WIND IPP PROJECTS

In addition to our Under Construction Projects, the following table sets out our Pipeline Projects that are part of our IPP portfolio:

Note: Generation numbers are recorded at the billing meter end…. The weighted average PLF of our fleet operating in the range of 26% to 28.5% yearly.

“Pipeline Projects” refer to projects where we have applied for the connectivity for the project and have initiated other preliminary project development related activities like installation of wind mast, land acquisition etc.

With over 15 years of experience in the wind power sector, we have established a strong track record of identifying, developing, constructing, and operating wind power projects, with a sustained focus on supplying renewable energy to state and central distribution utilities. Our Operational Wind Power Project portfolio of 11 projects is supported by long-term, fixed-tariff PPAs with GUVNL and SECI, generally with a term of 25 years. As of March 31, 2025, the weighted average of the remaining contracted years of life of these PPAs is 17 years. Under the executed PPAs, we prioritize supplying electricity to Gujarat discoms and, via SECI, to distribution utilities in Uttar Pradesh and Bihar. These PPAs help to ensure a stable and timely receivables cycle. Our receivable days as part of our Wind Power Business for Fiscals 2025, 2024 and 2023 were 47 days, 60 days and 39 days, respectively. To further enhance payment security, we have opted for a payment security mechanism under the PPAs entered with SECI. Specifically, this includes an unconditional, revolving and irrevocable letter of credit as a payment guarantee from SECI. For our Under Construction Projects, this mechanism was implemented with a discount of ₹0.02 per kWh on monthly billings under the PPA. For our Operational Wind Power Project, Khambhaliya Wind Farm SECI – VI, Gujarat, this security is provided at no additional cost.

GE Vernova. We began our association with GE Vernova in the Wind Power Business in 2019. Since then, we have successfully commissioned two wind power projects with GE Vernova WTGs, with an aggregate installed capacity of 102.60 MW as of March 31, 2025. Furthermore, as of March 31, 2025, we have one project under construction with an aggregate installed capacity of 51.3 MW, with WTG supply arrangement with GE Vernova.

Vestas. We started our association with Vestas in the Wind Power Business in 2010 and over the years we have implemented eight wind power projects having an aggregate installed capacity of 172.15 MW with WTGs attributable to Vestas. Vestas also provides O&M and other related services in relation to these projects. Furthermore, in 2024, we signed a framework agreement with Vestas for the supply of multi-model spare parts in India. This agreement covers spare parts suitable for WTGs manufactured by OEMs other than Vestas, for the Indian market, allowing us to strengthen our position in the Indian aftermarket for WTGs spare parts.

In relation to our Wind Power Business, our experienced in-house team oversees the project lifecycle, including design, sizing, engineering, development, construction, and operations of our wind power projects, enabling us to ensure quality control and cost efficiency.

Our performance across these operating parameters has further translated into average plant load factor (“PLF”, i.e., total electricity generation from fully operational capacity divided by the maximum possible generation from the same capacity during the period of operation) across our Operational Wind Power Projects portfolio, as illustrated below:

We have an integrated and disciplined approach to developing wind power projects, with capabilities and in-house resources to implement a project from the stage of WRA to commissioning. We mitigate operating risks through a structured and well-established project development and selection process. In order to avoid delays and bottlenecks that commonly affect project execution timelines and power evacuation capabilities, we aim at identifying and addressing potential challenges at the inception stage of project planning. Our approach includes a detailed analysis of long-term wind resource data obtained from multiple on-site wind masts to ensure generation reliability. We also conduct external and internal micro siting studies, along with meticulous project layout planning, to minimize the negative impact caused when wind turbines are positioned close together and disrupt each other’s airflow (known as the ‘wake effect’) and optimize energy output.

To ensure reliability and minimize transmission-related downtime, we use double circuit transmission lines and provide transfer buses in substations. Moreover, our ability to connect large-scale wind capacities to pooling substations (“PSS”) allows us a wider margin for variation in energy output, which leads to more accurate forecasting and fewer penalties for deviation.

Wind farms registered under the UNFCCC for clean development mechanism:

Our wind power projects aggregating to a total installed capacity of 264.85 MW located in Gujarat, are currently registered under the United Nations Framework Convention on Climate Change (“UNFCCC”). Consequently, our registered wind farms may generate and sell certified emissions reductions (“CERs”) under the Kyoto Protocol’s Clean Development Mechanism (“CDM”) project. The current clean development mechanism status of the relevant wind power projects is indicated in the table below: