Tel: +9221 35686001-16 Lines, Fa(. +9221 35633999 ... Generasi.pdf1. Wo refer you t•.1 your letter...

'A&'rEr AGA

//.►TENAGA GI NERASI LTD.

September 12. 2011Ref:TGL/TP2

Tim REGISTRAR

NATIONAL. ELECTRICAL POWER REGULATORY AUTHORITY (NEPRA)OPF Building, Shaharah-e-Jamhuriat,G-5/2,Islamabad.

SUBJECT: TARIFF PETITION FOR TENAGA GENARASI LIMITED 'S 49.5 MW WINDPOWER PROJECT AT KIIUTTIKUN, MIRPURSAKRO TALUKA, DISTRICTTHATTA. SINDH

Dear Sir.

1. Wo refer you t•.1 your letter dated September 7,- 2011 (Refs NEPRA/TRF-100/7867) (theNEPRA Letter ) setting out the Further information required from Ton.-t_„ GenarasiLimited ( t:-te Petitioner) in respect o; its tariff petition dated August 3( *% 2011 (theSubmitted Tariff Petiticn ) relating to its 49.5 MW'v wind power generation t:;cility to helocated at Kuttikhun. Tahlka Mirpur Sak-o. District 'rhatta, Province of Sindli (theProject. A response to each of the matters highlighted in the NEPRA Letter ate providedbelow:

(a) t1Ui11gri.zationpf Petitioner (ni tiline.tarif etit on.

!;c'!c t hoi rrd re solution attached.

(b) Final i\pprov lut Project Neas1hflity udy .Ahemative Crer^v 1);ve;.^rnit^ tboar.

:.5 hightig1';t al ;Cctiol O. the l,llbni:Ili:' Tariff i' et1t1O11, the Alteriiai1.' EnergyV,.: Llcpmcnt l:caed (the AELI1J) accorded conditional approval to the ?etitiorer'sfeasibility s:uuy (the Project Feasiti kitt'y Ste ely) vide its letter dated august 19, 2011(Ref: B.3'TG1.:/07) (the Feasibility :-Study Approval Lotter) crs cutached. I heFeasibility StuJy Approval Letter stated :hat final approval of the Project FeasibilityStudy was linked with the approval of ti,-, foilowing milestones (th; ConditionalMatters ) -- an update on which ::s also proi,kied helo ►r:

(a) Initial Environmental Examination study aDpr^vaI from the :ltvironmenta!Protection Agency. Sindh - a;tllroi,.4 already' ^ranlcd ht' E.ni' onmenta:Frotc ; !io,7 .'1 enr; , Sindh. as anacheci (the I EEApp. rovai):

XDawood Centre, M T. Khar Road, Karachi-75530 - Pakistan.

Tel: +9221 35686001-16 Lines, Fa(. +9221 35633999, 35633970 E-m,. I: [email protected] Website. www.dawoodlawrencepur.com

ATEI iAGA

AAM^

TENAGA G] :NERASI LTD.

(b) Grid Interconnection Studies approval from National Transmission andDespatch Company Limited - approval already granted by NTDC, asattached (the Interconnection Study Approval); and

(c) Verification of the `Power Production Estimates' from Risoe - The Petitioner

has already submitted its Power Production Estimates to AEDB, which has

further initiated the process of verification of the same through RISOE(AEDB 's independent technical consultants). It is understood that , followingRISOE's verification of the PPE, AEDB would be communicating the PowerProduction Estimates, for the Project to NEPRA directly.

It is submitted that based on the status of the Conditional Matters (whereby thePetitioner, on its part, has undertaken and completed all activities required forprocurement of approvals of the relevant Conditional Matters from variousstakeholders - including (as acknowledged by AEDB in the Feasibility StudyApproval Letter) the procurement ol* the IEE Approval and the Interconnection StudyApproval from the relevant agencies), AEDB expressly instructed the Petitioner in theFeasibility Study Approval Letter to proceed with its application to NEPRA for tariffdetermination.

In view of the express instructions of AEDB and considering that NEPRA has in thepast entertained tariff petitions for Wind IPPs on the basis of the conditional approvalof the feasibility studies by AEDB, it is submitted that similar treatment is accorded tothe Petitioner and its Submitted Tariff Petition is accepted by NEPRA on the basis ofAEDB's approval of the Project Feasibility Study in terms of the Feasibility StudyApproval Letter.

(c) Consent of Power Purchaser to purchase power:

Pursuant to section 8.2.1 of the Policy for Development of Renewable Energy forPower Generation 2006 ( the RE Policy 2006 ), it is mandatory for the powerdistribution utilities to buy all electricity offered to them by renewable energy projectsthat are established in accordance with the provisions given in section 8.2.2 of the REPolicy 20')6. Further, since the Project is in accordance with section 8.2.2 of the REPolicy, section 8.2.1 of the 10F, Policy 2006 will be applicable to it. In view of thefitregoing and the applicable laws of Pakistan. the Petitioner submitted its offer forsale of power to the Power Purchaser vide its letter dated September 8, 2011 - asattached (the TGL Offer to Sell Power). Further, pursuant to its letter datedSeptember 12. 2011 September. 2011, National Transmission and Despatch CompanyLimited submitted its request to NEI'RA to grant the power acquisition permission tothe Central Power Purchasing Agency in order to procure power from the Project - asattached (the Power Purchaser Consent).

Dawooc Centre, M T Khar Road, Karachi-75530 - Pakistan.Tel +9221 35686001-16 Lines, Fa;c -9221 35633999, 35633970 E-m, I. [email protected] Website: www dawoodlawrencepur com

Ai,TEI (AGA

TENAGA GI_. NERASI LTD.

2. Based on the Petitioner's responses to each of the matters highlighted in the NEPRALetter and on the basis of further information provided herein, the Petitioner hereby re-submits its Submitted Tariff Petition dated August 30, 2011 before NEPRA.

We look forward to your continued support to our Project and to an expedient consummationof the regulatory process.

Respectfully submitted for and on behalf of:

TENAGA GENERASI LIMITED

MR. INAM IIR RAHMAN

CHIEF EXECUTIVE OFFICER

Dawood Centre, M.T. Khar Goad, Karachi-75530 - Pakistan.Tel +9221 35686001-16 Lines, Fax: +9221 35633999. 35633970 E-m,i I. info.textdes(Edowoodgroup.com Website: www.dawoodlawrencepur.com

ATTACHMENTS

AL,TENAGA

TENAGA GENERASI LTD.August 25, 2011

CERTIFICATE

I, Hafsa Shamsie, Company Secretary of Tenaga Generasi Limited , hereby certify that the followingResolution was passed by the Board of Directors at the Meeting held on August 24, 2011:

"RESOLVED THAT filing of a tariff petition ( including any review petitions and any motion forleave for review) for submission to National Electric Power Regulatory Authority fordetermination of the reference generation tariff in respect of the 49.5 MW wind powergeneration facility to be located at Khuti Kurt, Mirpursakro , District Thatta , Province of SindhPakistan (the Project) being set up by Tenaga Generasi Limited (the Company ) be and is herebyapproved and in relation thereto, requirements to enter into and execute all required documents,make all filings and pay all applicable fees , in each case , of any nature whatsoever as required,be and is hereby approved.

FURTHER RESOLVED THAT in respect of filing a tariff petition (including any review petitionsand any motion for leave for review) for submission to National Electric Power RegulatoryAuthority, the Chief Executive Officer and any Director be and are hereby singly and jointlyauthorised and empowered for and on behalf of the Company to:

(a) review, execute , submit , and deliver the tariff petition (including any review petitions andany motion for leave for review ) and any related documentation required by NationalF[Lctic Power Regulatory Authority for the determination of the reference generationtariff, including any contracts, documents , powers of attorney , affidavits , statements,letters . forms , applications , deeds, guarantees , undertakings , approvals , memoranda,amendments . letters , communications , notices , certificates , requests, statements and anyother instruments of any nature whatsoever;:

(b) represent the Company in all negotiations , representations, presentations , hearings,conferences and/or meetings of any nature whatsoever with any entity (including, but inno manner limited to National Electric Power Regulatory Authority , any private parties,companies , partnerships , individuals, governmental and/or semi governmental authorities

. and agencies , ministries, .boards, departments , regulatory authorities and/or any otherentity of any nature whatsoever);

(c) sign and execute the necessary documentation , pay the necessary fees , appear before theNational Electric Power Regulatory Authority as needed , and do all acts necessary forcompletion and processing of the tariff petition ( including any review petitions and anymotion for leave for review ) and procuring National Electric Power RegulatoryAuthority's tariff actermination;

(d) appoint or nominate any one or more officers of the Company or any other person orpersons, singly or jointly, in their discretion to communicate with, make presentations toand attend the National Electric Power Regulatory Authority hearings;

(e) do all such acts, matters and things as may be necessary for carrying out the purposesufoiesaid arid giving full effect to the above resolution(s)."

Certified True CopvFor Tenagu Generasi Limited

Dawood Centre , M.T Khar Road , Karachi - 75530 - Pakistan.Tel: +9221 35666001 . 16 Lines , Fax: +9221 35633999 , 35633970 E-mail: tnto. textiles@dowoodgroup .com Websne . www.clawoodiewrencepur.com

Government of PakistanAlternative Energy Development Board (AFf-)B)

3, Street No 8 E B/3. Islamabad16 92 51 9262947 )0 1 ax 92 51 92629t ,

13/3/1/1Gl_/01

Mr I-lafeez-ur IlehmanProject Manager1 enaga Gencrasi I IdI)awood Centre M I Khan IloadKarachi

A U--. L' V

q August 201 1'

Subject. FEASIBILITY STUDY OF TENAGA GENERASI LIMITED -- A 49.5

MW WIND POWER PROJECT

1 his refers to your letter No. Nil dated August 9. 701 1 on the subject citedabove

2 Alternative I_nergy l)evelooprnent hoard (Al 1)13) has receiveci thctI easibility Study of the '19 5 MW wind power project of M!s I onaya Generasr I Id(1 G1. )which is c.rnrently under review. I he approval of I easibilily study is linkedwith the followrnij milestones.

• Vcrrtlc;ation of Power I IudJuctiurl I sUrrlar ::s Ir..nlr I(ISu::

• Approval of Grid Interc :.Jnnection studies from N I I)r.

• Approval of I:_IA/IEL- Study from I-I'A, Sindh

3 1 he II'PJias already acquired the necessary approvals of the {:GridInlerconnection study aril ILL study from the relevant agencies Al 1)13 has

initiated the process of verification of production estimates !hr, . ugh I?ISI-.o .Af-.I)I3

hereby provisionally accepts the fear billty study of Ihc' "9 NJ1`n:l wind rower

project of M/s I GI I he final approve of the feasibility sit lv1 ! r,iil be: ,acc'.ordedbased on the verification of power pro,: tuction estimates by HIS( .'c; mayhowever proceed ahead with the applic a tion of tariff to NI-flit

lit^i lilt C1(1

.:`yid r geel I IuSSii `r ,^afill

QeFIUI - Director ( Folic,')

IEE APPROVAL,

IAC

AAk

TENAGA GENERASI LTD.

August 25, 2011CERTIFICATE

1, Hafsa Shamsie, Company Secretary of Tenaga Generasi Limited, hereby certify that the followingResolution was passed by the Board of Directors at the Meeting held on August 24, 2011:

"RFSOLVED THAT filing of a tariff petition (including any review petitions and any motion for

leave for review) for submission to National Electric Power Regulatory Authority for

determination of the reference generation tariff in respect of the 49.5 MW wind power

generation facility to be located at Khuti Kun, Mirpursakro, District Thatta, Province of Sindh

Pakistan (the Project ) being set up by Tenaga Generasi Limited (the Company) be and is hereby

approved and in relation thereto, requirements to enter into and execute all required documents,

make all filings and pay all applicable fees, in each case, of any nature whatsoever as required,

be and is hereby approved.

FURTHER RESOLVED THAT in respect of filing a tariff petition ( including any review petitionsand any motion for leave for review ) for submission to National Electric Power RegulatoryAuthority , the Chief Executive Officer and any Director be and are hereby singly and jointlyauthorised and empowered for and on behalf of the Company to:

(a) review, execute. submit, and deliver the tariff petition (including any review petitions andan;- motion for leave for review) and any related documentation required by NationalElectric Power Regulatory Authority for the determination of the reference generationtariff, including any contracts, documents, powers of attorney, affidavits, statements,letters. forms, applications, deeds, guarantees, undertakings, approvals, memoranda,amendments. letters , communications, notices , certificates , requests, statements and anyother instruments of any nature whatsoever;: -

(b) represent the Company in all negotiations , representations , presentations , hearings.conferences and/or meetings of any nature whatsoever with any entity (including, but inno manner limited to National Electric Power Regulatory Authority, any private parties,companies, partnerships, individuals, governmental and/or semi governmental authorities.and agencies, ministries, boards, departments, regulatory authorities and/or any otherentity of any nature whatsoever);

(c) sign and execute the necessary documentation, pay the necessary fees, appear before theNational Electric Power Regulatory Authority as needed, and do all acts necessary forcompletion and processing of the tariff petition (including any review petitions and anymotion for leave for review) and procuring National Electric Power RegulatoryAuthority's tariff actermination;

(d) appoint or nominate any one or more officers of the Company or any other person orpersons, singly or -jointly. in their discretion to communicate with, make presentations toand attend the National Electric Power Regulatory Authority hearings;

(e) do all such acts, matters and things as may be necessary for carrying out the purposesaforesaid arid giving full effect to the above resolution(s)."

Certified True CopyFor Tenagu Generasl Limited

Dawood Centre , M.T. Khar Road , Karachi-75530 - Pakiatan.Tel: +9221 35688001 .16 Linea. Fax: +9221 356339% .35633970 E-mail: into. [email protected] Websde . www.dawoodiewrencepur.com

P PCr•: /j;JSri 7

I ).11011. I I)-_'tl t ( i

DECISION* ON 11I•I IAI. 1':NVIRO NM1 :N'1'AL EXAMI\:'+TION (ii-;i ► .

1. Moue & Address of Proponent : \lr. IL•tfiz- ur-Rchm : ut KhanProject 11anager.\l/s 'I•enaia (:cnerasi I .imited

2. Description of Projcci: 49,3.M % ind Putter I'roject3. Location of Project: ( .barn.4. Dale of Filing of F.I 29-III-2111)')

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\\ ill he initiatk:d it .ain,( I!lc proponent.

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I I.\ II F Itcul:ttioll . 200tl.

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et'111lrLICllm11 Of !le\\ cI'itl LIIiuli Ill t'.Ilel elei'I"lell\ eci el'.II n'.! F. •ll1 'IF t..

\:► ccnt Ahn etl \ Iiigh 1Director (;encr .r

111.

Government of PakistanAlternative Energy Development Board (AEf)B)

3. Street No 8 r 8/3. IslamabadI ci 97 51 9262947 .)0 1 ax 92 51 92629i A EDP

13/3/1 /I ('iI.lDI I y August 011

Mr I-lafeez -ur RehmanProject Manager1 enaga Gonerasi I tdI)awood Centre M I Khan {loadKarachi

Subject. FEASIBILITY STUDY OF TENAGA GENERASI LIMITED -A 49.5

MW WIND POWER PROJECT

phis refers to your letter No. Nil dated A ugust 9 . 201 1 on the Subject citedabove

2 Alternative I_nergy Development Board (Al 1)13) has receivee theI easibilily Study of the '19 5 MW wind power project of M/s I enaga Gencrasi I Id(l GL )which is c.cnrently undJer review. I he approval of I easibiIt ty study is linkedwith the followrruj milestones.

• Vcrrlrcahon 01 Power I iuduclrun I slink 1','S Iri.)ii1 ICiau.:

• Approval of Grid Intere.jnnection studies from N I {)!

• Approval of l _ 1A/IEL- Study from I= PA, Siniih

3 l tic: 1P1 .has already acquired the necessary approvals of the U:Jrid

Interconnection sluJy arid If-[- study from the relevant agencies ill 1)13 has

initiated the process of verification of production eslinrates !hree,.rgh I?II-o AF I13

hereby provisionally accepts the fear brlity study of lie ry wind (cower

project of M/s 1 GI I he final approve of the feasibility stufiv hill be n '.orded

based on it)(: verification of power pro:luction estimates by I r l_ may

however proceed ahead with the application of tariff to NI-I'!lA

iyccl ^rlccl I li_ iss^, r, , ihi

DeTruly Di'ector ( Polio,')

IEE A PPROVAL,

TGL. BOARD RESOLUTION

Lli:

FEASIBILITY STUDY APPROVAL LETTER

1 I 1

INTERCONNECTION STUDY APPROVAL

kf-

PABX: 042-99202211/2106Tel: 042-99204045Fax: 042 - 99201179

Office of theChief Operating Officer (CPPA)

107 - WAPDA-HouseLahore

No. C0O /CPPA 1 CE-II /MT-IV/ Planning / Dated: / 05 / 2011

1. Mr. Naveed Malik, 2. Mr. Kashif Mateen AnsariChief Executive, Chief Executive Officer,M/s Master Wind Energy (Private) Limited, Sachal Energy Development (Pvt) 1.t:182-C/I, Gulberg-III, House # 333, Street 4 8,Lahore. Sector F- 10/2, Islamabad

Fax # 042-35751905 Fax # 051-2297434

3. Mr. Hafeez-ur-Rehman,Project Manager,M/s Tenaga Generasi (Pvt) Limited,Dawood Centre, M.T. Khan Road,Karachi-75530. Fax No. 021-35633970

J

Subject: Vetting of Final Reports of Electrical Grid Interconnection Studiesfor Wind Power Protects fWPP

Enclosed please find herewith a copy of letter No.GMPP/CEMP/TRP-380/Common/1597-98 dated 25.05.2011 of the office of General Manager Planning (Power) NTDCregarding vetting of Final Reports of Electrical Grid Interconnection Studies of the folowing WindPower Projects:

1. M,1s Master Wind Energy (Private) Limited (MWEPL) 1:'PP2. M/s Sachal Energy Development (Pvt) Ltd (SEDPL) WPP3. M/s Tenaga Generasi (Pvt) Limited (T GL) WPP

In the above referred letter , Chief Engineer Master Planning has stated that in thelight of various discussions held in his office with the representative of M/s Power PlannersInternational ( PPI), all the comments /observations of Planning Power have been incorporated iethe Interconnection Study Reports.

Further , he has mentioned that since the actual sites of the proposed 220/132 kVgrid station ( s) at Gharo and Jhimpir are no,, yet finalized , the interconnection schemes are vetraassuming that final sites of the said grid station (s) will remain the same as proposed in herespective reports.

DA/As above

CC:Chlef Engineer-II (CPPA)

1. Chief Executive Officer AEDB, House No. 3, F-8/3, Islamabad.2. General Manager Planning (Power) NTDC, 5i" Floor, PIA Tower, Egerton Road, Lahore

w.r.t his letter referred above.3. General Manager (Serfices Division) NTDC, Wl1PDA House, Lahure.4. Chief Engineer (Design) NTDC, 143-'NAPDA House, Lahore.5. Chief Engineer (System Protection) NTDC, 130-WAPDA House, Lahore.6. Chief Engineer (lelecom) NT DC, 62S-WAPDA House, Lahore.7. PA to Chief Operating Officer (CPPA), 107-WAPDA House, Lahore.8. M/s Power Planners International (PPI), 66-1-1/2, WAPDA Town, Lahore with the request to

provide the vetted copies of the relevant parts to this office for onward transmission to allthe concerned formations for their reference and record, please.

NATIONAL TRANSMISSION & DESPATCH COMPANY LIMITED

Phone: 042-99202545Fax No : 042-99202604

No. GPAPP^CEMP'TRP-38O/Common)

Chief Operating Officer (CPPA)Ab°DA 'louse.) ahorc

Office of theGeneral Manager Planning (Power)

51^ Floor, PIA Building. Egerton Road, Lahore.

Atten Chip: =;:grneer iCP'P:•.'

Sub: Vetting of Final Draft Reports of Electrical Grid Interconnection Study for Wind PowerProjects (WPPs)

Re!: CPPA Letter Nos.i) CCO'CPPA'CE!i0-- -H,SEDPU595 • Srb dated 05-10-2010.ii) COO/CPPA,CE1MT.IIUTGLi 650-54 dated 03-11.2010iii COO-CPPA;CEih17-III?MMWEPL,57:'-77 dated 24-C'-2C11

Var us discussions •.vcre held ri our oft ce witr the repro sonta 'we of h1 s PPi in ,it!! Igt:t o° ci,robservations on the study results and assumptions Consequently , alter ncorparaling the cornmr:n:;of Panning Pc .ver the final reports o! electrcal grid interconnection studies of the fooc •:: -ng r!P Pshave been vetted.

fA,s Master WPP, J himpirut l1;s Sach V., PP..lhimplrlit) M1 s Teriaga VJPP• Charo

Slrice actual sites of the proposed 220,1 i;: if itdt:U'1; 51. ill G1a •o z-.: d ..1mr-ip,r ae n X yio:'naljz27 the in:Frconnecf:oin ; ' . ...s -': •;itl d. .

.vh rernain :lue sar.e as E rc.-po din 'he respect-vi, pax?r Is

Further. :rue Consultant M!s PPi may be advised o or•:,vide :);e :•ahed copies cf the relevant parts t.ii thcconcerned forrnat:o ,s for 1he.r reference a,; rr ::ora. p

-NiSar A'rnud ea miClrrc; Engmecr flas!er Panning

CoJv Iv.

Gereral Mareyer (Services )i•nsi: DC

1 1-

-^v

p:1. DJ.?I_^3'i OCOL I J I _IO^ ht.io ^?? ;Odoa,; bU!YJLF i o'.t i

7


Date: August 30, 2011

'I'iiE REGISTRAR

NATIONAL ELECTRICAL POWER REGULATORY AUTHORITY (NEPRA)OP! ,'Building, Shaharah-e-Jainhu;iat,G--5/2.islar,,;,b id.

TARIFF PETITION FOR TENAGA GENARASI LIMITED'S 49.5 MW WIND

POWER PROJECT AT MiUTTIKUN, MIRPURSAKRO TALUKA, DISTRICT

;I IIAT A. SINDII

Pear Sic^

It is subrnhted that the wind power generation program in Pakistan was init a?.e,:d by thetiovernment of Pakistan by installation of wind measuring stations in the coastal areas of

1' :kisian. The energy potential of 346,000 MW in the countr y is e titrtatcd byNational Renewable Energy Laboratory, USA and only the C-harc, e B tndt:1 ivcler^ibtlci ,indcorridor has a potential of 43,000 MW ofwind power -'1e11er',j!V)r1.

2. in view of the Ot;ve:'r;nent of Pakistan's initiative to enhance the power ;gc ,Carrio n incow,iitty tlrrc.uz h renewable resources , Tenaga PSC SDN SLID, bein' the original sponsorof f1=I'::' c;A GENI.c Ast LIMITED, was issued a Letter of Intent by the Alternative Energy.De-'Clopme:trt Heard (the A.E DB) on September 20, 2004 to develop and establish a 50?\-MW wind farm. Following introduction of the Policy for Developnlem of Rencvviib[cf?incrgy ti;r "o.vt;r Generation 2006 (the RE Policy 2006), Tenaga Generasi Liniitcdwasissued anot er : setter of Intent by AEDB on January 13, 2007 for ai, approximately5W,/1%V wind power generation project to be located at Kuttikhun, T_ iitka Mirpw Sakro.District Thatta, Province of Sindh (the Secoiid LOI ). The requisite bank ,1_iaririt c for a-iamount equal to USD 25,000 was submitted to AED13 on February 2.1. "008 by I enagaGenerasi Li,nited.

Z Tenaga Generasi Limited completed the detailed feasibility study for its project andsubmitted the same to AEDB for its approval (the Project Feasibility Stud y). Followirgits r:;view of the Project Feasibility Study, A1[1)B (vide its letter dated August 19. 2011(iReP i3/3/'TGI./0'71 (the Feasibility Study Approval Letter)) granted its conditionalapproval to the Project Feasibility Study relating to Tenaga Generasi Lirtited's 19.5 MWwind power project to be located at Kultikhun, Taluka .Mirpur Sakro, 1istrict Thatta,Pros ince of Sinclh <incl instru _t cl _I:F^17i a Gereiasi Li, iited to ;broceecl.^^ itl its applicationto NN1EPRA for tariff.

4. Tlms PuRssi AM TO the relevant provisions of the NEPRA (Tariff Standards andProcedure) ^_tu.les. 1999, read v ith the provisions of the Regulation for Generation,Transmission and Distribution cif Electric fewer Act (XI_ o1) 1997 and the Rules and

Dawood Centre, M.T. Khan Road, Karachi-75530 - Pakistan.Tel: +9221 35686001 - 16 Lines, Fax: +9221 35633999 , 35633970 E-mail: info . textiles @dowoodgroup .com Website: www.da)k4PTfivv2l5@3pjq/com


5.

Regulations made thereunder; AND in accordance with the RE Policy 2006 and theGuidelines for Determination of Tariff for Wind Power Generation 2006; AND in view ofcompliance by Tenaga Generasi Limited of the RE Policy 2006 in respect of meeting therequirements of the same so as to be eligible for application for a tariff (as interpreted inlight of the Feasibility Study Approval Letter): TENAGA GENERASI LIMITED SUBMITSbefore NEPRA, the competent regulatory authority lawfully authorized to determine tarifffor wind power generation companies, for its approval, its tariff petition (the TariffPetition) for approval of. (i) the Reference Generation Tariff; (ii) the energy productionestimates; (iii) the Benchmark Energy Table and Monthly Complex Power Curves; (iv)the lndexations and Adjustments; (vi) Adjustments at commercial operations date; and(vi) other matters set out in this Tariff Petition, in each case, for Tenaga Generasi

1imited's 49.5 MW power generation facility to be located at Kuttikhun, Taluka MirpurSakro. District Thatta, Province of Sindh.

The Tariff Petition (including its Annexures) is submitted in triplicate. together with:

(a) the Bank Draft No. DDH 1918432 dated 24 August, 2011 amounting to PKR440,864/- (Pakistani Rupees Four Hundred Forty Thousand Eight Hundred and SixtyFour) as requisite fee for the Tariff Petition, as communicated by NEPRA;

(b) Board resolution of Tenaga Generasi Limited; and

(c) Affidavit of Mr . Inam ur Rahman (Chief Executive Officer of Tenaga GenerasiLimited).

In light of the submissions , the financial analysis and information contained in the TariffPetition , along with the annexures attached hereto, and in the national interest of expeditingTenaga Generasi Limited' s wind power generation facility 's establishment process under theauspices of Government of Pakistan and its commitment to developing a renev\able energybased generation capacity in Pakistan , the Tariff Petition is submitted for NEPRA' s approvalof the Reference Generation Tariff.

Respectfully submitted for and on behalf of:

TENAGA GENERASI LIMITED

wavMR. INAM UR RAHMAN


Dawood Centre, M.T. Khan Road, Karachi-75530 PakistanTel: +9221 35686001-16 Lines, Fax: +9221 35633999, 35633970 E-mail: [email protected] Website: www.dawoodlawrencepur.com

BEFORE

THE NATIONAL ELECTRIC POWER REGULATORY AUTHORITY

AFFIDAVIT

AFFIDAVIT of MR LNAM uR BARMAN, Chief Executive Officer and authorized representative of M/s TENAGAGENERASI LIMITED, Dawood Centre, M.T. Khan Road, Karachi-75530, Pakistan.

I, the above-named Deponent, do hereby solemnly affirm and declare that:

I am the Chief Executive Officer of M/s LENAGA GENERASI LIMITED , Dawood Centre, M.T Khan Road,Karachi -75330, Pakistan.

2. 1 am the authorized representative of M/s TENAGA GENERASI LIMITED, Dawood Centre , M.T Khan Road,Karachi-75530, Pakistan.

3. The contents of the accompanying Tariff Petition ................................. dated August 30, 2011,including all supporting documents are true and correct to the best of my knowledge and belief, andnothing material or relevant thereto has been concealed or withheld therefrom.

4. 1 also affirm that all further documentation and information to be provided by me in connection with theaforesaid Tariff Petition shall be true and correct to the best of my knowledge and belief.

D^

VERIFICATION

DEPONENT

It is hereby verified on solemn affirmation at Islamabad , PAKISTAN on this 30a day of August , 2011, that thecontents of the above Affidavit are true and correct to the best of my knowledge and belief , and that nothing materialor relevant thereto has been concealed or withheld therefrom.

VO

DEPONI:Nr Jf U^'.0 i 1

'l s

COPY OF BANK DRAFT

014

114 19184321,102310031:

TABLE OF CONTENTS

COPY OF TENAGA CENERASI LIrwITED 'S BOARD RESOLUTION ....................................... 2

COPY OF AFFI DAVIT ........................................................................................................... 4

COPY OF BANK DRAFT ....................................................................................................... 6

1. Details Of The Petitioner .......................................................................................... 9

2. Background - Regulatory Process Leading to Tariff Petition ................................. 10

3. Executive Summary ................................................................................................. 14

4. The Project & Key Considerations .......................................................................... 22

5. Total Project Cost & Investment .............................................................................. 38

b. Operations & Nlaintcnancc Cost .............................................................................. 52

7. Reference Generation Tariff, Debt Schedule & Tariff Ana lysis .............................. 57

8. Indexations & Adjustments ...................................................................................... 62

9. Considerations with Respect to EPA ....................................................................... 67

10. General Assumptions ........................................................................................_.....: 83

11. Tariff Summary ........................................................................................................ 85

ANNEXURES ...................................................................................................................... 87

ANNEXURE A - Con OF FEASIBILITY STUDY APPROVAL LETTER ............................... 88

ANNEXURE B - COPY OF IEE APPROVAL DECISION ...................................................... 90

ANNEXURE C - ARTICLES AND MEMORANDUM OF ASSOCIATION THE PROJECTC0111PANY .......................................................................................................................... 93

ANNEXURE D - EPC TERMS & ARRANGEMENTS ........................................................... 94

1. DETAILS OF THE PETITIONER

NAME AND ADDRESS

M/S TENAGA GENERASI LIMITED.

Address: Dawood Centre. M.T. Khan Road , Karachi-75530, PakistanPhone #: (+9221) 3568 6001 - 16

Fax #: (+9221) 3563 3970

REPRESENTATIVES OF TENAGA GENERASI LIMITED

• Mr. Inam ur Rahman:Chief Executive Officer of Tenaga Generasi Limited

9

2. BACKGROUND - REGULATORY PROCESS LEADING TO TARIFF

PETITION

2.1 NATIONAL ELECTRIC POWER RI.GULATORI' AUTHORITY - THE COMPETENT

AUTHORITY FOR DETERMINATION OF TARIFF

2.1.1 NEPRA Act & NEPRA Rules

Under the Regulation for Generation. Transmission and Distribution of Electric

Power Act (XL of) 1997 (the NEPRA Act), the National Electric Power

Regulatory Authority (NEPRA ) is responsible , inter alia , for determining tariffs

and other terms and conditions for the supply of electricity through generation,

transmission and distribution . NLPRA is also responsible for determining the

process and procedures for reviewing tariffs and recommending tariff adjustments.

Further , pursuant to the enabling provisions of the NEPRA Act, the procedure for

tariff determination has been pre scribed in the NEPRA (Tariff Standards and

Procedure) Rules, 1993 (the NEPR % Rules).

2.1.2 `Policy for Development of Renewable Energy for Power Generation 2006' &

`Guidelines for Determination of Tariff for Wind Power Generation 2006'

In order to avoid multiplicity of entities and stages of negotiations for tariff

negotiations , paragraph A.7.2 (Negotiated Tarifffor Unsolicited Proposals and Up-front Tariff) of annexure A (Guidelines for Determination of Tariff for Grid-

Connected IPPs) of Policy for Development of Renewable Energy for Power

Generation 2006 ( the RE Policy 2006), issued by the Government of Pakistan in

2006 , states:

' fultiplicity of entities and states of negotiations will be avoided

in the determination of poser purchase tariffs for RE IPPs. 1 an

IPP wishes to submit an unsolicited proposal and wants to settle

tariff through negotiations NEPRA will determine the tariff in

consultation with the IPP the power purchaser(s) and other

stakeholders'.

Further, pursuant to section 4.2.1 of the Guidelines for Determination of Tariff forWind Power Generation 2006 ( the Wind Tariff Guidelines 2006 ), issued by the

Government of Pakistan under Section 7(6) of the NEPRA Act, if a wind power

IPP wants to settle tariff through negotiations, NEPRA shall determine the tariff in

consultation with such wind power IPP, the power purchasers and other

stakeholders.

2.2 LETTER OF INTENT, APPROVAL OF FEASIBIL ITI' STUDY

2.2.1 Issuance of "Letter of Intent"

TENAGA PSC SDN BUD, being the original sponsor of Tenaga Generasi Limited

(the Project Company ), was issued a LETTER OF INTENT by the Alternative EnergyDevelopment Board (the AEDB) on September 20, 2004 (the First LOI) to

develop and establish a 50 MW wind farm.

Following introduction of the RE Policy 2006, the Project Company was issued a

LETTER OF INTENT on January 13, 2007 for a.50MW wind power generation project

to be located at Gharo - Keti Bandar Corridor ( the Second LOI). The requisite

bank guarantee for an amount equal to USD 25,000 ( the LOI Bank Guarantee)

was submitted to AEDB on February 21, 2008.

2.2.2 Submission of the Feasibility Study and approval of the same

In compliance with the requirements of the RE Policy 2006 and the Second LOI,

the Project Company completed the detailed feasibility study for its project and

submitted the same to AEDB for its approval ( the Project Feasibility Study).

Following its review of the Project Feasibility Study, AEDB (vide its letter dated

August 19, 2011 (Ref: B/3/TGL/07) (the Feasibility Study Approval Letter))

granted its conditional approval to the Project Feasibility Study relating to the

Project Company's wind power project to be located at Kuttikhun, Taluka Mirpur

Sakro, District Thatta, Province of Sindh and instructed the Project Company to

proceed with its application to NI-PRA for tariff. A copy of the Feasibility Study

Approval Letter is attached hereto at ANNEXURE A.

The Feasibility Study Approval Letter stated that final approval of the Project

Feasibility Study was linked with the approval of the following milestones (the

Conditional Matters):

(a) Initial Environmental Examination study ( the IEE Report) approval from

the Environmental Protection Agency, Sindh;

(b) Grid Interconnection Studies (the Grid Interconnection Studies ) approvalfrom National Transmission and Despatch Company Limited (the NTDC);

and

(c) Verification of the 'Power Production Estimates' from Risoe.

For the benefit of NEPRA, an update on the status of the Conditional Mat

Ibllows.

(a) IEE approval from the Environmental Protection Agency, Sindh

The IEE for the Project Company's wind power project (the IEE Report)

was completed and submitted to the Environmental Protection Agency,

Sindh (the Sindh Environmental Protection Agency) on October 29,

2009. Following review of the IEE Report and consummation of the

relevant regulatory process. the Sindh Environmental Protection Agency

accorded its approval of IEE Report through its decision (Ref:

2010/IEE/25/10/2010) dated October 25, 2010 (the IEE Approval

Decision ). A cops of the IEE Approval Decision is attached hereto at

ANNEXURE B for NEPRA's perusal. Further, pursuant to the Feasibility

Study Approval Letter, AEDB has already acknowledged the approval of

the IEE Report by the relevant agency for the purposes of its approval of the

Project Feasibility Study.

(h) Grid Interconnection Studies approval from NTDC

In compliance with NTDC requirements, the Project Company engaged? anexperienced & reputable grid consultant namely Power Planners

International (the PPI ) for conducting grid inter-connection studies an d

submitted the detailed interconnection studies ( the Grid InterconnectionStudies) for its Hind power project for approval.

Following its review of the Grid Interconnection Studies, NTDC (vide its

letter dated May 27, 2011 .(Ref: COO/'CPPA/CE-II/MT-IV/ Planning /4565-

75) (the Interconnection Study Approval Letter) granted its conditional

approval to the Grid Interconnection Studies stating that final approval of

the Grid Interconnection Studies was linked with the finalization of the site

of the grid station. Further, pursuant to the Feasibility Study Approval

Letter, AEDB acknowledged the approval of the Grid Interconnection

Study by the relevant agency for the purposes of its approval of the Project

Feasibility Study.

(c) Verification of the 'Power Production Estimates' from Risoe

The Project Company has already submitted its "Power ProductionEstimates" (the PPE) to AEDB, which has further initiated the process ofverification of the same through RISOE (AEDB' s independent technicalconsultants). It is understood that following RISOE's verification of thePPE, AEDB would be communicating the energy estimates for the projectto NEPRA.

fl'' '

2.2.3 ReQuest for determination of tariff

Based on:

(a) the status of Conditional Matters provided in Section 2 .2.2 (Submission of

the Feasibility Stud}- and approval of the same) above whereby the ProjectCompany, on its part, has undertaken and completed all activities requiredfor procurement of approvals of the relevant Conditional Matters fromvarious stakeholders - including ( as acknowledged by AEDB in theFeasibility Study Approval Letter) the procurement of approvals of its IEEReport and the Grid Interconnection Studies from the relevant agencies;

(b) the provisions of the RE Policy 2006 relating to application to NEPRA for

its determination of tariff Ibllowing approval of the feasibility study, as

read in light of the express direction of AEDB to the Project Company (as

contained in the Feasibility Study Approval Letter) to proceed with its

application to NEPRA for tariff determination.

it is submitted that the requirements of the regulatory process for applying toNEPRA for its determination of the tariff for the Project Company's wind powerproject are complete.

2.3 SUBMISSION

2.3.1 PURSUANT To the relevant provisions of the NEPRA Rules, read with the

provisions of the NEPRA Act anal the Rules and Regulations made thereunder;

AND in accordance with the RE Policy 2006 and the Wind Tariff Guidelines 2006;

AND in view of compliance by TENAGA GENERASI LIMITED of the RE Policy 2006

in respect of meeting the requirements of the same so as to be eligible for

application for a tariff (as interpreted in light of the Feasibility Study Approval

Letter): TENAGA GENERASI LIMITED SUBMITS HEREWITH before NEPRA, the

competent regulatory authority lawfully authorized to determine tariff for wind

power generation companies, for its approval, a tariff petition (the Tariff Petition)

for approval of (i) the reference generation tariff ( the Reference Generation

Tariff); (ii) the energy production estimates; (iii) the Benchmark Energy Table and

Monthly Complex Power Curves; (iv) the Indexations and Adjustments; (v)

Adjustments at commercial operations date; and (vi) other matters set out in this

Tariff Petition, in each case. for TENAGA GENERASI LIMITED'S 49.5 MW power

generation facility to be located at Kuttikhun, Taluka Mirpur Sakro, District Thatta,

Province of Sindh. Pakistan.

2.3.2 Given the advance stage of the project , NEPRA is kindly requested to process the

Tariff Petition at the earliest, thereby enabling the Project Company to proceed

further with the development process.

3. EXECUTIVE SUMMARY

3.1 TENAGA GENERASI LIMITED-Tin: PROJECT COMPANY

3.1.1 TENAGA GENERASI LIMITED (being the Project Company) is a company which

has been established and set up under the laws of Pakistan and is incorporated

under the Companies Ordinance 1984.

3.2 PROJECT SUMMARY

3.2.1 In light of the approval of the Project Feasibility Study in accordance with the RE

Policy 2006 and the Feasibility Study Approval Letter and the compliance by the

Project Company of all requirements under the RE Policy 2006 for eligibility of a

petition for the tariff and following approval of Project Company's Reference

Generation Tariff by NEPRA through this Tariff Petition, the Project Company will

finance, design, engineer, procure. construct , install , test , complete, commission,

insure, operate and maintain a 49.5 MW power generation facility (the Facility) at

Kuttikhun, Taluka Mirpur Sakro, District Thatta, Province of Sindh, Pakistan (the

Project).

3.2.2 Subject to the assumptions contained in this Tariff Petition , please find below asummary' of the Project for NEPRA' s perusal:

PROJECT TENAGA GENERASI LIMITED

COMPANY

GENERATION WPGL/04/200(

LICENSE

MAIN SPONSOR DAWOOD LAWRENCEPUR LIMITED (a company of DAWOOD

GROUP)

PROJECT 49.51\1WCAPACITY

PROJECT Kuttikhun . Taluka Mirpur Sakro, District Thatta, Province of

LOCATION Sindh. Pakistan

LAND AREA 4881 Acres

CONCESSION 20 years from commercial operations date

PERIOD

POWER National Transmission and Despatch Company Limited (through

PURCHASER Central Power Purchasing Agency)

WIND 33 x GE 1.5 XL : WTGs each of 1.5MW

TURBINES

ENERGY

PRODUCTION

ESTIMATE

EPC

CONTRACTORS

PROJECT

CAPITAL COST

FUNDING PLAN

EQUITY

LONG TERM

DEBT

LENDERS

LEAD

ARRANGERS

(LOCAL

FINANCING)

147.0315 GWh per annum

China Machinery Engineering Corporation; and China East

Resource Import & Export Corporation

INVESTMENT / COST USD IN

THOUSANDS

EPC Cost 109,940

Non EPC Cost 851

Project Development Cost 4,363

Land Cost 211

Taxes & Custom Duty 696

Pre-COD Insurance Cost 1,463.

Financial Charges 3,795

Interest During Construction 7,605

Working Capital 750

TOTAL PROJECT COST 129,674

Debt 75%: Equity 25%

USD 32.42 million

USD 97.26 million

Local Financing: A consortium of local financial institutions

Foreign Financing: A consortium of foreign multilaterals andfinancial institutions led by International Finance Corporation

I labib Bank Limited

NICB Ban]. Limited

lip'

TERMS OF

LONG TERM

DEBT

O&M

CONTRACTORS

PROJECT

OPERATION &

MAINTENANCE

COST

LOCAL DEBT

Currency

Term

Grace Period

Repayment Period

Debt Repayment

Interest Rate

FOREIGN DEBT

Currency

Term

Grace Period

Repayment Period

Debt Repayment

Interest Rate

Pakistan Rupees

Up to 12 years (door to door)

Up to 24 months

10 years

In equal 20 semi -annual installments

3 month KIBOR plus 300 basis points

United States Dollars

Upto 12 years (door to door)

Upto 24 months

10 years

In equal 20 semi-annual installments

6 month USD LIBOR plus 475 basis

points

GE Wind Enemy; General Electric International inc.; and China

East Resource Import & Export Corporation

(USD in '000)

Yr 1-2 Yr 3-10 Yr 11-20

O&M Cost/\r 1,886 3 ,386 3,274

Insurance1 ,463 1,463

1,463Cost/yr

To I'AL

OPERATION',

& 3,349 4,849 4,737MAINTENANCE

COSTS/Y R

LEVELIZED IJS Cents 15.6721 per kWh

TARIFF

CONCESSION • Energy Purchase Agreement with the Power Purchaser

DOCUMENTS • Implementation Agreement with the Government of Pakistan

• Government of Pakistan Guarantee

• Site Sub-Lease Deed

APPLICABLE Policy for Development of Renewable Energy for Power

GOP POLICY Generation 2006

LEGAL 1-laidermota and Co.

CONSULTANT

TECHNICAL MEConsult Private Limited

CONSULTANT

FINANCIAL • Habib Bank LimitedCONSULTANT

• MCB Batik Limited

TAx A.F. Ferguson ,^: Co.

CONSULTANT

INSURANCE Marsh

CONSULTANT

3.3 KEY STRENGTHS

Amongst various other factors, the following are proposed as key strengths of the

Project:

(a) World class contractors to undertake eneineerine , procurement and

construction (the EPC) of the Project on a turn -key basis with a fixed

price and fixed commercial operations date:

In view of the Project Company's strong commitment to the Project and in

order to lock the EPC price and the projected commercial operations date

for the Project. a consortium of CHINA MACHINERY ENGINEERING

CORPORATION (CMEC) and CHINA EAST RESOURCE IMPORT & EXPORT

CORPORATION (CERIEC, and together with the CMEC, the EPC

Contractors ) will undertake the Project on a turn -key, fixed price andfixed commercial operations date basis whereas GENERAL ELECTRIC will

be the wind turbine manufacturer.

GENERAL ELEcnuc ranks as one of the world's leading wind turbine

suppliers boasting a current product portfolio of wind turbines with rated

capacities ranging from 1.5 MW - 4.1 MW and support services extending

from development assistance to operations and maintenance. CMEC

J !_

possesses a market edge with exporting complete hydro and thermal plants

and equipment and the construction of a wide variety of engineeringprojects, particularly international power stations. CERIEC has achievednumerous projects in the fields of electric power transmission and

transformation and building construction through its main businesses ofimport & export of various kinds of mechanical and electrical products and

complete plant equipment; contracting projects on EPC basis; and technical

transfer etc.

(b) World class operators to undertake operations and maintenance (the

O&M) of the Project on a turn -key basis:

The O&M of the Project "ill be performed by the EPC Contractors in the

first two years following commercial operations date on a turn -key basis.

GENERAL ELECTRIC, the wind turbine manufacturer for the Project, will

perform the O&M of the Project from year 3 to 1.0 following commercial

operations date on a turn -key basis.

(c) Reputable sponsor with unwavering commitment to wind energy:

The primary sponsor financing the equity for the Project is one of the group

companies of Dawood Group i.e. Dawood Lawrencepur Limited (DLL).

Dawood Group, a distinguished and trusted name in Pakistan tracing its

origins in business back to 'almost a century ago, is a large multi-faceted

group with many concerns having a marked presence in various sectors

including power generation . & energy, engineering, fertilizers, chemicals,

textiles, insurance and financial services. Being the sponsor of the Project

Company, DLL has been engaged in the development of the wind power

generation sector in the country and has shown unwavering commitment to

the same. It is expected that the various standards of excellence forming

part of the business ideology of all companies of Dawood Group will also

be replicated in its wind power generation venture.

(d) Financing structure:

The financing structure presently includes 52% foreign currency loans and48% local currency loans. Based on the analysis by the Project Company,its sponsor and their advisors, every USD 1 million of foreign currency

loans, in substitution of local currency loans, brings the levelized tariffdown by 0.04 US cents due to the difference between the benchmark rates

(KIBOR versus USD LIBOR) that reduces the interest component

significantly during the life of the loan. It is therefore desirable to include as

much foreign currency debt as possible.

Is

If-

TGL OFFER TO SELL POWER

AlkI EN A(:A

.d-

TENAGA G EVERASI LTD.

To.

The Chief Engineer,Central Power Purchasing Agency,403 WAPDA House.Shahrah -e- Quaid - e- Azam,Lahore , Pakistan

Ref: TGL/CPPA/201 1/00 1Dated: September 8, 2011

Subject Offer to sell power by Tenaea Generasi Limited from Its 49.5 MW wind powerveneration facility to be located at Kuttikhun , Taluka Mirpur Saltro DistrictThatta . Province of Sindh . Pakistan

Dear Sir.

We, Tenaga Generasi Limited (TGL), refer you to our development of a 49.5 MW wind provegeneration facility to be located at Kuttikhun, faluka Mirpur Sakro, District Thatta, Province of Sindli.Pakistan (the Project ). It is envisaged, in light of the applicable laws and regulatory structure of Pakistan,that the power from the Project will be sold by TGL to National Transmission And Despatch CompanyLimited ((through its Central Power Purchasing Agency) on behalf of ex-WAPDA DistributionCompanies)) ( the Power Purchaser ) pursuant to an energy purchase agreement to be entered iMah.ttoeen TGL and the Power Purchaser (the Energy Purchase Agreement).

It humbly highlighted that pursuant to section 8.2.1 of the Policy for Development of Renettable Eoergvfor Power Generation 2006 ( the RE Policy 2006), it is mandatory for the power distribution utilities tobuy all electricity offered to them by renewable energy projects that are established in accordance withthe pro.isiuns given in section 8.2.2 of the RE Policy 2006. Further, since the Project is in acco:dancewith section 8.2.2 of the RE Policy, section p.2.I of the RE Policy 2006 will be applicable to it.

In view of the foregoing, TGL hereby offers for sale to the Power Purchaser the power to be generatedthrough its Proicct pursuant to the terms of the Energy Purchase Agreement (the Offer For Sale ofPower).

We hope that TtiL's Offer For Sale of Potter to the Power Purcha,-cr will enable the Power Purchaser tomeet its regulatory requirements relating to the purchase of power from the Project and look forward toexpeditious conclusion of such process. We thank you for your continuing support to the development ofwind power sector in Pakistan and to our Project.

Sincerely,For and on behalf ofTE\A(-..• GENERASI LIMITED

Itam ur RahmanChief Executive Officer

Enclosed: Power Acquisition Request I orr,'

to CE-( (CPPA)2-WAPDA House. Lahore.

Oawuod Ceirtre M T '.tw Road , Karam 75530 - Pakistan

TO - 9221 3568600116 Unes Fax .9221 35633999 35633970 E m, I mtu textaesr,aaowoodgroup com Wehsite v ww 0awooaiawrencer.ur Gon1

I-) t-) '.k; It.

NTDC LETTER TO NEPRA

PA$X: o42-"20223-112106 omos of theC"At

Tell 042-99204045)cer (Chid Operating OR

Few 042-!9201172 101- WAPDA-HoveeLahore

P1o. coO/crrt cf-Iry- /Ts;^1 f S Dated: 0-/091=1

The Re0Ie1rw.Nations! Electric Power Regulatory Audtorlty,Oowarnent of Pawsan.2 Floor, OPF Bu4 In9 G.S2,blsrrtabad.

Fax 051 -9210215

Subject

In purawd to NEPRA iM*n Power Peo wemaM (Protsdur s and S ndarda)Reputitlon 2006 and Ito smom ewit an of 20" Or:lobr 2000. plevas find si o sd AsradthPvwsr ACqu&bon Request (PAR) in roped of 40.5 MW Wind Power Project sponsored byMk Temp. Gsnrss! Unrldd (TGL).

