Board of Directors of ABTS comes with extensive experience gained by working with
Top-Notch MNCs across the globe.
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Managing Director Mr. B. Rama Bhadra :

An Electrical Engineer with 35 years of professional experience, worked in japan at
Mitsubishi Electric Corporation for 18 years in various capacities in various international
projects. Worked with Japanese in several projects for the past 28 years. Participated in
projects worth USD 1 billion in countries like China, Hong Kong, Indonesia & Iraq. He has
been actively involved in the activities ranging from - Engineering & project consultancy
services (Presently engaged in providing services to Srisailam Left Bank Hydro Power
Project and Delhi Metro Rail Corporation (DMRC)), Sales Support to Japanese companies,
Procurement services to Japanese companies, Export development service to India
companies & tie-ups between Japanese and Indian companies.
Director Finance Mr. K. Nagaraj:
Chartered Accountant with over 24 years experience. He is one of the Promoter Director of
Asa Bhanu Group. He had earlier worked with (i) BPL Engineering Ltd., as Manager
(Finance & Accounts), Compressor Division and (ii) Sagar Cements Ltd., as Chief
Manager (Finance & Accounts). He has professional experience in Finance/Commercial
functions, Project Management and MIS.
Director Marketing Mr. V.B. Rama Rao:
Chemical Engineer with over 40 years experience. He had earlier worked as Vice President
- PE PIPE BUSINESS in Reliance Industries Limited, Mumbai, India. His experienced
involved project execution and new project implementation.

With decades of Experience in various domains like Engineering, Project Management,

Marketing, Software and Finance in their kitty, ABTS boasts of being able to provide end
to end solutions to the clients and executing projects with highest quality standards

EXECUTIVE SUMMARY

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PPA Holder has signed a Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam
Limited (GUVNL) on 03.05.2010 for the purchase of 10MW Solar PV Power.
PPA Holder (ZS) has contracted with Bangkok Solar Power (BSP), Thailand for the supply
of the state-of-the-art PV modules and the execution of the Project on a Turnkey basis. The
credentials of BSP have been thoroughly validated by visiting the plants constructed by them in
Thailand and elsewhere with the PV module that BSP proposed in this project.
The interface between BSP and GUVNL and other government agencies to ensure the
completion of the Project shall be handled by ZS in association with a reputed Project
Management firm, in India (to be appointed).
ZS has since shortlisted the land about 146 Acres in village Shivlakha, Kutch Dt, Gujarat for
the location of the plant. This land has been approved by the technical consultant BSP as
suitable for the power plant.
Accordingly, Gujarat Energy Transmission Corporation Limited (GETCO), has in their letter
dated 4th Nov 2010, has given their opinion for the establishment of 66KV substation for the
evacuation. This is again reaffirmed by GETCO vide their letter dated 03-12-2010, approving
the above land at Village Shivlakha, near Bhachau, dt: Kutch.
Financial calculation based on the PPA signed show an IRR of 15%. This is without the
additional income from the sale of carbon credits.
Equity of USD 12 million is already raised. Prudent Debt financing shall ensure that the
interest rates are favorable to the Project.

About PPA HOLDER PVT LIMITED INDIA

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PPA HOLDER is a Pvt limited company that is owned 50/50 by two main promoting
families. The promoters also own a holding company funding over $80 million dollars of Solar
projects in the US, EU and in India. PPA Holder Indian partner is systems integrator XYZ
Pvt Limited that has a turnover of 500 crore rupees and counts some of Indias leading business
and government houses as its clients in turnkey Telecom and infrastructure projects.

