10 MW Gujarat Version DPR December 2010_Rev_ABTS Edited

Confidential-No Distribution without NDA & Notice

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)

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

ASA BHANU

Confidential-No Distribution without NDA & Notice

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 .......................................................................................................................................................

3 | P a g e Confidential-No Distribution without NDA & Notice

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


Asa Bhanu

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 customer‟s 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 MNC‟s 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


Asa Bhanu

“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


Asa Bhanu

“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 India‟s 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, public-

private sector alliances, innovative supply-chain management, and compelling

financial engineering.

“PPA Holder” is well connected in India„s solar industry and government circles

“PPA Holder” has a compelling pipeline of projects in India, with plans to build-

out 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 HOLDER”´s Track Record


Asa Bhanu

“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

HOLDER”´s 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 HOLDER”´s 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 HOLDER”´s side, give the project the maximum yield in performance and

IRR (internal rate of return) possible.

5. Experience of “PPA HOLDER”´s 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


Asa Bhanu

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 TÜV 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 BSC‟s PV Modules and connected to the grid since April 2009.

The project site is located in Protivín (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

http://www.energy21.cz/


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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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Emission Reduction = 5,560 tCO2 per year

Commercial Operating Date

Chachoengsao 1.495 MWp

Udonthani 1 0.283MWp

Plant Chachoengsao Udonthani 1 Petchburi Angthong Udonthani 2

Watt

Installed

(MWp)

1.495 0.283 2.192 1.136 1.591

C.O.D. Oct 5, 2007 July 1, 2008 February 10,

2009

February 11,

2009

April 2, 2009

1.495

0.283

1.136

2.192

1.591

Chachoengsao

Udonthani 1

Angthong

Petchburi

Udonthani 2


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Petchburi 2.192 MWp

Angthong 1.136 MWp

Udonthani 2 1.591 MWp


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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 customer‟s 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

India´s Solar Future is ensured by the National Solar Policy which will allow

competitive growth.


Asa Bhanu

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 pre-

engineering & 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


Asa Bhanu

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 Project cost breakdown

3 Project Cash flows

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

5 Project Finance Structure

6 Debt Payment

7 Financials Assumptions

(Above details is given as per Annexure attached)

PROJECT STATUS OVERVIEW

1 Progress

a. Land is identified.

b. Feasibility report by GETCO for evacuation is completed.

c. EPC and Module supplier and PPA is signed

d. Equity of $12m has been raised

e. Modules have been sourced from BSP (Bangkok Solar power, an award

winning company from the USA.

2 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 inverter‟s 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

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:

Parameters Acceptable Ranges Inverter and Transformer losses 0.880.97

Cell mismatches 0.970.995

Diodes and connector losses 0.990.997

DC Wiring Losses 0.970.99

AC wiring losses 0.980.993

Soiling (dirt and debris on panels 0.300.995

System Downtime 00.995

Shading 0.01.0


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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 sun‟s 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 system‟s 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

BSC‟s PV Modules have passed most of world recognized standards and get certificates for

IEC 61646 and RoHS from TÜV Rheinland Germany, ASU PTL and CE Mark.

BS-40, certified by TÜV 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 TÜV Rheinland, ID number: 0000022524

BS-46, BS-50, BS-52, certified by TÜV 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 plant’s 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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10 MW Gujarat Version DPR December 2010_Rev_ABTS Edited

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