Foflo►rfrp antonnadan regtrlred vids Chtsi (4) -of above men00rted NEPRAR gelation, on presorted formats (Sdtsdule I) k abv a&loasd for supporttnp ' Nis rsquat

a. Mnex4 Aultwrimtbn Latter by HESCO ( I to conearnad DISCO)b. FoAh I (S of 2)' DISCO-Wtirr Peak Demand $ Dana d At In ervonneclbn Pointyc. Form 1(2 of 2): Peak Demand At hNeroomsdlon Point 1d. Form III: ktfor nWian About Gann i Gapaclty (Dab arlraaled .from Feeaibefy 3fudlr

of M!s Tampa Canard! I,b)iled and NTDC veUed Odd kitemonnectbn Study).

NEPRA is rsouastad b grant power acquMabn psrniasion to CPPA in order topew power from fns prvpr >sed 403 MW powr plant

DA/As .boss

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1.' Chler Exeoutha 01111oerAED6, Hogs No. 3. Sfrset No. 6. P4/3 . letanprbed.2. Mr. Mem ur Rdattan , Chid £*scu`va Offiosr . Mk Tampa Generasi Umbel . Dawood

Car" , M.T. Khan Rood. Karach1.7590 wl.I his bb► dated 06.00.2011.

'FEI dAGA

'aTENAGA GI:NERASI LTD.

Date: August 30, 2011

Ref.. 77.t-^^7n

THE REGISTRAR

NATIOrAL ELECTRICAL POWER RECULAT ORY AUTHORITY (NEPRA)

OPF Building, Shaharah-c-Jamhuriat,

G-5/2,Islamabad.

SUBJECT: TARIFF PETITION FOR TENAGA GENARASI LIMITED 's 49.5 MW WIND

POWER PROJECT AT KHUTTIKUN, MIRPURSAKRO TALUKA, DISTRICT

TII.A'ITA, SINDII

Dear i ir.

1. !t is submitted that the ww ir,d power generation program in Pakistan was initiated by theCGovernnuont of Pakistan by installation of wind measuring stations in the coastal areas ofStnclh, Pakistan. The energy potential of 346.000 MW in the country is estimated b)National i'ene'rahle Frtcrgv I.aboratc,ry. USA and only the Gharo -- Keti Bander -ilydcrauad e, Ind corridor lute it potential of 43.000 MW of wind power generation.

In view of the Gr"ernrnent of Pakistan s initiative to enhance the pok'cr generation in the0Atntry through renekvvable resources. l enaga PSC SDN Bill), being the original spor. orof Tt:N \GA GE.NER.ASI I-IMI nit). was is wed a Letter of Intent by the Al!cntmtive EacrgyDeveioprnvnt Board (the AEDB) on September 20, 2004 to develop and establish a - 0\9\^' wind farm. Following introduction of the Policy for Development of Renewat,ieFncrgy for Power Generation 2006 (th,t R► Policy 2006). Tenaga Generasi Limited wasissued ano'hcr Let cr of Intent by Ala)B on January 13. 2007 for a.-1 app ro itnately

50NI\V •.vInd power generation project to be located at Kuttikhun, 'falttka Mirpur Sakro,District 'I h.ata. Province of Sindh (the Second LOI). The requisite bank guar:-ntee for anamoutnt equal to USI) 25.000 was submitted to AEDB on February 21, 2008 by TenztgaCiencrasi Limited.

3. 'Venaga Generasi Limited completed the detailed feasibility study for its project andsubmitted tite snore to A1=.D13 for its approval ( the Project Feasibility Study). Following t:iits review of the Project Fcasihility Study. AFDB (vide its letter dated August 19. 201 1(Ref: 11/3/T(;L,07) (tile Feasibility Study Approval Letter)) granted its condition,:: r3approval to the Project Feasibility Study relating to Tenaga Generasi Limited's 49.5 MW

wind power project to he located at Kuttikhun. 'faluka Mirpur Sakro, District Thatta, '^, : ^c^•Province of Sindh and instruUtcd Tena,^a (JLrerasi Limited to proceed with its anpli,:;ttio!I lto NEPRA for tariff.

4. 'Pietist PUItsU ,1N1' TO the relevant provisions of the NEPRA (Tariff Standards aridProcedure ) lRu!es, 1998, re td with tire provision s of the Regulation for Gen eration,Transmission and Distribu!ion of Electric Pc\'.cr Act ( X.1, of) 1997 and the Rules and ^,

Dawood _ r' Ire M T Kha Road, Karachi-75530 - PakistanTel. -9221 35686001-16 Lines Fa.x ^ 9221 3563399± .!5633970 En ill into text lesL dowoodgroup.com Website www d

The above submitted, it may be noted that procurement of offshore/foreign

funding has been a challenge due to the prevailing economic and political

situation in the country; low investor confidence in Pakistan; the unresolved

circular debt issue, which raises the credit risk of power sector loansgenerally; and the offshore lenders' and foreign multilateral agencies'funding commitments in existing and new power projects in Pakistan.Nevertheless, the Project Company, through its diligent efforts and based onthe best efforts offers available with it, expects to raise 52% of total debt in

foreign currency. The balance funding requirements are being met through

borrowing from reputable local banks.

(e) Strong Project Team:

The Project Company is advised by leading consultants as Project advisors

who have played a key role in the development of wind energy in Pakistan.

The Project advisors are presently also advising various stakeholders in

other Nvind po«er projects and are playing a pivotal role in the

consummation of some of the upcoming wind farms in the country.

(i) Technical Consultant - MECONSULT PRIVATE LIMITED has been

involved with the wind industry in Pakistan since its inception. They

were instrumental in helping AEDB develop the project documents

(energy purchase agreement and implementation agreement ) as well

as other policy documents. MEConsult Private Limited is currently

advising a number of wind farm developers. They are also doing

consultancy work for thermal power projects.

(ii) Legal Consultant - HAIDERMOTA & Co. has been selected to

provide legal support on all aspects of the Project including Project

documentation, regulation and financing matters . Haidermota & Co.

has been actively involved in the power sector and projects and has

advised various project companies / sponsors, lenders and the

Government of Pakistan on various transactions and matters. It is

ranked by Chamber & Partners as a "Band 1 " firm in Pakistan for

Projects, Banking & Finance and Corporate & Commercial.

(iii) Financial Consultant - HABIB BANK LIMITED and MCB BANK

LIMITED , being amongst the leading financial institutions in

Pakistan with extensive experience of advising in and arranging

funds for setting up thermal, hydel , and wind power projects in

Pakistan, are acting as the Financial Advisors for the Project

Company.

(iv) Tax Consultant - A. F. FERGUSON & Co. is the largest firm of

professional accountants in Pakistan and is operating in threemetropolitan cities of the country i.e. Karachi, Lahore andIslamabad. The firm currently employs nearly 1000 people: partners,senior managers, managers, assistant managers, and professionaltrainees. The firm also operates under international membership ofPricewaterhouseCoopers and is also known internationally as

PricewaterhouseCoopers Pakistan.

(iv) Insurance Consultant - MARSH , the world's leading insurance

broker and risk ad% iser has over 24,000 employees and provides

advice and transactional capabilities to clients in over 100 countries.

Marsh is a world leader in delivering risk and insurance services and

solutions to its clients. From its founding in 1871, Marsh has

provided thought leadership and innovation for clients and the

insurance industry -- introducing and promoting the concept and

practice of client representation through brokerage, the discipline of

risk management and the globalization of insurance.

3.4 CURRENT PROJE(T PROGRESS & FUTURE MILESTONES

The following table sho\\ s the current Project status and the anticipated timelines

for the future activity.

MILESTONES ACHIEVED

ACTIVITIES COMPLETION DATE

Issuance of First Letter of Intent September 20, 2004

Issuance of Generation License b, NEPRA December 16, 2006

Issuance of Second Letter of Intent January 13, 2007

Acquisition of the Project Company by Dawood Lawrencepur

Limited

January 29, 2008

Submission of Bank Guarantee for issuance of Second Letter of

Intent

February 21, 2008

Execution of Agreement to Lease and for 4881 acres of landallocated by AEDB

April, 2008

Appointment of Technical Consultant May 28, 2008

Installation of Wind Mast & Instruments December, 2008

Topography Survey February, 2010

Appointment of Legal Advisors August 30, 2010

IEE Report approval by Sindh Environmental ProtectionAgency

October 25, 2010

Execution of Term Sheet with Lead Arrangers (LocalFinancing)

April 9, 2011

Appointment of Financial Advisors April 14, 2011

Execution of Mandate Letter with IFC April 20. 2011

Approval of Grid Interconnection Studies by NTDC May 27, 2011

Geo-technical Survey July, 2011

Conditional Approval of Project Feasibility Study by AEDB August 19, 2011

Finalization of ITC Terms & Arran gements August 28. 2011

Finalization of O&M Terms & Arrangements August 28, 2011

FUTURE MILESTONES

Reference Generation Tariff determination by NEPRA

Submission of Performance Guarantee

Issuance of Letter of Support to the Project Company

Execution of Site Sub-lease Deed

Execution of Energy Purchase Agreement

Execution of Implementation Agreement

Execution & issuance of Government of Pakistan Guarantee

Execution of Financing Agreements with Lenders

Achievement of Project Financial Close & issuance of Notice to Commence to the EPCContractors

Project execution / construction

Commercial Operations Date

Adjustment of Reference Generation Tariff by NEPRA

21

4. THE PROJECT & KEN' CONSIDERATIONS

4.1 RATIONALE FOR WIND POWER

4.1.1 Pakistan ' s Current Electric Power Shortage'

The electricity consumption in the country during 2009-2010 has increased by5.65% to 74,348 GWh as compared to 70,371 GWh for the same period the year

before. The electricity demand in the country is projected to grow at an annual rate

of 7.4% during the period 2011-2015 and increase from 23,563 MW in 2011 to31,299 MW in 2011-2015. This growth has been projected on the basis of increaseboth in population and per capita income and the linkage between the increasing

population, per capita income and electricity consumption.

Pakistan as a whole is an energy -deficient country and per capita electricity

generation has traditionally been li,w (581 KWh as against the global average of

2.657 KN h2).

4.1.2 Pakistan's Power Generation Mix & Fossil Fuel Reliance

Power is provided through conventional and non-conventional sources, which is the

main asset needed for any development activity within the country. Conventional

thermal plants, those that use oil. natural gas and coal, contribute to 67.3% of

Pakistan's power generation capacity. followed by hydro power generation, which

is contributing up to 29.4% of Pakistan's power generation capacity and lastly,

nuclear power generation and imported electricity forming up to 3.3% of the

country's power generation mix.

The escalating reliance of the world economies to the use of fossil fuels on an

international basis and the continuous use thereof is causing a reduction in the

reserves and severe environmental issues and is creating many grave concerns for

the future . The graph on the next page exhibits the "World Energy Consumption

Schedule":

'Source: Pakistan Energy Year Book 2010 and NLPRA State of Industry Report, 20102 Source: Medium Term Development Framework 2005-10, Government of Pakistan, 2005

2 2

World Energy Demand-Long •Tcrm Energy Sources

P.,

It N..n•a ,v I-In-^ r

p ur....

p JIH:.' uAc^^l-

. .-.A

a•N'r•:V-t%..,;._..^•,, is SN: . il, .r_ Jl; - ..:, G, -1 + u:.l L- •yr 1'. ue-irr_ A <1 . ear r a_ }a..fr 14. Ca. xbr•

Generating energy through the use of thermal power projects has become extremelyexpensive due to the increase in prices of oil and gas across the globe . The highlyunpredictable oil and gas prices in the past few years have had an adverse effect on

world economies and have contributed significantly. to the global recession . Energy

security, combined with the need to cut carbon emissions , has seen a huge increasein demand for renewable energy - in particular wind power.

As for Pakistan' s dependence on such fossil fuels, the overall energy requirement

of the country is expected to increase to about by 48% to 80 million tons of oils

equivalents in 2011. The serious threat of rising prices to Pakistan was evidencedduring 2007-2008 when the prices of oil equivalents sky rocketed globally -leaving the country ' s economy in distress.

If Pakistan is to develop at a faster pace to attain a seven to eight per cent GDP

growth, then it is imperative to address its, energy needs. Pakistan is currentlydeficient by between 3500 MW to 5,000 MW whereby the shortage is likely to be

around 20,000 MW within 10 years.

The demand for oil is highly dependent on global macroeconomic conditions.

According to the International Energy Agency, high oil prices generally have a

large negative impact on the global economic growth. Such volatile prices

adversely affect economies of developing countries like Pakistan and will continue

to do so if alternate resources are not harnessed for development of renewable

energy.

23

in order to circumvent power shortfalls resulting from the volatility of fossil fuel

availability and prices, solutions need to be sought from local energy resources likedomestic coal and renewable energy resources such as hydel, wind and solar. All ofthese options could assist in reducing Pakistan's reliance on imported fuel and

consequent vulnerability to changes in global oil prices.

4.1.3 Wind Power Projects - The Solution

In order for a sustainable future for Pakistan with regards to energy, it is necessary

that the energy sector be accorded with high priority. It is considered that wind

power generation could become an important supplier to Pakistan's electricity.

supply in the future. The development of wind generation projects supports the

environmental objectives of the Government of Pakistan by:

(a) diminishing reliance on fossil fuels for thermal power generation;

(b) broadening the variety in Pakistan ' s electricity generation mix;

(c) decreasing green house -g:as emissions by prevention of thermal power

generation; and

(d) facilitating in the declination of the excessive trade deficit.

4.1.4 The Wind Power Generation Potential & Government of Pakistan 's Support

The wind power generation program in Pakistan by installation of wind measuring

stations in the coastal areas of Sindh, Pakistan. The energy potential of 346,000

MW in the country is estimated by National Renewable Energy Laboratory, USAand only the Gharo - Keti Bander - Hyderabad wind corridor (the Wind Corridor)has a potential of 43,000 MW of wind power generation. If harnessed adequately,wind energy alone would have the potential to eradicate energy shortages in the

country. The Government of Pakistan is currently looking to build wind farms inthe Wind Corridor, some of which are regions where electricity supply through the

national grid has been a challenge.

The Government of Pakistan has clearly articulated its support for the development

of renewable energies. Due to the fact that the use of wind energy is one of themost economical and efficient renewable energy production technique, the focus is

on supporting the development of wind farms through wind based independent

power producers (the Wind IPPs).

4

4.2 WORLD CLASS WTG TECHNOLOGY & EPC CONTRACTOR; FIRM EPC COST

AND FIXED COMMERCIAL OPERATIONS DATE

4.2.1 WTG Technoloey & EPC Contractor Selection Process

With an objective of setting up its Project in compliance with the highest standardsand, inter a/ia, to select the most efficient and reliable WTG suppliers and EPCcontractors for its Project, the Project Company conducted a thorough research of

various wind turbine generator (the WTG) suppliers and engineering , procurement& construction (the EPC) contractors in the global wind power generation EPCindustry.

Based on the technical feasibility and careful analyses of, inter a/ia:

• various turbine designs;

• control system developments:

• innovative technology evaluations;

• wind test measurement services; and

• various strategic and policy matters so as to understand the interplay betweentechnology , policy and economics,

the Project Company shortlisted various technologies and wind turbine generator

(the WTG) vendors for its wind Farm to be located at Kuttikhun, Taluka MirpurSakro, District Thatta, Province of Sindh, Pakistan ( the Site). Subsequently, theProject Company invited such vendors and contractors to, either themselves orthrough designated EPC contractors, provide tum-key EPC solutions for the

engineering , procurement. construction, commissioning , testing and completion ofthe Project - thus not only working towards, inter alia, development of its Projectso as to meet the highest technical standards but also towards a bank=able EPCcontractual structure that was based on highly competitive and intensely negotiated

terms.

The WTG manufacturer and EPC contractor selection process specifically entailedconvincing some of the globally renowned WTG manufacturers and EPCContractors to undertake a project in Pakistan - which , given the current economicconditions and security situation the country, proved to be a herculean task in theProject ' s development . Various factors were considered in selection of themanufacturers and the EPC contractors which included:

• technology, megawatt class and efficiency of equipment;

• compliance of the proposed WTG with Site conditions;

• commitment of various WTG suppliers and EPC contractors to Pakistani

markets;

references and experiences of the WTG suppliers and EPC contractors underenvironmental conditions similar to that of the Project's site (e.g. temperature,

wind farm size, area);

• track record of the turbine type:

• cost/price and payment terms;

• performance warranties and guarantees of Facility;

• contractual and commercial - terms for entering into the contractual

arrangements;

• completion timelines and schedule;

• grid. compatibility; and

• suitability of operation and maintenance concept for the size and location ofprojects with suitable availability of spare parts, consumables and main

components.

The Project Company received "Expressions of Interest" from various international

WTG suppliers including Sinovel from China; Vestas from Denmark; Elswedy

from Egypt; Gamesa from Spain: Nordex from Germany/China; Siemens from

Denmark; and General Electric/ China Machinery & Equipment Import & Export

Corporation from China. Further, detailed proposals were subsequently received

from Siemens Wind Power in collaboration with Siemens Pakistan; and from China

Machinery & Equipment Import & Export Corporation (based upon General

Electric WTGs and technology).

Based on its thorough due diligence and following an intense negotiations process

with various EPC contractors, the Project Company selected GENERAL ELECTRIC'S

WTG Model 1.5xle as the technology for its wind farm and appointed a consortium

of CHINA MACHINERY ENGINEERING CORPORATION and CHINA EAST RESOURCE

IMPORT & EXPORT CORPORATION as its turn-key EPC contractors (the EPC

Contractors ). The Project Company has finalized, following detailed negotiations

and development of a comprehensive contractual structure, all commercial,

technical and legal terms and arrangements with its EPC Contractor EPC of

26

its Project (the EPC Terms & Arrangements ). Based on such EPC Terms &Arrangements, the engineering, procurement and construction of the Project will beundertaken by the Project Company on a turn-key basis with a fixed price and fixedcommercial operations date (the COD).

4.2.2 General Electric - The WI G Manufacturer

GENERAL ELECTRIC is among the world's leading suppliers of power generation

technologies including coal, oil, nuclear energy, natural gas and renewable sources

such as water, wind, solar, geothermal and alternative fuels. With over 13,500 wind

and 3,600 hydro turbines, the installed capacity of renewable energy exceeds

160,000 MW. Building on a strong power generation heritage and spanning more

than a century, GENERAL ELECTRIC wind turbines have delivered proven

performance, availability and reliability. As one of the world's leading wind turbine

suppliers, GE Energy's current product portfolio includes wind turbines with rated

capacities ranging from 1.5 MW - 4.1 MW and support services extending from

development assistance In operation and maintenance.

4.2.3 China Machinery Engineering Corporation (CMEC) - The OffshoreContractor

CHINA MACHINERY & EQUIPMENT IMPORT & EXPORT CORPORATION (CMEC) was

established in 1978 as China's first national corporation integrating foreign trade

with industry and deals principally in contracting international engineering

projects; exporting complete plants and equipment; importing & exporting

mechanical and electrical products; and engaging in external economic and

technical cooperation.

With its turnover reaching USD 2. ,6 billion in 2008 , CMEC has successively been

selected as one of the TOP 225 IN1 ERNATIONAL CONTRACTORS by the well -reputed

Engineering News Record of the I SA since 1996, ranking from the 106th place in

1996 to 64th in 2003.

Possessing a prominent edge in the construction of international engineeringprojects; exportation of complete plants and equipment ; and importation &exportation of mechanical and electrical products; CMEC takes the lead in China

particularly in contracting international power stations and a wide variety of largeengineering projects.

Since the 1980s, CMEC has achieved a number of significant firsts throughoutChina in the power business including:

• exporting China's first set of 210 MW thermal power plant by means of theexport seller's credit in the 1980s:

U,i

• exporting units of coal/gas-fired turbine power station and single unit of 320

MW thermal power plant in the 1990s; and

• winning an international tender for the construction of four units of 30 MW

hydro power stations in Africa.

CMEC has exported complete plants and equipment to over 60 countries andregions involving projects in diverse fields such as energy ; electrical engineering;

heavy duty mining installations ; general purpose machinery , light industry; textile

industry; building materials ; traffic and transportation ; communication ; broadcast

and television ; etc., of which, the contractual units of hydro and thermal powerplants signed exceeded 6,100 MVO' in the aggregate . Further, more than 50,000personnel ( including senior engineers, engineers , technicians and skilled workers of

various fields) have been engaged outside China to take on the construction of

relevant projects.

CMEC has built business relationships with more than 120 countries and regions

around the world. forming a global network of information, distribution and

services and a pattern of diversified marketing across five continents. The insignia

of CMEC and trademarks of the related products are protected by laws and have

been registered in many countries and regions - thus providing CMEC a world-

renowned reputation.

With 23 wholly-owned and holding subsidiary companies in China, II wholly-

owned and holding companies and 11 representative offices based in other

countries of the world, CMEC has grown and developed into a comprehensive

enterprise group linked with property ownerships, pillared by foreign trade and

integrated as one entity with trade, industry, science, technology and services.

4.2.4 China East Resource Import .& Export Corporation (CERIEC) - The OnshoreContractor

CHINA EAST RESOURCE IMPORT & EXPORT CORPORATION (CERIEC) is a wholly-

owned subsidiary of CMEC and was established in 1993. CERIEC's main

businesses include the import & export of various kinds of mechanical and

electrical products and complete plant equipment; contracting projects on EPC

basis; technical transfer: and international labor cooperation. To its credit, CERIEC

has closed numerous projects globally in the fields of electric power transmission

and transformation; substation construction; and building construction.

CERIEC has seized every available opportunity worldwide to develop and expandits brand and to step into international economic development . Having attained thecertification of IS09001, CERIEC has established and developed various forms of

28

economic cooperation with corporations, enterprises and groups (both at home and

abroad) to open international markets and to expand economic exchange and trade.

In addition to above, CERIEC has been repeatedly entrusted by relevant Chineseauthorities and has successfully accomplished introducing key technologies andequipment of national importance, which itself demonstrates the professional

excellence of CERIEC.

4.3 TECHNOLOGY & EQUIPMENT

With an aim of achieving highest standards in technology for its Project , coupledwith a thorough due diligence process carried out by the Project Company in itsselection of the technology , the Project Company has opted for latest versions of

models of the equipment . as well as the technical configuration , for the Project. The

following WTGs have been selected for the Project:

MANUFACTURER GENERAL ELECTRIC

W IND TURBINE GENERATOR MODEL 1.5XLE

HUB HEIGHT 80 Ni

NUMBER OF TURBINES 33

OTAL INSTALLED CAPACITY 49.5 MW

The Facility configuration consists of 33 numbers of GE 1.5xLE WIND TURBINEGENERATORS (the GE I.5xLE WTG); 99 (ninety nine) GE 1.5xLE WTG blades(40m length); electrical equipment , together with ancillary equipment and othergoods and machinery.

All functions of the selected GE 1.5XLE WTG are monitored and controlled by amicro-processor based control system. In addition the wind turbines are equippedwith a remote monitoring system.

The design used by the GE 1.5xi.E WTG is aimed at achieving high safety andenvironment mechanisms . Moreo' er , as per the Project Company ' s analyses, theequipment is suited to the conditions at the Project ' s Site.

The GE l.5xLE WTG is part of General Electric's 1.5 MW series of WTGs. The 1.5MW series is General Electric's most widely deployed wind turbine i.e. more than16,500 WTGs installed globally and is known for its:

• conformance and compliance to the International Electrotechnical Commission(the IEC) standards;

29

( "rtv J tI

• high availability in a variety of wind classes;

• continual investment for achievement of highest capacity factor in its class; and

• sharing of components that ensures consistent workhorse reliability, ease of

maintenance planning and high commonality in spare parts.

4.4 WORLD CLASS O&M ARRANGEMENTS

The operations and maintenance (the O&M) of the Project will be performed by

the EPC Contractors in the first two years following COD. GENERAL ELECTRIC, the

wind turbine manufacturer for the Project, will perform the O&M of the Facility

from year 3 to 10 following conunercial operations date . The Project Company has

finalized, following detailed negotiations and development of a comprehensive

contractual structure, all commercial, technical and legal terms and arrangements

with its EPC Contractors (in case of year I to 2 following COD) and General

Electric (in case of year 3 to 10 lollowing COD) for the turn -key O&M of its

Project (the O&M Terms & Arrangements).

Based on the O&M Terms & Arrangements, the EPC Contractors ( in case of year I

to 2 following COD) and General Electric ( in case of year 3 to 10 following COD)

(the O&M Contractors ) have, as part of their obligations under the O&M Terms& Arrangements, guaranteed the performance of the Facility, thus minimizing the

operational risk of the Project. The O&M Terms & Arrangements cover minimum

performance standards of the Facility and provide a complete turn-key O&M

solution for the Project.

It is highlighted that the development of a bankable O&M contractual arrangementfor the Project by the Project Company and its contracting parties on its own is alandmark achievement for Pakistan ' s wind sector

General Electric is currently running five O&M contracts for thermal power plant,

including full balance of plant, for a total generation of 1050MW. Internationally,General Electric has been providing full service arrangements to the wind power

plants for the past several years. These arrangements provide wind turbine owners

with total support for all planned and unplanned maintenance and operations needs

as well as guaranteed availability of the turbines.

4.5 ENERGY YIELD GUARANTEE - FIRST OF ITS KIND IN WIND IPPS

Unlike precedent Wind IPPS, the Project Company has the unique distinction of

obtaining a "MONTHLY & Y EARLY ENERGY PRODUCTION GUARANTEE" from its

O&M Contractors pursuant to the t)&M Terms & Arrangements (the Energy Yield

Guarantee ). Pursuant to the Energy Yield Guarantee, the O&M Contractors have

guaranteed the energy production of the WTG' s on a monthly as well as on yearly

basis for their respective terns . Shortfall in energy production during the billingmonth will trigger liquidated damages equivalent to the loss of revenue of theProject as per the prevailing tariff. I t will be for the first time in the history of windpower plant operations that a WfG vendor has agreed to provide a tangible,measurable and an implementable guarantee for the performance.

4.6 THE SITE

The Project is located at Kuttikhun , District Thatta , about 30 km southwest ofGharo Town, which is located on the national highway between Karachi and Thattain the Province of Sindh.

The Site can be approached either by using the Gharo - Keti Bandar Road for about

12 km and then turning onto the road along the Jam Sakro Canal at Leete village or

by following the newly constructed Coastal Highway , which is connected to theKarachi - Thatta Highway. The road passes at a distance of 800m from the Project

boundary.

The Site is generally very flat as it is located on inter-tidal mud flats, surrounded on

its three sides by creeks that form part of the inactive Indus Delta. The Site is a part

of the Kuttikhun un-surveyed government land which has been designated by the

AEDB for setting up of Wind IPPs. The following map gives an impression of the

area.

The Site and its immediate surroundings are lying completely vacant , with nohabitation , cultivation or crazing activity.

3l

4.7 THE GENERATION LICENSE

The Project Company already holds a generation license (REF No.:

WPGL/04/2006), which was issued by NEPRA on December 18, 2006.

4.8 POWER OFF-TAKE & TILE GOVERNMENT OF PAKISTAN'S IMPLEMENTATION

AGREEMENT

The electricity generated through the Project will be sold to National Transmissionand Despatch Company Limited (through its Central Power Purchasing Agency) on

behalf of ex-Wapda distribution companies (the Power Purchaser) pursuant to the

energy purchase agreement (the EI'A), which in turn will distribute and modulate

the electricity generated by the Project Company.

In furtherance of the Government of Pakistan' s model for setting up the IPPs in

Pakistan , the Project Company will also enter into an Implementation Agreement

(the IA) ^v ith the Gov ernntent of P.:kistan in respect of the Project.

The EPA will be finalized and executed by and between the Project Company and

the Power Purchaser and the IA will be finalized and executed by and between the

Project Company and the Government of Pakistan, in each case, following

NEPRA's approval of the Project Company's 20 years Reference Generation Tariff

and the issuance of the LOS by the Government of Pakistan to the Project

Company.

4.9 ESTIMATED OUTPUT

In line with AEDB 's guidelines , the Project Company ' s technical consultant M/sMEConsult Private Limited carried out detailed evaluations to estimate the energyproduction for the Project. based on:

(a) the selected WTG:

(b) the Site conditions;

(c) micrositing; and

(d) wake effect of neighboring wind farms (Foundation Wind Energy - I &

Foundation Wind Energy - 11).

The summary of the results is as follows:

2

GROSS CAPACITY 49.5 MW

ANNUAL FULL LOAD HRS 2970 HRs

AUXILIARY CONSUMPTION 3% (APPROX)

AVE WTG AVAILABILITY 95.9%

NET CAPACITY FACTOR Approx 33.9%

ANNUAL ENERGY GENERATION

20 YEAR EQUIVALENT NET

P)

147.0315 GWh*

the Annual Energy Generation has been calculated in line with the Energy Yield Guarantee

provided by the O&Mf Contractors pursuant to the O& Lf Terms & Arrangements.

4.10 TOTAL PROJECT COST AND CAPIT .L STRUCTURE

4.9.1 Total Project Cost

Based on the assumptions contained in this Tariff Petition and in light of the

proposed discussion contained in Section 5 (Project Cost & Investment), the

proposed Project cost is USD 121),674 ,125 (United States Dollars One Hundred

Twenty Nine Million Six Hundred Seventy Four Thousand One Hundred and

Twenty Five Only) (the Total Project Cost).

4.9.1 Capital Structure

The planned financing of the Total Project Cost is by:

(a) 25% equity (the Equity) - to be mainly contributed by the sponsor i.e. theDawood Group through its company Dawood Lawrencepur Limited; and

(a) 75% debt ( the Debt) - to be contributed by lenders (the Lenders)constituting of.,

(i) a consortium of local financial institutions (the Local Lenders)

providing local financing in Pakistani Rupees to the Project

Company ( the Local Financing); and

(ii) a consortium of foreign multilaterals and financial institutions (theForeign Financiers ) providing foreign financing in United StatesDollars to the Project Company ( the Foreign Financing).

4.11 THE SPONSOR - DAWOOD LAWRENCEPUR LIMITED (A COMPANY OF DAWOOD

GROUP)

The primary sponsor financing the equity for the Project is one of the groupcompanies of Dawood Group i.e. Dawood Lawrencepur Limited (DLL). DawoodGroup, a distinguished and trusted name in Pakistan tracing its origins in business

back to almost a centun• ago, is a large multi-faceted group with over 1,200employees and with many concerns having a marked presence in various sectors

including power generation & energy, engineering, fertilizers, chemicals, textiles,insurance and financial services. It is expected that the various standards ofexcellence forming part of the business ideology of all companies of DawoodGroup will also be replicated in its wind power generation venture.

DLL, being the sponsor of the Project Company operates in the textile goods sector

where it is engaged in the business of manufacture and sale of yarns and fabrics

made from natural and man-made libers and blends thereof. The Project Company

is presently a wholly owned subsidiary of DLL.

Dawood Group's diverse management team at the group level with global exposure

has set the standards for business practices in not only Pakistan but in the entireregion. The strong capital base, financial stability and diversified earnings streamare strong indicators that the group is strategically well positioned for future growthand development.

Most of the companies of Dawood Group consistently rank among the TOP 25

COMPANIES OF KARACHI STOCK EXCHANGE with a marked exemplary success for

more than five decades transpiring Dawood Group into collective benefit for its

customers , shareholders and employees of all its group companies (including

DLL). With no compromises in any aspect in good business practices , Dawood

Group takes pride in adherence to its principles and continues to serve its

customers , stakeholders and societ\ on fair business practices and open competitive

markets.

While diversifying to the vital industrial sectors of engineering and manufacturing(and now the generation of wind power), Dawood Group has always taken variousinitiatives in making key decisions to invest in the country in times when the

country has needed it the most.

The companies comprising Dawood Group not only contribute to the domestic

needs but also earn valuable foreign exchange for the country. With the currentdearth in electricity in Pakistan, Dawood Group has responded to the nation's needs

for electricity and has focused on renewable energy. Considering Dawood Group'scommitment to Pakistan's renewable energy sector, the group presently has twoLetters of Interest issued by the Al DB for a total generation capacity o J ;v1W

4.12 REFERENCE GENERATION TARIFF

In accordance with NEPRA's determination of tariffs for other Wind IPPs, theReference Generation Tariff has the following typical two-part structure:

(a) the fixed charges: and

(b) the variable operations and maintenance charges.

The Reference Generation Tariff, as approved by NEPRA, will be integrated into

the EPA. The Project Company hereby respectfully requests NEPRA to kindly

ensure consistency between the adjustment formulae and indexations to be applied

to the Reference Generation Tariff normally conveyed to the petitioner in

NEPRA's tariff determination order since these formulae and indexation will also

form part of schedule I to the EPA. Consistency must therefore be maintained, as

requested, between NEPRA's tariff determination order and schedule 1 to the EPA.

4.13 CARBON CREDITS

The Clean Development Mechanism (the CDM ) is one of the. flexible, project-

based mechanisms for greenhouse gas emission reductions (the GHG) under the

Kyoto Protocol. By using the CDM, two countries can jointly develop GHG

emission reductions projects. While the project proponents in the host country sell

the emission reductions from the project as Certified Emission Reductions (the

CERs), project participants in the partner country act as the CER buyer. In this set-

up, the host country of the project benefits from domestic investment and

technology transfer. For the owners of the CDM project, selling CERs means

additional revenues to the project. Each CER represents one ton of carbon dioxide

equivalent abated by the project.

The CDM was initiated under the Kyoto Protocol of the United Nations Framework

Convention on Climate Change (the UNFCCC) in order to explore cost- effective

options to mitigate the impacts of climate change. It is one of the instruments thathelp the developing countries in achieving sustainable development, while at thesame time contributes to the ultimate objective of the UNFCCC. CDM assists thedeveloping countries to implement project activities that reduce GHG emissions in

return for generating carbon credits/ CERs.