1. About PPA HOLDER Pvt Ltd

PPA Holder is an Independent Power Producer established in 2008 in
Chhatisgarh, India, focused on the development and operation of solar power plants
in India through its wholly owned subsidiaries. Today PPA Holder Pvt limited
owns a 10MW PPA under PPA Holder Gujarat Private Limited, a 20MW PPA
which it acquired from Solar Semiconductor under PPA Holder East and a SPV
for manufacturing which it is building with Bangkok Cable, a Thai Firm that has
built the largest manufacturing facility in Southeast Asia as well as the largest Thin
Film based solar farm in the region til date, (10MW).
The PPA Holder team combines over 100 years of experience in project
management and business development, and has a strong track record.
PPA Holder team has successful track record in realizing the potential of complex
infrastructural projects that required harnessing evolving technologies, publicprivate sector alliances, innovative supply-chain management, and compelling
financial engineering.
PPA Holder is well connected in Indias solar industry and government circles
PPA Holder has a compelling pipeline of projects in India, with plans to buildout to 1,000+ MW of installed capacity by the end of 2020 and envisions to be one
of the leading producers of solar power based energy in the country.
2. Key Activities of The Group
1. Development of Projects: The development division is an important
international player in developing renewable energy projects including
Photovoltaic energy (PV systems), and concentrated solar power (CSP). PPA
HOLDER has crafted in the last years a very strong competence around
sustainable approaches for renewable energies implementation. The
Development division manages the recent technological development and
follows up very closely the world market developments. Our development team
benefits from an extended international network built around developing
partners, EPC contractors, manufacturers, solution partners, banks and
investors. This allows us to be a reliable and professional player in renewable
energy, which is always looking for the best fit in terms of technological
solution, investment structuring, country involvement with local partners, and
the possibilities offered by the local market.
2. Span activities across:
Our own Development Site screening; lease
agreements; project management; plant engineering; relationship management
in the due diligence process; development of new PV opportunities.
3. Ownership and Operation of its projects: The Company, post-development,
then finances, constructs and owns and operates the power plants.
3. PPA HOLDERs Track Record

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PPA HOLDER is currently building over 30MW of solar power plants in Italy, with
renowned European EPC contractors with its own equity as well as project financing
from tier-one banks such as UNICREDITO, WESTLB and Barclays. Further, PPA
HOLDERs management and technical teams have over 40 years of Solar power
plant design and operational experience, bringing to India a highly experience team
that can execute and bring the projects to market using the best-in-class partners.
4. PPA HOLDERs Project Management Process

PPA HOLDER identifies regions where green-field opportunities, coupled with

generous government FIT (Feed in Tariff) along with the cost and value management
from PPA HOLDERs side, give the project the maximum yield in performance and
IRR (internal rate of return) possible.

5. Experience of PPA HOLDERs EPC and Equity partner in the 10MW

Solar Farm, Bangkok Solar

Project References
Bangkok Solar Co., Ltd. has provided our customers with quality products, reliable
systems and professional projects since our starting business operation in May 2003. We

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continue developing high technology and agile business to give our customer highest
satisfaction.
Up to the present, Bangkok Solar becomes the international company. We have customers
both export and domestic markets.
For export market, we have sold huge volume of our proud BS 40 Model with 40Wp
modules to Europe. MaaB Regenerative Energien GmbH, German Company, is our
potential customer. We have delivered our products to them since November 2005 and
been authorized to be their supplier.
In Greece, we have installed the PV Grid-connected System with 5kW capacity for
Sunstar Hellas Technology International Company since the middle of March 2007.
In 2007, BSC got the certificate for IEC 61646 from TV Rheinland Germany. This big
step could strongly drive our marketing potential to penetrate European market. Since then,
BSC could export many MWp(s) volume to Germany, Spain, Italy and Czech Republic.
One of our customers in Czech Republic, ENERGY21, has finished installation for PV
Solar Park 3.6MWp with BSCs PV Modules and connected to the grid since April 2009.
The project site is located in Protivn (South Bohemia), Czech Republic with surface area
around 27ha.

Source: http://www.energy21.cz

In Thailand, since 2004, we were one of the lead solar module manufacturers using a-Si
Solar Cells Technology. We sold enormous volume of Solar Home Systems (SHSs
120Wp System) as a turnkey project to the Provincial Electricity Authority (PEA). With
SHSs project phase I, we provided 26,178 systems to the residents of North-East Thailand
and 15,869 systems for phase II to the same region. So the total capacity for this project
was more than 5 MWp with 2 years installation.
120Wp SHSs Project in Thailand

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For many education institutes in Thailand, Bangkok Solar has done some donations to
support them as our social policy. We had installed PV Grid-connected System 2.4kWp for
Rayong Nursery in Rayong Province since August 2006, PV Grid-connected System
2.8kWp for Naresuan University in Pitsanulok Province since February 2007 and the
same system configuration with capacity 1.5kW for Engineering Faculty of
Chulalongkorn University, Rank #1 University of Thailand, since February 2009.
PV Grid-connected System 2.8kWp for Naresuan University

For the pv projects by the Ministry of Energy, Thailand, BSC has installed more than 80
stand alones pv systems of 1.5kWp, 2.0kWp, 3.0kWp, 5.0kWp and Solar Pumps
(>200kWp) since 2007 to the resident in rural area especially for northern part of Thailand
that can not easily access to the national grid or distribution line. This could help people to
expand their working period and make more productivity to the communities. They could
also improve their quality of life and opportunity for better education.
Stand Alone PV Systems for the projects by Ministry of Energy, Thailand

Moreover, Bangkok Solar Company Limited also has subsidiary company, Bangkok Solar
Power Co., Ltd. (BSP), which is a project developer of solar farm.
Bangkok Solar Power Company Limited was established on Mar 7, 2007 with 180 Millions
Baht (4 Millions Euro) as registered capital. The main purpose is to provide turnkey service
for PV power plant including Design, Procurement, Installation, Commissioning,
Operation, and Maintenance, and to do market for System Components such as Junction
Box and PV cable. Now we are operating 6.697 MWp in Very Small Power Producer
(VSPP) program by Provincial Electricity Authority of Thailand (P.E.A.)
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1.591

C h achoengsao

1.495

U d o nthani 1

0.283

A n g thong

P e tchburi

2.192

U d o nthani 2

1.136

Emission Reduction = 5,560 tCO2 per year

Commercial Operating Date
Plant

Chachoengsao Udonthani 1

Petchburi

Angthong

Udonthani 2

Watt
Installed
(MWp)
C.O.D.

1.495

0.283

2.192

1.136

1.591

Oct 5, 2007

July 1, 2008

February
2009

Chachoengsao

1.495 MWp

Udonthani 1

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2009

0.283MWp

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Petchburi

2.192 MWp

Angthong

1.136 MWp

Udonthani 2

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Therefore, our customer could be confident in our products, services, reliabilities, and
responsibilities as our experiences in the solar pv business. BSC will continue its products
development and services improvement to meet its customers highest satisfaction.
6. The PPA HOLDER MANAGEMENT TEAM & PROMOTERS
The management team compromises of leading businessmen from the Finance,
Technology and Solar fields. The Main Promoters are PPA HOLDER INC USA and
Share Holder Pvt Limited, an Indian High tech Services company with over 500 cr in
turnover.

INDIAN MARKETPLACE A SIGNIFICANT OPPORTUNITY

Indias Solar Future is ensured by the National Solar Policy which will allow
competitive growth.

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1. 10 MW Gujarat Project Overview

PPA HOLDER PVT LIMITED (India) is setting up a 10 MW Photovoltaic power
project (Project) in the Kutch in the state of Gujarat in India on the basis of its allotment
by GEDA (Gujarat Energy Development Authority) to setup said project.
PPA HOLDER GUJARAT PVT LIMITED will be the project (SPV) and group
company of PPA HOLDER INC (USA), of which shareholders also include
SHARE HOLDER PVT LIMITED (India). The SPV will be responsible for setting
up the Project. The project site is situated in the western coast at a place called Kutch
in Gujarat in village(s) in the district of Bachau with a substation Rating: 33/66KV
Capacity: 30 MVA x 2nos. Transformers Transmission: 66 KV double circuit line from
the Veer Energy substation to GETCO substation (2kms).
Project shall be implemented on a single turnkey EPC basis for which technical as well
as commercial specifications has been completed and turnkey EPC contract has been
signed.
The power plant shall be commissioned before June 2011; the construction is to begin
in Feb of 2011, (We may, however, consider a pre-NTP period of 2 months for preengineering & ordering of long lead/critical items)
140 acres of land shall be procured out of which approximately 80 acres will be used
for the first 10MW, allowing ample land for a setup of an additional 10MW. This land
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belongs to a solar company and has most approvals in place like section 89 for starting
industrial project. As total land is yet to be acquired, a vicinity plan may be prepared
thereafter. Topographic survey work as well as Preliminary Soil Investigation will start
shortly by the EPC.
1.1 The location, The State Of Gujarat:

1.2 Why Gujarat?

The State of Gujarat has been one of the most aggressive in the approval of its
renewable policies, as witnessed by its success in the Wind sector. The State
government has been one of the most transparent in helping regional and foreign
investors stake their claim in implementing Solar projects. The State was the first state
to announce a full solar policy and to implement FIT for its regional energy company to
purchase energy generated from Solar plants. The State also has one of the best grid
infrastructures in India today.
The State Solar Policy allows for a PPA of 25 years, with a rate of 15 rupees for the
first 13 years and 5 rupees for the remaining 12.
It is our view, that due to the lower prices in the market for modules today, which have
dropped over 40% in costs, coupled with the fact that in the next 20 years we do not see
the floating rate of a kWh in India on the trade market falling under 7-8 rupees based on
demand, that the IRR of this plant with a lifespan of 25 years in our models could have
a very attractive rate of return of over 20%.
The Project Cost, including transmission and financing costs, is estimated at Rs.18.12
Crores per MW.

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FINANCIAL MODEL

1. Summary of project highlights

The current project IRR is 15% in our model leveraged.

The project is based on a 25 year PPA with the State of Gujarat Electricity board, with
has a payment of 15 rupees per unit (31 US cents for the first 13 years) and 5 rupees (10
US cents for 12 years). The model does not assume additional income from the sale of
carbon credits (50% of which it is allowed). The company assumes that India as a
country will continue with energy deficits on its grid for the next 20 years, thus giving
the company the ability after year 13 to resell its production to the spot market and
increase its overall IRR. The company has used a very conservative model in terms of
CapEx cost. The company has though used the assumptions that it will utilize the loan
facilities of EXIM bank USA, which has a tenor of 18 years and 4.5%, with a 15%
equity requirement for up to 70% of its debt amount. The company has average that in
its model with the remaining 30% of debt that has to come from local banks by
increasing the interest margin by 1.5 which can be increased to 3% allowing for the
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greater rates charged by local banks without significantly altering the good profitability
of the project based on the additional tax and depreciation incentives given by the
government.
The company plans to refinance local Indian bank debt every 5 to 8 years.
With the additional sale of carbon credits at a conservative price of $9 per ton on the
assumption that the company can sell the energy on the spot market after year 13, the
company can additionally increase its IRR on the project by 5%.
2.1.1
3

Project cost breakdown

Project Cash flows

4 Project Cash Flow (Statement to breakeven full projections in the Model)

Project Finance Structure

Debt Payment
7 Financials Assumptions

(Above details is given as per Annexure attached)

PROJECT STATUS OVERVIEW
1 Progress
a.
b.
c.
d.
e.

Land is identified.
Feasibility report by GETCO for evacuation is completed.
EPC and Module supplier and PPA is signed
Equity of $12m has been raised
Modules have been sourced from BSP (Bangkok Solar power, an award
winning company from the USA.

Project Technology overview

Power Plant Description
Photovoltaic (PV) multi-crystalline modules will be the heart of this solar plant and will
create DC electricity. These solar modules will be wired together in groups called strings.
Often these strings consist of 48 modules, but actual string sizes will be determined upon
final engineering. Strings are wired to maximize voltage and minimize wiring loss while
working within the confinements of each inverters specification. Each string is then wired
to a junction box (one of several) where several strings are combined. Then, wire is run
from the junction box to the inverter using a wire called a home run. At this point in the
system, before the energy passes through the inverters, energy is still in the form of direct
current (DC) electricity. The inverters take this DC electricity generated from the modules
and convert it into useful alternating current (AC). This particular solar plant is planned to

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be configured utilizing 250 kW GT250E Xantrex or equivalent Inverters. After these

inverters convert DC electricity into AC electricity, the electricity will pass through a 250
kW Power Conversion System (PCS) and transformer. This last step conditions or
smoothes the energy and steps it up to the proper voltage. This ensures that the energy will
be up to the standards of the grid and that it will function just as grid supplied energy does
when it reaches the end user.
The transformer output will be routed to a central location (or switchyard) where the solar
Parameters
Inverter and Transformer losses
Cell mismatches
Diodes and connector losses
DC Wiring Losses
AC wiring losses
Soiling (dirt and debris on panels
System Downtime
Shading

Acceptable Ranges
0.880.97
0.970.995
0.990.997
0.970.99
0.980.993
0.300.995
00.995
0.01.0

field output will be bussed together and connected through the switchgear to a distribution
or transmission line to the local utility substation. Monitoring instrumentation and sensors
are included in this system to ensure long term high performance, and low maintenance.
An electrical online diagram for this power plant will be provided. North south row spacing
will be selected to minimize row-to-row shading and losses at this latitude. The following
is a list of the major components that your system will be comprised of.