Pakistan deposited its instrument of accession to the Kyoto Protocol on January 11,

2005, and thus became eligible to benefit from CDM. For this purpose the Ministry

of Environment has been declared as the Designated National Authority (the

DNA). A 'CDM Cell' was established in Pakistan in August 2005 for providing

technical and policy support to conduct awareness raising. enhancement of capacity

71^.2^" 35

I-

dl1 w 1%

for CDM project development, review of CDM projects for grant of approval by

the DNA and to advise the Government of Pakistan in technical matters related to

CDM in Pakistan. It was also established to implement the CDM strategy.

Pakistan national operational strategy for CDM was approved by the Prime

Minister of Pakistan in February 2006. The strategy provides policy guidance for

implementation of CDM in Pakistan in line with national sustainable development

goals. It is an incentive based strategy that ensures efficiency and transparency. The

strategy defines institutional arrangement for implementation of CDM in Pakistan,

tax and credit sharing policy and the criteria grant of host country approval to CDM

projects.

Section 8 .3.3 of the RE Policy 2006 states:

...all qualiti,ing Renewable Energy ( the RE) projects shall be eligible for

financing under the Clean Development Mechanism (CDM) and will be

encouraged to register for ( ertifted Emission Reduction (CER) credits with

the CDME.xecutive Board, either collectively or individually.

The Government shall also strive, in collaboration with international

development agencies and to the extent possible, to facilitate project

applications for such carbon credits in order to reduce the associated initial

transaction costs for project sponsors. Importantly, as this policy creates

significant incremental costs ,for the RE power purchaser (higher tariffs,

resource availability risks, backup power provision, transmission and

interconnection infrastructure, etc.), it is deemed appropriate that any

carbon credits thus obtain, d by RE IPPs be utilized to partly offset this

burden so as to improve the economic competitiveness of RE-based grid

power for both the rate payers and the producers...

While it appears possible that the Project may be able to realize monetary gains

from such carbon credit schemes, the actual timing, amount, and other details of the

outcome are quite uncertain at this point. It is thus proposed that the Reference

Generation Tariff for the Project he approved irrespective of the outcome of the

carbon credits.

However, if any C'ER related revenues are realized, it is submitted that they will beshared as per the policy of the Government of Pakistan. Regardless of the outcome,the Project Company has already initiated the CDM project for the Project at its

own cost and negotiations with various internationally reputed CDM consultantshave already been initiated to complete the CDM project.

^ r ^

4.14 ADDITIONAL INFORMATION

4.14.1 Following pertinent information is hereto attached for NEPRA:

(a) ANNEXURE A - COPY OF FE 1SIBILITY STUDY APPROVAL LETTER;

(b) ANNEXURE B - COPY OF IE1; APPROVAL DECISION;

(c) ANNEXURE C - ARTICLES AND MEMORANDUM OF ASSOCIATION THE

PROJECT COMPANY;

(d) ANNEXURL D - EPC TERMS & ARRANGEMENTS.

4.14.2 Additionally, the following have been attached as part of the Tariff Petition:

(a)

(b)

Board Resolution of the Project Company;

.Afidav it ofMr Inam ur Ralunan; and

(c) Bank Draft No. DDH 1918432 dated 24 August, 2011 amounting to PKR440,864/- (Pakistani Rupees Four Hundred For ty Thousand Eight Hundred

and Sixty Four) as requisite fee for the Tariff Petition, as communicated byNEPRA.

4.14.3 Additional information , to the ext;:nt available, will be submitted by the . ProjectCompany, if required by NEPRA.

4.14.4 This Tariff Petition is submitted in Triplicate, together with the requisite fee.

BASED ON THOROUGH ANALISIS of the national electricity generation structure, the

existing available power generation technologies and the existing infrastructure and in light

of the Project Company's engagement of one of the world's best contractors for the

construction, operation and maintenance of the Facility, it is highly anticipated that the

Project will be one of the most competitive Wind IPPs in Pakistan.

5. TOTAL PROJECT COST & INVESTMENT

5.1 TOTAL PROJECT COST SUMMARY

5.1.1 The Total Project Cost, expressed in United States Dollars, has been calculatedafter thorough analysis, evaluation and understanding of the dynamics that affectthe development and operation of a wind farm . The reference exchange rates used

to convert the relevant costs into United States Dollars are USD 1 = PKR 85.

5.1.2 For NEPRA's benefit and approval, a summary of the Total Project Cost is given

below:

SR.

No.

INVESTMENT / COST USD IN THOUSANDS

1. EPC COST 109,940

2. NON EPC COST 851

3. PROJECT DEVELOPMENT COST 4.363

4. LAND COST 211

5. TAXES & CUSTO.Ni DUTY 696

6. PRE-COD-INSURANCE COST 1.463

7. FINANCIAL CHARGES 3,795

8. INTEREST DURING CONSTRUCTION 7;605

10. WORKING CAPITAL 750

TOTAL PROJECT COST 129,674

5.2 DETAILS OF THE TOTAL PROJECT COST

5.2.1 EPC Cost

The EPC Cost includes the turnkey price (the EPC Price) being charged by the

EPC Contractors for the Project. Considering Pakistan' s credit ratings and recent

political and economic situation in the country, the EPC Contractors require that all

payments relating to the offshore component of the EPC Price are secured through

a letter of credit (the L/C) that is confirmed through an international bank. The

confirmation charges of the L/C arc hence also included in the EPC Cost.

The EPC Cost represents the cost t,f 33 (thirty three) GE 1.5XLE WTGs, 99 (ninety

nine) blades (40m length), electrical equipment, together with ancillary equipment

and other goods, systems and machinery and includes the cost of, inter alia, the

18

erection, testing, completion and commissioning of the equipment and constructionof the Facility. The EPC Cost is payable by the Project Company to the EPC

Contractors based on achievement of various milestones by the EPC Contractors in

terms of the EPC Terms & Arrangements.

EPC, technical and commercial proposals were received by the Project Companycontained EPC price in the range of approximately USD 113 Million. It was only

after extensive negotiations that the Project Company managed to get EPC Price ofUSD 108.35 Million, which, on a per MW basis, is lower than wind projects whose

tariff has been recently approved.

The EPC Price agreed with the EPC Contractors is exclusive of the custom duties

and import taxes.

5.2.2 Non EPC Cost

The Non EPC Cost includes the cost of items that are not part of the EPCContractor's scope of work. Such costs mainly include , inter alia, the costs of:

SR.

No.

COST USD IN THOUSANDS

1. FIXED ASSETS 351

2. SITE SECURITY 250

3. DATA CONNECTI\ 1TY 250

TOTAL NON -EPC COST . 851

(a) Fixed Assets

This includes cost of various instruments , equipment and other assets

(excluding such assets that are supplied by the EPC Contractors) that

include wind measurement mast, vehicles, furniture and fixtures and

telecommunication equipment.

(b) Site Security

One of the critical points discussed during negotiation of the EPC Terms &Arrangements has been the security situation in Pakistan. The EPCContractors require security for the personnel engaged by them for theProject. The cost aforementioned in the table set out in this Section 5.2.2

(Non EPC 0051) refers to the expenses to be incurred by the ProjectCompany for security arrangements.

(! F) ;),

(c) Data Connectivity

These costs include the cost of data connectivity with the Power Purchaser,

as required pursuant to the terms of the EPA. These costs include theexpenses to be incurred for procurement and installation variousequipments, materials etc relating to data connectivity with the Power

Purchaser.

5.2.3 Land Cost

The Project Company has already paid land lease cost for ten years for 4881 acresof land i.e. the Site. The lease payments till COD are capitalized in the Total

Project Cost whereas subsequent Yearly lease payments are incorporated in the

annual Operations & Maintenance Costs. Land lease cost along with landdemarcation cost and right of way of land for the Project together with stamp duty,registration fees, and cost of survey have been accounted under this head.

5.2.4 Project Development Cost

The Project Development Cost includes the costs incurred for the purpose of

Project development and includes all costs, fees and expenses incurred or to be

incurred for such purpose. These costs include, inter alia, costs of feasibility

studies, topographical survey of land, preliminary geotechnical investigation of

land, wind resource study, em ironment study, hydrographic studies, . grid

interconnection and other studies; fees of Project consultants/advisors; costs related

to the performance guarantee to be furnished to AEDB; costs related to the Power

Purchaser letter of credit to be furnished to the Power Purchaser pursuant to the

provisions of the EPA; various regulatory fees to be paid to NEI'RA; and costs

relating to various permits for the Project.

Project Development Costs also include the "Project Administration Costs," whichare costs required to maintain office for coordination with Project stakeholders and

to coordinate the construction and monitoring services at Site. The costs include

rent, utilities, vehicles running expenses, maintenance and other office expenses

during the construction period.

A high level break-up of the various costs included under this head is given below:

J'J 0 E+

SR. COST USD IN THOUSANDS

No.

1. PROJECT FEASIBILITY STUDIES AND COST OF780

PROJECT CONSULTANTS

2. LICENSES, , LOS PG To AEDB ANDPERMITS ,435

AEDB LEGAL COUNSEL FEES

3. HR COSTS 1,592

4. TRAVELLING EXPENSES 487

5. FINANCIAL AND LEGAL ADVISERS 455

6. PROJECT ADMINISTRATION COST AND SELLER615

LETTER OF CREDIT

TOTAL PROJEC I DEVELOPMENT COST 4,363

It is highlighted that the Project Company has been committed to the Project for the

last three (3) years and has already incurred in excess of USD 1 .2 Million expenses

as Project Development Cost as on June 30, 2011.

5.2.5 Taxes & Custom Duo,

Taxes and Customs Duty have been calculated by the Project Company in

accordance with the RE Policy 200(1 as follows:

(a) CUSTOM DUTY & SALES TA 'C @ 0.00% (Zero Percent) has been assumed on

import of machinery, equipment, goods , spares and materials for the

Project, in accordance with the RE Policy 2006.

It is however highlighted for NEPRA that the reduced rate of Custom Dutyon imported items pursuant to the RE Policy 2006 is 0 . 00% (Zero Percent)whereas the same is 5.00% pursuant to the Wind Tariff Guidelines 2006. Itis understood that this discrepancy emanates from the provision of SRO575(1)/2006 through which the reduced rate of Customs Duty and Sales Taxis enacted.

The SRO 575(1)'2006 pro\ ides for reduced Customs Duty @ 5.00% andSales Tax 't i,' 0.00% ( Zero Percent ) for following items imported underserial number 11:

" Alachine, v, equipment and spares meant for initial

installation, halunc ing, modernization, replacement or

tiu'!

expansion of projects f or power generation through oil,

gas, coal, wind and wave energy including under

construction projects, which entered into an

implementation agreement with the Government of

Pakistan.... ..

However, under the same SRO, Customs Duty and Sales Tax C 0.00%

(Zero Percent) are attributable for following items imported under Serial

Number 13:

"1. Machinery, equipment and spares meant for initial

installation , balancing, modernization , replacement or

expansion of projects for power generation through

nuclear and renewable energy sources like solar, wind,

micro-hyde! hio-euerby , ocean , waste-to-energy and

hydrogen cell etc.... .

Since there seems to be an aunbiguity on the reduced rate of Customs Dutyto be applied on the import of machinery, equipment , goods, spares andmaterials for the Wind IPPs, we request NEPRA to allow adjustment ofcapital cost of the Project and the 'tariff, in each case , for actual CustomsDuty and Sales Tax paid on imports, at COD.

Further, it is submitted that pursuant to SRO 575(I)12006, in the event the

contract price is greater than USD 50 million , locally produced machinery

can be imported and no Custom Duty will be levied in respect thereof.

Considering that the EPC Cost is greater than USD 50 million, no provision

for payment of Customs Duty against import of locally produced machinery

has been made and in the e' ent any Custom Duty is levied on any imported

machinery, equipment , goods, spares and materials that can be locally

produced, such levied Custom Duty shall be charged and adjusted as per

actual at COD.

(b) ADVANCE INCOME TAX (w 0.00% (Zero Percent ) has been assumed at the

time of import of machiner\ , equipment , goods , spares and materials for the

Project.

(C) SINDH INFRASTRUCTURE 1%EVELOPMENT SURCHARGE @ 0.85% of the

imports for the Project has been assumed. The chargeability of Sindh

Infrastructure Development Surcharge (the SIDS) is based on the weight of

the imported equipment / items and the distance of the Site from the port.

Since the imported equipment is expected to be of haulage load and has to

travel considerable distance from the port, maximum rate of SIDS has been

assumed in the Total Project Cost.

(d) FEDERAL EXCISE DUTY @ 16% of the payments to be made to the local

financial institutions has been assumed . Such tax has been assumed to be

applicable on lead arrangers ' fee, local currency debt arrangement fee and

commitment fee, L/C commission and charges, and loan administrationcharges . Any change in tax rate has been assumed to be pass -through.

Given the present applicable laws of Pakistan, the Total Project Cost has been

calculated on the basis that the Special Excise Duty is not applicable and payable at

the time of import of machinery, equipment, goods, spares and materials for the

Project. In the event the Special Excise Duty is applicable/levied, it is submitted

that the same is treated as a pass through.

5.2.6 Pre-COD Insurance Cost

Pre-COD Insurance Cost covers the insurance cost of Project Company's assetsduring construction and the same are incurred prior to COD. All insurancearrangements for the Project are expected to be finalized in view of therequirements of the various stakeholders including the lenders and the powerpurchaser. The Pre-COD Insurance Cost has been envisaged to be 1.35% of theEPC Price. Insiiiance cost during construction will be adjusted and trued up as per

actuals upon COD.

In addition to inclusion of the premiums payable under the above stated Pre-COD

insurances, the Pre-COD Insurance Cost is assumed to also include theadministrative surcharge, the Federal Insurance Fee and the Federal Excise Duty, ineach case, relating to the Pre-COD insurances.

5.2.7 Financial Charges

Financial Charges include the costs related to the Debt financing of the Project.Such costs include, inter alia, the Lenders' up-front fee and commitment fee;charges related to various letters of credit to be established in favor of various

contracting parties (other than L/C confirmation charges - already included in EPCCost head); fees payable and stanip duty applicable on the financing documents;agency fee; security trustee fee, arrangement/upfront fee; supervision fee; Lenders'Project monitoring fee and the fees for Lenders' various advisors.

Considering the prevailing local and international conditions , including banks'exposure limit and circular debt issue, procurement of financing for the Project hasbeen a challenge for the Project ( ompany . The Project Company submits beforeNEPRA that the costs representin Financial Charges the have been agreed afterintense negotiation with the Project Lenders and are based on:

r} F

(a) the term sheet dated April 11, 2011 executed between the Project Company

and lead arrangers of Local Financing i.e. Habib Bank Limited and MCB

Bank Limited (the Local Financing Term Sheet); and

(c) the mandate letter dated April 20, 2011 executed between the ProjectCompany and the International Financial Corporation for arrangement ofForeign Financing (the Foreign Financing Mandate Letter).

A break-up of the various costs included under this head is given below:

SR.

No.

COST LOCAL

FINANCING

FOREIGN

FINANCING

TOTAL

(USD inThousands)

(USD inThousands)

(USD inThousands)

1. ARRANGEMENT/UPFRONT FEE 729 930 1,660

2. COMMITMLNT FEE . 65 262 327

3. AGENCY, MONITORING, AND

SECURITY

TRUSTEE/SUPERVISION FEE

135 75 210

4. L/C RELATED CHARGES - - 569

5. LENDERS' ADVISORS' FEE - - 1,029

TOTAL FINANCIAL CHARGES 929 1,267 3,795

While the Financial Charges proposed by the Project Company for NEPRA'sapproval are in excess of 3% of the total Debt amount - a cap for financial chargesapproved by NEPRA in its previous tariff determinations - it is submitted beforeNEPRA that the Financial Charge, are allowed at actuals based on the followingreasons:

(a) The Project Company understands that NEPRA introduced a Financial

Charges cap of `3% of debt amount' for 200 MW thermal projects which

had project cost of USD 200 million to USD 300 million. Apart from

financial charges quoted as a percentage (%) of the debt/loan amount, all

lender due diligence costs (such as those on account of international and

local legal counsel, technical and insurance consultants) prior to financial

close, as ,,ell as the fixed financial charges (agency, trustee, monitoring,

supervisory fee along with Lenders' advisors fee during the construction

and initial operating phase) were distributed over a debt of USD 150 million

to USD 225 million, thus resulting in the financial charges being lower than

the NEPRA introduced cap. In the case of wind power projects of 50

however , since the Debt component is much smaller , the cap applied for

financial charges by NEPRA is easily breached and is therefore unrealistic.