Solar Modules
Power Inverters
Jack Mount Foundation
DC & AC JBoxes
Center Pier Foundation
Typical Pier Foundation
Switchyard
Power Conversion System & Transformer

System Production
Photovoltaic systems produce direct current (DC) electricity however; the power that is
supplied by the utility is alternating current (AC) electricity. In order to match the power
being bought and sold by the utility an inverter must be used to convert the DC
current. Below is a list of the factors that affect the total DC to AC conversion output for a
photovoltaic system. These factors are limited to system parameters and do not account for
variable system performance that occurs due to weather conditions. These include but are
not limited to:

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Inverter and Transformer Losses

Cell mismatches
Diodes and connector losses
DC Wiring Losses
AC Wiring losses
Soiling (which includes dirt and debris on panels)
System downtime
Shading

Based upon the specifications of the selected equipment and standard measurements
used in previous jobs, we can determine a de-rate factor of .8. This is calculated as a
multiple of each of the following factors:
Energy loss due to cell temperature
With all photovoltaic technology, cell temperature is a very important factor in determining
how well a system will perform and how local weather will affect that performance. In
order to achieve accurate results for a photovoltaic system, temperature loss is an important
factor that must be considered when determining system production.
Energy loss through temperature is published by the manufacturer and is relayed through
the STC (Standard Testing Conditions) to PTC (PV USA Testing Conditions) rating. The
STC rating accounts for module performance in a laboratory and does not account for
temperature variation. PTC ratings capture a more realistic measure of actual cell
performance. In comparing temperature losses between the competing technologies, Thin
Film will perform better than crystalline in higher temperatures. In our analysis of system
production we incorporate the standard energy loss due to temperature. Based upon the
location of the site, we collect relevant temperature data to determine what the average
operating temperature will be for the modules and determine how much power is lost in
under specific temperature conditions.
Panel Tilt and Array Orientation
Photovoltaic arrays perform best when the suns rays shine perpendicular to the panel cells
and maximize the amount of radiation the array is exposed to. Currently there are several
companies that make single axis tracking systems which are very price competitive with
fixed tilt systems. The current single axis tracking products that are available are mounted
on a horizontal plane and track the sun on a daily basis. In areas that are closer to the
equator the effect of having a daily sun tracking system is maximized. In these situations
East-West trackers are typically installed. It is important to note that final design and the
selected equipment is always determined by engineering specifications as well as local and
state building codes.

Disclaimer: The following power production chart is the estimated performance for a 1 MWDC
system located in Chitrakoot, Uttar Pradesh, India. The performance data assumes average weather
conditions and standard module performance based upon the manufacturers specifications. Using
industry standard measures and our immense knowledge of the solar industry we provide these numbers
on a best efforts basis and believe they accurately represent the potential system production.

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3 The 10 MW Nominal Site Plan

Utility Substation
13.3 kV, 20 kV, or 25 kV Underground Buried Conductor Utility Interconnect
New Switchyard
Each Solar Row is considered to be a DC source circuit and is provided with the
appropriate electrical protection and safety devices, such as blocking diodes, ganged
disconnects, metal oxide variable resistors, fuses, etc. to meet all DC electrical
requirements. The parasitic AC electrical power requirements per Solar Row are small.
All modules, frames, and posts must be grounded for personal safety. The aluminum
module frames are mechanically attached during assembly to form a single unit for
grounding purposes. Each frame has a ground strap that attaches to the metal posts on
both ends of the frame. The center post and both end posts in each row will be
connected to grounding rods, or an onsite ground loop, thus grounding the entire
structure of the Solar Row.
Site Plan Footprint
For the proposed 10 MW PV Solar plant the array will consume approximately 80
acres. .

4 Plans for Engineering, Procurement & Construction

The first step in the project will be to develop a detailed written project plan for every
aspect of the project, including engineering, procurement of materials, assembly of
arrays, and system checkout and startup. These functions will also include details on
fabrication, quality control and assessment, hardware installation, and testing prior to
full system startup.
The engineering work will define all PV module and solar support structure design with
the approval and signoff on all key engineering drawings, specifications, procedures
and processes. After appropriate approvals, procurement of hardware will be carried out
with proven and/or qualified vendors.
Quality control procedures will be implemented with every vendor to verify
conformance to specifications. Local contract labor will be used to complete the final
assembly and integration of the system.
4.1 Data Acquisition and Monitoring System
For performance tracking and monitoring purposes (e.g. to track the production of
renewable energy certificates), the proposed system includes the installation of a Data
Acquisition and Monitoring System that will gather and record key system performance
parameters. This information will be available in real time from an Internet based
display and will include DC voltage and current, AC voltage and current, and kW,
displayed as both instantaneous values and daily, weekly or monthly graphs.
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Cumulative kWhrs generated will be available as daily, weekly, monthly and lifetime
totals.
The data acquisition system will comply with all utility standards and will include the
following:
Access to appropriate communications platform for system performance and/or
emission credit monitoring and feed-in tariff compensation.
Testing and owner documentation will also be performed and included.
4.2 Documentation
The following documents will be provided with the PV system and reviewed during
various phases of the project:

Solar Field Layout Drawings

Electrical One Line Diagram
As-built installation drawings
Cut Sheets for all major components i.e. modules, inverters
Operating and Maintenance Manuals

4.3 Installation Process

The process will consist of four major phases:
Prepare and Design (complete project drawings, electrical and structural analysis,
design details; obtain customer design approval and Notice to Proceed with
Construction).
Construct and Install (procure, deliver, construct and install the entire PV system),
Test and Commission (conduct performance testing and commission the system;
provide documentation and customer training where applicable)
Monitor and Assure Performance (deliver maintenance agreement and commence
remote monitoring of the systems performance during the first 36 months of operation
via the web interface of the DAS). The overall system installation is expected to begin
within 3 months from contract signing depending on lead times for system
components).
4.4 Maintenance Requirements
The system has been designed to require minimal maintenance; however, there are
activities that should be completed annually and at regular intervals during the lifetime
of the system in order to maximize its performance. These maintenance activities will
be outlined in the system documentation and are designed to keep the array clean as
well as mechanically and electrically sound.
4.5 Technical Assumptions and Exclusions
Other technical assumptions made during the preparation of this proposal include:
Site conditions will be conducive to a straightforward installation.
The engineering staff will review the system design and interconnection
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configuration to ensure the system will comply with the distribution system
requirements.
The following items were not included in the preparation of this proposal and therefore,
if occurred could increase the price of the system:
Nonstandard Interconnection costs.
Excessive rigging fees.
Unlikely possibility that the electric utility will require additional safety
equipment beyond the standard safeguards.
Labor or materials for physical building construction or design beyond the
standard solar installation set forth in this proposal.
Specifically, the price presented in this proposal includes the electrical hookup and
connection from the array to the interconnections point. The price includes engineering
to obtain the permit. The price includes the design, inspections or meetings with the
utility to obtain interconnection approval, but not any extensive utility work or
additional electrical engineering studies should the site not be adequate in its present
form for a solar installation. The proposal was prepared with reasonable assumptions
based on current local and state regulations in place at the time and present site
conditions.
4.6 Warranties
The installed solar PV system will be guaranteed to be free from defects in materials,
workmanship and installation for five (5) years from the date of installation. In
addition, the PV modules come with a 25 year limited performance warranty that
ensures their rating at Standard Test Conditions will remain at 90% by year 12 and 80%
by year 25, and the inverters will be covered with the manufacturers 10 year extended
warranty.
This warranty does not apply to damage caused by sand, abrasive materials in the
water, corrosion due to abnormal water, storm, lightning strikes, fire, freezing, wind,
accident, or force majeure, careless handling, misuse, or negligence. Clear Skies Group
shall not be liable for any consequential or incidental damages to the purchaser or
anyone else.
4.7 On-Site Summary of Work
The following will be conducted by onsite personnel.
(1) Site survey and preparation.
(2) Concrete pier layout and installation.
(3) Layout and installation of foundations, Power conversion systems and
transformers.
(4) Trenching and installation of all specialized conduits and cables for DC power,
AC power, instrumentation, controls, and grounding between the Solar Rows and
the PCS location, as well as the AC connections from the PCS locations to the
switchyard.
(5) Offloading, staging, inventory and security of all material, hardware tools,
fixtures and instruments delivered to site.
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(6) Connection of AC power, DC power and instrumentation conductors, and