(b) As further submitted in Section 5.3.3(a) below, the Project Company has

included a foreign currency loan (i.e. Foreign Financing) in its capital

structure in order to reduce the levelized tariff in comparison to the option

of borrowing in local currency only. While the selection of a mix of Foreign

Financing and Local Financing by the Project Company has resulted in the

reduction of its levelized Reference Generation Tariff due to a lower cost of

Foreign Financing borrowing, it is highlighted that the due diligence

(lenders' advisors ), arrangement and commitment fees of Foreign Financing

is significantly higher than that of the Local Financing (as is the case

customarily) and has resulted in higher Financial Charges. Thus, while

considering the low carrying cost and reduced levelized tariff resulting from

the Project Company's selection of a mix of Local Financing and Foreign

Financing , it is submitted that financial charges should not be capped and

should be allowed at actuals, as the Project Company understands that the

intention of NEPRA has been to ensure the lowest consumer tariff rather

than preserving the sanctity of a mere c .p itself.

(c) Additionally, it is submitted that there is a precedent available in NEPRA'sdetermination of financial charges cap for a hydel IPP (i.e. Laraib EnergyLimited) where the financial charges were approved by NEPRA in excessof 3% of the debt amount for a similar capital structure wherein fundingwas provided by foreign lenders. Considering NEPRA's approval of thefinancial charges for the aforestated precedent involving foreign lenders, itis submitted before NEPRA that Financial Charges at actuals (even if inexcess of 3% of the Debt) are approved for the Project Company.

Finally, it is submitted that the Project Company has agreed the Lenders ' advisors

fee with the Lenders after extensive negotiations , however , the fees quotes received

for the Lenders' technical and insurance advisors are subject to grossing up of all

taxes/duties. Technical and insurance advisors' fees would be subject to

withholding tax of 12.5% as the payments to the same are to be made to external

advisors in the United Kingdom . Changes in tax regime of Pakistan and UnitedKingdom/other countries may result in change in tax rate and tax treaties. which

may imply an increase in the pre\ alent tax rates and applicability of tax on other

Project Company' and Lenders' advisors, which will require grossing up. It is

therefore submitted that any change in the withholding tax applicable to the

payments made to the external advisors of the Lenders and the Project Company

are treated as pass through.

5.2.8 Interest During Construction

The Interest During Construction (the IDC) has been calculated on the basis of.

(a) in respect of Local Financing, 3 month KIBOR plus a margin of 3%; and

(b) in respect of Foreign Financing, 6 month USD LIBOR plus a margin of

4.75%.

Actual IDC, however, shall be subject to change depending on the fluctuations inbase rate (6-month USD LIBOR and 3-month KIBOR), funding requirement(draw-downs) of the Project during the construction period, changes in Total

Project Cost including changes due to Taxes and Duties (including changes in thewithholding tax applicable to the payments made to the external advisors of theLenders and the Project Company that result in grossing up of payments), andvariations in PKR / USD exchange rate.

BASIS FOR IDC CALCULAT IONS (LOCAL

FINANCING)

IN PERCENTAGE

3-MONTH KIBOR (As ON AUGUST I, 2UI I) 13.26%

SPREAD 3%c

TOTAL INTEREST RATE 16.26%.-

BASIS FOR IDC CALCULATIONS (FOREIGN

FINANCING)

IN PERCENTAGE

6-MONTH USD LIBOR ( AS ON AUGUST 1,2011) 0.43%_

SPREAD 4.75%

TOTAL INTEREST RATE 5.18%

5.2.9 Working Capital Facility

Inflow of Funds During Operating Period:

Under the terms of the EPA (i.e. the Energy Purchase Agreement) to be executedbetween the Project Company and the Power Purchaser, the Project Company shall

invoice the Power Purchaser for the settlement of the Monthly Energy Payment on

or after the first day of the month following the month to which the Monthly

Energy Payment relates. NTDC has to make the payment of the same by the

thirtieth day following the day of submission of the ifivoice i.e. 3151 day.

1 E ,

Outflow of Funds & Requirement for Working Capital:

(a) The Project Company is required to collect sales tax from NTDC on behalf

of the Government of Pakistan and deposit the same by the 250s day of themonth to which it relates . However , as explained above , NTDC is onlyobligated to make payment to the Project Company against the invoiceraised within 31 days from the date of invoice - thus creating a naturalmismatch in the availability of cashflows to the Project Company for

settlement of its liabilities.

(b) While the Project Company would be liable to pay the cost of operating

phase insurance upfront at the time of COD and on each anniversary

subsequently, the cost of insurance would be received from the Power

Purchaser monthly in arrears , as described above - thus again creating a

mismatch in the availability of cashflows . Since there will be no revenues at

COD to fund such upfront payment of operating phase insurance costs, the

Working Capital will be injected by the Project Company at COD. It is

expected that even if the Power Purchaser makes payments as per the EPA

(i.e. the Energy Purchase Agreement) without any lag in payment of the

receivables , a minimum amount equivalent to the yearly average

outstanding of operations phase insurance cost, shall remain invested

throughout the Project life

(c) Furthermore, the Project Company would be making payments to the

operations and maintenance contractor monthly in advance (a commercial

term that is very common in O&M agreements in Pakistan IPP sector)

whereas the same will be recovered from the Power Purchaser in arrears -

thus creating a mismatch in cashflows and providing a further justification

for working capital.

(d) Finally, given the current economic situation in the country and the problemof circular debt faced by the economy, it is highlighted before NEPRA thatthe Power Purchaser is presently delayed in its making of payments due tothe IPPs (such delays amounting to months in aggregate in case of some

IPPs), which has created substantial difficulties for such IPPs and has evencaused some of them to default under their various contractualarrangements. Approval of a Working Capital in the Total Project Cost byNEPRA for the Project Company will not only help the Project Company inmanagement of its cashflox^s but will also reduce its default risks emanatingfrom the considerable lags in the receipt of payments from the PowerPurchaser.

In consideration of NEPKA's views on commercial working capital lines, whichhave been disallowed to earlier projects, it is submitted that a permanent work]

v

capital be allowed to be injected upfront in the Project Company in replacement of

a revolving credit line from banks.

5.3 PROJECT FUNDING

5.3.1 The Funding Arrangement

The Total Project Cost will be funded on the basis of a Debt : Equity ratio of 75:25,

thereby resulting in the following capital structure for the Project:

'MILLION USD

DEBT 97.26

EQUITY 32.42

TOTAL PROJECT COST 129.67

5.3.2 Equity

(a) Sponsor arrangements For 1-quity

The sponsor and investors in the Project Company will be committing 25%of the Total Project Cost as Equity. The major part of the Equity of theProject Company will be contributed by its main sponsor i.e. DawoodLawrencepur Limited (a company Dawood Group) while a certain portionof the Equity is expected to be contributed by the International FinanceCorporation as an investor. fhe proposed Equity proportion is as follows:

'MILLION USD % OF EQUITY

DAWOOD 26.42 81%LAWRENCEPUR

LIMITED

IFC (AS INVESTOR) 6 19%

(b) Return on Equity and Return on Equity during Construction

The return for invested equity due to the Project Company during

construction (the ROEDC) has been estimated separately and has been

included in the Return on Equity (the ROE) component in the Reference

Generation Tariff.

INVESTED EQUITY UP TO COI) USD 32,418,531

ANNUAL ROE @ 17% USD 5,511,150

ROEDC BASED ON DRAWDOWN SCHEDULE USD 5,462,349

ANNUAL RECOVERY OF ROEDC @ 17%IRR BASIS

USD 970,607

Based on NEPRA's recent tariff determinations for Wind IPPs, the Project

Company proposes a ROE and ROEDC of 17.00%, net of 7.5%

withholding tax on dividends.

Actual ROE and ROEDC, however, shall be subject to change depending

on actual funding drawdown during the construction period , changes in

Total Project Cost includin1 changes due to Taxes and Duties , variations in

PKR / USD exchange rate and interest rate fluctuation.

5.3.3 Debt Financing

(a) Debt Financing Structure

The Project Company carried out detailed analyses and considered variousoptions in its finalization of the Debt arrangements for its Project wherebyvarious sensitivities were run on different mixes of foreign currency andlocal currency debt with an aim to minimize the eventual cost of Debt onthe Total Project Cost and. the Reference Generation Tariff. Various otherfactors were considered to derive an optimal structure for the Debtfinancing of the Project including:

• cost of local and foreign debt for optimal levelized tariff;

• local and international bankability of the Project based on Project

agreements and security 'concession documents;

• funding appetite of local and international financial institutions.

With local interest rate benchmark (i.e. KIBOR) being already highcompared to its foreign interest rate benchmark (i.e. USD LIBOR), it issubmitted that the Project Company's various analyses have exhibited that

including a mix of foreign currency loan and local currency loan in the

capital structure of the Project Company reduces the levelized tariff incomparison to the option of borrowing in local currency only. Based on

such analyses, if the entire Project debt is envisaged to be funded by local

currency, then the levelized tariff would be higher than around US cents 18.

Thus, with the aim and objective to set up the Project at a reduced levelizedtariff in the national interests of the country, the Project Company hasarranged both Local Financing (in Pakistani Rupees). and Foreign Financing

(in United States Dollars) for funding the Total Project Cost as follows:

`MILLION USD % OF DEBT

LOCAL FINANCING 46.95 48%

FOREIGN FINANCING 50.30 52%

Foreign Financing is being provided by Foreign Financiers comprising of

International Finance Corporation (the IFC ) and other foreign multilateral

agencies / commercial banks (the Other MLAs) on similar terms . Foreign

Financing proportions between the IFC and the MLAs are as follows:

`MILLION USD

IFC

OTHER MLAs

(b) Foreign Financing terms

20.36

23.95

BASE RATE 6 Month USD LIBOR

MARGIN 4.75%

REPAYMENTS 20 consecutive semi-annual repayments

GRACE PERIOD 2 years

ARRANGEMENT FEE/

UPFRONT FEE

1.25% of the total Foreign Financing

MOBILIZATION FEE 1.25% of Foreign Financing arranged byIl'C from Other MLAs

COMMITMENT FEE 0.75% per annum

SUPERVISORY FEE USD 25,000 per annum for IFC Loan

U'SD 25,000 per annum for MLA Loan

(c) Local Financinc

BASE RATE 3 Month KIBOR

MARGIN 3%

REPAYMENTS 20 consecutive semi-annual repayments

GRACE PERIOD 2 years

ARRANGEMENT FEE 1.55%

COMMITMENT FEE 0 . 2 % o per annum

AGENCY FEE Pre-COD: USD 45, 000 per annumPost-COD: USD 37 ,000 per annum

SECURITY TRUSTEE USD 27,000 per annum

MONITORING FEE Pre-COD: USD 18, 000 per annum

(d) Sharing of Reduction in cost of Debt

As per the Wind Tariff Guidelines 2006, if a wind power developer is able

to obtain financit!c at a cost lower than KIBOR plus 300 basis points, the

benefits from the reduction in debt servicing costs are to be shared on a

60:40 ratio between the Power Purchaser and the wind power developer. It

is therefore submitted that NEPRA allows the Project Company to claim the

benefits due to the Project Company in accordance with the aforementioned

guidelines in case the Project Company is able to procure Debt at a cost

lower than KIBOR plus 300 basis points.

In addition, in the event the Project Company is able to procure Foreign

Financing at a cost lower than USD LIBOR plus 475 basis points, its is

submitted that NEPRA allows sharing of the benefits of such reduction

between the Power Purchaser and the Project Company on a 60:40 basis

ratio.

6. OPERATIONS & MAINTENANCE COST

6.1 SUMMARY OF OPERATIONS & MAINTENANCE COSTS

The operations and maintenance costs of the Project Company (the Operations &Maintenance Costs) comprises of the operations and maintenance cost and thecost of the operational insurances to be taken out by the Project Company. Break-up of the Operations & Maintenance Cost; is provided hereunder:

USD IN THOUSANDS ( PER ANNUM)

YEAR 1-2 YEAR 3-10 YEAR 11-20

O&M OuTSOURCED CosT 715 2,215 2,215

FIXED ASSETS 50 50 50

PAYROLL & ALLIED EXPENSES 508 508 508

VEHICLES FUEL AND

MAINTENANCE28 Z8 28

LOAN ADMINISTRATIVE COSTS 124 124 0

OTHER ADMINISTRATIVE COSTS 186 186 186

LAND COST 115 115 287

DSRA SBLC COST 160 160

INSURANCE COST 1,463 1,463 . 1,463

TOTAL OPERATIONS& 3,349

MAINTENANCE COSTS4,849 4,737

6.1.1 O&M Outsourced Cost

The O&M Outsourced Cost provided above are based on the price agreed with theEPC Contractors for the O&M of the Facility for the initial two years and with GEWind Energy and General Electric International Inc. for the O&M of the Facilityfor the next eight years. The prices agreed include the costs associated withscheduled maintenance , routine maintenance , services required for unscheduledmaintenance and any spare parts and consumables required for carrying out the

scheduled and routine maintenance. During the initial two year period , costs of allunscheduled spare parts will also be borne by EPC Contractors. These costs are

denominated in US Dollars.

The variation in the O&M Outsourced costs during the initial two year period and

thereafter is due to the O&M being carried out by the EPC Contractors as part of

6.1.6 Other Administrative Costs

This cost component includes ( but not limited to) other administrative costs such asphone bills, travelling office rents and utilities , accommodation .' printing andstationary . audit fees and generation. license fees.

6.1.7 Land Costs

This cost component relates to the and lease costs payable to AEDB by the ProjectCompany in respect of lease of the 'site.

6.1.8 DSRA SBLC Costs

Foreign Financing and Local Financing is being provided by accredited local andforeign financial institutions including. IFC. Other MLAs. Habib Bank Limited.MCB Bank Limited and other inst tutions . One of the standard financing terms ofForeign Financiers and Local Lenders is the funding of a DEBT SERVICE RESER\'EACCOUNT ( the DSRA ) at COD for an amount equivalent to next semiannual Debtservice payment. It is submitted that the requirement of DSRA support is non-negotiable with the Lenders and has always been part of' most of the project

financing transactions in the country's power sector.

While including a pre-funded DSR:A to the Total Project Cost increases the same

and hence the levelized tariff substantiall,. (by US cents 0.8 per kWh), the sponsor

and the Project Company have (in the best interest of the Project and in order to

maintain a low levelized Reference Generation Tariff) negotiated with the Project

Company's Lenders substitution , f the requirement of pre-funding the DSRA at

COD with a DSRA Stand-by Letter of Credit (the DSRA SBLC). Costs of the

DSRA SBLC have been included i,i the Reference Generation Tariff throughout the

tenor of the Debt.

It is further submitted that NL PRA has in the past accepted the lenders'

requirement of funding the DSRA and has recognized the efforts of an IPP in the

thermal sector for substitution of a pre-funded DSRA with a DSRA SBLC. NEPRA

has, in the case of Uch Power (Pri :ate) I. imited 's UCH 11 project, allowed the cost

of DSRA SBLC in its determination of the reference generation tariff. It is

highlighted that, as is the case N\ith the Project Company. Uch Power (Private)

Limited'; debt financing also involved accredited lenders for its project who

required the l' i liiw of the I)SRA. (on.idcring that concerns of the lenders were

.ultlr. acd 1,.. N I PRA in I Irh. it the i ito ic;t oI' liiirnr't; it i; ^ubnIII(C:I before

•. "I\ ., , . 1! r:,1!11rl;! i , 1 fI'I,n-v:II ,, I I IS1'.\'- It, t I :il>n

6.1.9 Insurance Costs

The Insurance Cost component consists of all-risk insurance/reinsurance for the

Project. as well as business-intemiption insurance (which is a Lender-stipulated

requirement). As machinery breakdown. natural calamities (such as earthquakes).

sabotage and consequential business interruption are the biggest threat to the

Facility and the Project Company. it is imperative that all aspects of the risk are

covered adequately and no compro•nise is made in this respect. As is the common

practice in project financing lending throughout the world. a comprehensive

operational insurance and reinsurance arrangement is fundamental to the

bank-ability of the Project.

The insurance expense for the Project during its operational phase is expected to be

denominated in foreign currency i.e. United States Dollars. The rationale for suchassumed foreign currency cost structure is as follows:

(a) Pakistan ' s insurance & n insurance industry does not have sufficient

capacity and expertise to m,mage the operational risks of the Project entirely

on their own. As a result , the local industry normally retains only about 5%

to 103o of the risk sshilc 90 % to 95%0 is reinsured abroad. Considerine that

the reinsurance abroad forms a major part of the insurance cost, it is

submitted that NEPRA approves the Project ' s Insurance Costs in United

States Dollars, as has been the practice in NEPRA's determinations for

thermal IPPs:

(b) Lenders financing the Project will require insurance of the Project' s assetson a replacement cost basis . which will be inevitably in foreign currency. Inview of the Project's EPC Cost being denominated in United States Dollars,

it is expected that any replacement costs resulting from an insurable event

will be incurred in United States Dollars.