conduits at the PCS/Transformer position to the DC Jbox and AC Jbox
enclosures at the end of each Solar Row.
(7) Connection of AC power, DC power and instrumentation conductors, and
conduits at the PCS/Transformer position to the DC Jbox and AC Jbox
enclosures at the end of each Solar Row.
(8) Installation of a permanent onsite building for operation and maintenance as well
as security (optional).
(9) Installation of monitoring and control system.
(10) Checkout and operation of the complete system.
(11) System and site cleanup including removal of waste and temporary installation
equipment from site.

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5 Technical layout of 1 MW (sample; actual will be provided by EPC BSP)

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6 Technology used and Modules

Advantages of BSC Solar Modules
PRODUCES MORE ENERGY:
a-Si solar cells can generate more annual energy than other technologies
about 10-15 %at the same capacity.
NOT AFRAID OF SHADOW:
BSC Module Series can still produce electricity even though there is partial
shade on the module.
WATER PROOF:
BSC Module Series is encapsulated with EVA and has 100 %protection
from moisture.
GOOD LOOKING:
BSC Module Series is suitable for Building Integrated PV (BIPV) and
makes an elegant appearance.
FIT FOR ALL PURPOSES:
At over 40V and low current, BSC Module Series can reduce loss in
conductors and is fit for rooftop application, remote area or other uses.
HIGH QUALITY PRODUCT:
BSC Module Series is produced by using modern a-Si thin film PV
technologies and good-proven on field conditions.
ECONOMIC:
BSC Module Series can return high value, quality and satisfaction at
affordable price.

Certificates
BSCs PV Modules have passed most of world recognized standards and get certificates for
IEC 61646 and RoHS from TV Rheinland Germany, ASU PTL and CE Mark.

BS-40, certified by TV Rheinland, ID number: 0000024271

BS-42, certified by ASU PTL, Type Test Certificate C1-BSC07001

BS-42 UL, certified ID number: 20100210 E311602

BS-44 B, certified by TV Rheinland, ID number: 0000022524

BS-46, BS-50, BS-52, certified by TV Rheinland , ID number: 0000024610

Certified CE Mark: BS-40, BS-42,BS-44, BS-46, BS-50 and BS-52

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7 Information on EPC contractor, Titan Energy Systems

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Important Qualifications
Due to the nature of the solar market, the major components of the proposed system are
subject to change. This would not affect the plants output, efficiency, or budget in any
substantial way. This proposal is predicated on the assumption that the transmission line
has suitable capacity to absorb output from this power plant. This proposal does not cover
the unlikely possibility that your utility will require additional safety equipment beyond the
standard safeguards.
Important Notice:
This preliminary information has been prepared by PPA HOLDER INC , or one of its
affiliates and is being furnished solely for information purposes to assist the recipient in
deciding whether to proceed with further analysis of the potential transaction contemplated
herein. The terms listed herein are only indicative and may be amended. This document
does not constitute an offer or invitation for the sale or purchase of securities or any assets,
business or undertaking described herein and shall not form the basis of any contract,
additional information or to update or correct the information. This information may not
be excerpted from, summarized, distributed, reproduced or used without the prior written
consent of PPA HOLDER. Neither the receipt of this information by any person, nor any
information contained herein constitutes, or shall be relied upon as constituting, the giving
of investment advice by PPA HOLDER to any such person. Under no circumstances
should any entity described herein, or any of their respective employees be directly
contacted in connection with this information or any possible interest in the potential
transaction contemplated herein.

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APPENDICES

1. Allotment letter of 10MW from GEDA

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2. GEDA process letter

3. Share Holder CA certificate

4. Solar Policy of Gujarat

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