The operational phase insurance costs lorming the Insurance Costs have been

calculated at 1.35% of the EPC Cost. In light of NEPRA' s determinations for

recent Wind IPPs and for thermal MPs. it is submitted that NEPRA approves and

allows the operational insurance costs up to 1.35% of the EPC Cost provided that

such costs will be charged by the Project Company at actual and will be

recoverable as the Insurance Cost component.

I he Project t'ompanv, in view of the pra bees set by other II'I's in Pakistan and in

,ccorLI.ince s611i the rcquiw1.11;cni :et on bs the Lenders. pruposcs to Procure the

n;ii e, Ili;i'• II ni I alit ,•! il< \:ii . It,•rs tin, the

(1 ,^l

i : id-NCE GENERATION TARIFF, DEBT SCHEDULE & TARIFF ANALYSIS

-CE GENERATION TARIFF TABLE

^tcrence Generation Tariff for the Project over the 20 year concession term is given below. The Reference Generation Tariff can

:_,,Led into following 4 distant periods based on difference in key assumptions:

Energy Production: 145.569 GWh; O&M cost : USD 1.89 Ma/annum; Full Debt Servicing and remaining all assumptions same

Energy Production: 148.819 GWh; O&M cost : USD 1.89 Mn/annum : Full Debt Servicing and remaining all assumptions same

1 u Energy Production: 148.819 GWh; O&M cost : USD 3.39 Mn/annum; Full Debt Servicing and remaining all assumptions same

-20 Energy Production: 145.569 GWh; O&M cost : USD 3. 28 b1n/annum ; No Debt Servicing and remaining all assumptions same

Insurance WHT ROE Local Debt Service Foreign Debt Service Total Total

i.ocal Principal Interest Principal InterestEnergy

Payment

Energy

Payment

1'KRJKWh PKR/KWh PKR/KWh PKR/KWh PKR/KWh PKRJKWh PKR/KWh PKR/KWh PKRIKWh UScents/KWh

0.6112 0.8541 0.3069 , 3.7848 1.2291 4.4098 2.3083 1.4925 15.4868 18.2197

,,.5979 0.8355 0.3002 3.7021 1.4056 4.1101 2.3764 1.3414 15.1486 17.8218

;;.5979 0.8355 0.3002 3.7021 1.6435 3.8722 2.5012 1.2167 16.0053 18.8298

;,.5979 0.8355 0.3002 3.7021 1.9216 3.5941 2.6324 1.0854 16.0053 18.8298

u.5979 0.8355 0.3Q02 3.7021 2.2467 3.2690 2.7706 0.9472 16.0053 18.8298

0.5979 0.8355 0.3002 3.7021 2.6269 2.8888 2 .9160 0.8018 16.0053 18.8298

u.^979 0.8355 0.3002 3.7021 3.0714 2.4443 3.0691 0.6487 16.0053 18.8298

0.5979 0.8355 0.3002 3.7021 3.5911 1.9246 3.2302 0.4876 16.0053 18.8298

57

85

lZL9'SI £ IZ£'£l {3!aeL Paz ,

LL90'R 9LSR9 - I - - RtRL'E 690E'O ltcw'0 tRl')'n

LL90' 8 9LS8 '9 - - - - 8t8L'E 690E'O I758'0 tS 19'C

LL90'8 9LS8'9 - - - ! - Rh8L'E 690E'0 117S8'0 t819'(,

LL90'8 9LS8 9 - - - - 8t8L"E 690E'O 1VSS 0 t"8 19 1)

LL90' 8 9L98 '9 - - - - MILE 690E'0 I tcw'0 t819 0

LL90' 8 9L58 '9 - - - - MCC 69OE'O 1158'0 t-8I

LL90'8 9LS8'9 - - - - 8t8L'E 690£'O 1158'0 tS l c/

LL90' 8 9LS8 '9 - - - - 8t8L'E 690E'O ItSB'0 tS 190

LL90' 8 9LS8 '9 - - - - 8t8L'E 690£'O I158'0 t819 0

LL90' 8 9L58 '9 - - - - 8178C E 690E 'O ItS8'O 1819 0

8628' 81 £500 '91 96E1'0 Z8LS'E 59090 Z606't IZOL'E ZOOE-0 SSEB'O 6L6S 0

86Z8 '8I E500'91 181 Co L66E'E OL I E' 1 8861'1 1 ZOL'E ZOOE'0 99E8'0 6L6S 0

7.2 LOCAL DEBT PA\'MENT SCHEDULE

The Local Debt Payment Schedule . based on the capital cost of the Project is as

follows.

RepaymentPeriod

PrincipalRepayment

(USD)

Principal

TariffComponent(Rs. /kWh)

Interest onOutstanding

Debt(USD )

InterestTariff

Component(Rs. /kWh)

TotalInstallment

(USD)

DebtServicing

Componentof Tariff

(Rs. /AWit)

1 2.104.857 1.23 7.552.137 4.41 9.656,994 5.64

2 2.461.019 1.41 7,195.975 4.11 9.656,994 5.52

3 2.877.447 1.64 6.779.546 3.87 9.656.994 5.52

4 3.364.339 1.92 6.292.654 3.59 9.656.994 5.52

3 3.933.618 2.25 5,723.376 3.27 9.656.994 5.52

6 4.599.224 2.63 5.(57.769 2.89 9.656.994 5.52

7 5,377.458 3.07 4.279.530 2.44 9.656.994 5.52

8 6.287.376 3.59 3,-,69.618 1.92 9.656,994 5.52

9 7,351,261 4.20 2.:05.73; 1.32 9.656.994 5.52

10

11

8,595.165 4.91 1.(61.828 0.61 9,656:994 5.52

12

13

14

15

16

17

18

19

20

7.3 FOREIGN DEBT PAYMENT SCHEDULE

The Foreign Debt Payment Schedu;e. based on the capital cost of the Project is asfollows.

epaymentPeriod

PrincipalRepayment

(USD)

Principal


Interest on

OutstandingDebt

(USD)

Interest


TotalInstallment

(USD)

DebtServicing

Component

of Tariff(Rs. /kWh)

1 3.953.174 2.31 2.556.023 1.49 6.509.197 3.80

2 4.160.668 2.38 2,?48.529 1.34 6.509,197 3.72

3 4.379.053 2.50 2.130,144 1.22 6.509.197 3.72

4 4.608.901 2.63 1 .()00.297 1.09 6.509.197 3.72

5 4.850.812 2.77 1.(,58,385 0.95 6.509,197 3.72

6 5,105,421 2.92 1,403,776 0.80 6.509.197 3.72

7 5.373.394 3.07 1.135.803 0.65 6.509.197 3.72

8 5.655.433 3.23 853.765 0.49 6.509,197 3.72

9 5.952.275 3.40 56.922 0.32 6.509.197 3.72

10

11

6.264.698 3.58 244.500 0.14 6,509,197 3.72

12 - - - - - -

13

14 - - - - - -

15 - - - - - -

16 - - - - - -

17 - - - - - -

18 - - - - - -

19 - - - - - -

20 - - - - -

corresponding to the monthly benchmark wind speeds and bonus payments (theBonus Energy Payments ) are alse applied on energy produced in excess of the

benchmark energy.

NTDC. in its recent negotiations . has applied the bonus payments on an annual

basis . NTDC justifies its stance by arguing that NEPRA' s determinations are silent

on this issue . NTDC' s stance being contrary to the intent and essence of the RE

Policy 2006. it is prayed before NEI'RA that it expressly details in its determination

of tariff for the Project Company that Bonus Energy Payments will be effected for

each billing month on a monthly basis as per the RE Policy 2006.

1) S 11

8. INDEXATIONS & ADJUSTMENTS

8.1 INDEXATIONS

NEPRA is requested to allow indexation for the various Reference Generation Tariffcomponents in the following manner.

8.1.1 Local Fixed O&M Cost Component

The Reference Local Fixed O&M Cost Component shall be quarterly indexed to the WPI

of manufacturing in Pakistan . as notifid by the Federal Bureau of Statistics based on the

follos ing formula:

FO&M,^" = Relevant Reference G eneration Tariff Component

Where:PI Rev / WI'1 g

LFO&M, LRC,, = the re\ ised Local Fixed O&M CostComponent applicable for the relevant quarter

\\ P1, ,,, = the rep ised WI'I of manufacturing in Pakistan for themonth prior to the month in which indexation isapplicable, as notified by the Federal Bureau of Statistics.

WPI,RCn the WI'1 of manufacturing in Pakistan for the monthin which tariff is determined . as notified by the FederalBureau of Statistics.

8.1.2 Foreign Fixed O&M Cost Component

The Reference Foreign Fixed O&M Ccst Component shall be annually indexed to both:

(a) the USD/PKR exchange rate, teased on the revised TT & OD selling rate of USDnotified by the National Bank of Pakistan: and

(b) the US CPI ( for all Urban -consumers ). issued by the US Bureau of Labor

Statistics.

The applicable formula shall he as follows:

FFO&19 , H^levant Reference Generation Tariff Com ponent

lfS CPIi,,.^/ lIS CPItR,•a) (FX USDi,,^/1^\ USI), i.J

l: Clr:,

prior to the year in which indexation is applicable , issuedby US Bureau )f Labor Statistics.

US CPI"" = the US CPI (for all Urhan- consumers ) for the monthof January, as issued b> US Bureau of Labor Statistics.

FX USD, R,,) = the revised TT & OD selling rate of PKR/USD as onthe date on which indexation is applicable, as

notified by the National Bank of Pakistan.

FX USD)R0n = TT & OD selli: ig rate of PKR/USD.as notified by the National Bank of Pakistan

prevailing on the date of tariff determination.

8.1.3 Insurance Cost

The Reference Insurance Cost Component shall be quarterly indexed to USD/PKRexchange rate, based on the revised Ti & OD t elling rate of USD notified by the National

Bank of Pakistan.

Furthermore, the Reference Insurance ):ost Component has been calculated on the basis uI

insurance premium at 1.35% of the EPC Price. Adjustment to such Insurance CostComponent of the Reference Generation Tariff for any variation to such insurance

premium shall be applicable at actuals.

(a) Indexation Formula

The indexation of the Insurame Cost Component shall be based on the following

formula:

[Insurance)R„) = Relevant Reference Generation Tariff Component

FX USD R„), FX USD R,

Where:

Insurance)R,,., = the reviseu Insurance Cost Component applicable for the

relevant quarter

FX t1SD)R,,, = the revised TT & OD selling rate of I'KR/USD as on thedate on \'Itich indexation is applicable, as notified by the

National I'ank of 'akistan.

I .1: I) -I1inf ! sic of I'KR t Y). luc lin_. ,.i' I c I:nc of

The adjustment of the Insurance Cost Component for increase in insurancepremium shall be based on the 'ollowing formula:

Ili nsurancelAdi, = Relevant Reference Generation Tariff Component

4d^ / P R,•

Where:

Insurance (,,,,,) = the revised Insurance Cost Component applicable for

thL relevant year

P, non

P,Ren

= Actual lmurance Premium

Reference Insurance Premium of USD 1.463

million (1.35% of the EPC Price)

8.1.4 Return On Equity

In line with NEPRA' s pre% ious determinations for thermal IPPs and the Wind IPPs. theROE Component of the Reference Generation Tariff shall he quarterly indexed to the

USD/PKR exchange rate, based on thk revised TT & OD selling rate of USD notified by

the National Bank of Pakistan.

The applicable formula shall be as folh•ws:

f 1tOE,R^ , = Relevant Reference Generation Tariff Component*

(FX USD ,, .,,/FX USD R,

Where:

ROE,R-„ = the re% ised ROE component applicable for the

relevant quart. r

FX USD(RC„ = the re% ised TT & OD selling rate of PKR/USD as onthe dale on which indexation is applicable, as notified

by the National Bank of Pakistan.

EX USD,R,.r, = IT & )D selling rate of PKR/USD. prevailing on the

date cl tariff determination as notified by the National

l3ank of Paki, an

i, l.i \\ ithholdin^'I as on I)I^ IdC011

1.1 F

The applicable formula shall be as folk ws:

HT,R,,, = Relevant Reference Generation Tariff Component * (FX USD,R.,„ FX

SD(Re_

Where:

WHTIRe., the revised Withholding Tax Component applicable for the

relevant quarter

FX USD,R,,, the revised TT & OD selling rate of PKR/USD as on the

date on which indexation is applicable, as notified by

the National Bank of Pakistan.

FX USD(Ren = TT & OD selling rate of PKR/USD. prevailing on the date oftariff determination as notified by the National Bank ofPakistan

8.1.6 Interest Charges - Foreign Debt

The Interest Charges part of the Reference Foreign Debt Service Component shall be semi-annually adjusted for variations in interest rate as a result of variation in 6-month USD

LIBOR.

The Interest Charges of the Foreign Dcbt Sen ice Component shall be indexed based on the

following formula:

= Relevant Generation Tariff Component * (USD LIBOR , R,,) + 4.75%) Ij

USD LIBOR fR,n + 4.75%

Where:

the re, ised Interest Charge component applicable for the

relevant semi-annual period

USD LIDORMRe,, = the re'-ised 6 month USD LIBOR rate at the end of each

6 mouths period.

USD LIIROR,Rcn =

CharL^s Lnc:^l Debt8.1.7 Interest

6 month USE) LIBOR rate prevailing on the date of tariff

dctenitination (0.43 %)

I;u1 ,'I' thr It. "rn l I!•l,t 'ir iii + :;{.

(l S

,Rev, = Relevant Generation Tariff Component * (KIBOR,Re„ + 3%)

KIBOR Re + 3

Where:

II Rev) the revised Interest Charge component applicable for therelevant quarterly period

KJBOR4Re„ = the revised 3 n onth K113OR rate at the end of each3 months peril d.

KIBOR,Rer) = 3 month KIBOR rate prevailing on the date of tariffdetermination , 13.26 ° .))

8.2 ADJUSTMENTS AT COD

NEPRA is requested to allow the adjustments ( is set out in this Section 8 .2 (Adjustments utCOD)) to the Reference Generation TarifTat the time of true up at COD.

8.2.1 Adjustments To Total Project Cost

It is submitted that the Total Project ( ost be adjusted at COD for the following based onthe assumptions detailed in Section 5 (rota! Project Cost & Investment ) and the adjustmentto the Total Project Cost to be reflected in the relevant tariff components ( Return on Equityand Debt Servicing):

(a) USD / PKR exchange rate vari ations during the construction period;

(b) all local Duties and Taxes paid or withheld (including but not limited to

changes in the withholding tax applicable to the payments made to the

external advisors of the Lenders and the Project Company that result in

grossing up of payments);

(c) arrangement and commitment !ee charges by the Lenders of the Project: and

(d) Interest during Construction for increase in Total Project Cost, change in interest

base rate (KIBOR and USD LI BOR). variation in loan & equity draw downs.

9. CONSIDERATIONS WITH RESPECT TO EPA

9.1 BENCHMARK ENERGY TABLE

The Benchmark Energy Table and Complex Power Curve are used by the PowerPurchaser as a means of estimating the performance of the Project. These provide abenchmark for the energy to be produced by the Project at a given wind speed. Thepayments to the Project Company 1,)r the energy produced as well as the coverageprovided to the Project against wind speed variability risk shall be based on thesetables and the same shall be attached as schedule I annex 2 of the EPA. The saidtables also form the basis of payment to the Project Company against Non-Project

Missed Volume (as defined under the EPA). NEPRA is therefore requested toapprove the Benchmark Energy Table and Complex Power Curve provided belowin order for the same to be appended as schedule I annex 2 of the EPA.

BENCHMARK ENERGY PRODUCTION TABLE

MONTH AVERAGE

WIND

(M/S)

ANNUAL

AVERAGE

AIR

DENSITY

(KG/M3

MONTHLY'

AVERAGE

AIR

DENSITY

KG/M3)

DENS171 '

A DJUSTED

WIND

SPEED

M/S

NET

DELIVERED

ENERGY YR.

1

NET

DELIVERED

ENERGY YR.

2- 10

NET

DELIVERED

ENERGY

YR. 11-20

January 5.4 1.16 1.21 5 8.087 8.267 8.087

February 5.7 1.16 1.19 7 6.332 6.472 6.332

March 5.9 1.16 1.17 5.9 7.033 7.193 7.033

April 7.6 1.16 1.16 7.6 12.463 12.743 12.463

May 9.8 1.16 1.14 9.7 20.108 20.558 20.108

June 11.3 1.16 1.14 11.2 22.907 23.407 22.907

July 9.2 1.16 1.15 0.2 19.126 19.556 19.126

August 10.3 1.16 1.16 l o.3 20.308 20.758 20.308

September 8.4 1.16 1.16 S.4 15.279 15.619 15.279

October 4.8 1.16 1.16 4.8 3.514 3.594 3.514

November 4.4 1.16 1.18 4.4 3.293 3.373 3.293

December 5.3 1.16 1.19 ^.3 7.119 7.279 7.119

Total: 7.3 145.569 148.819 145.569

20 year equivalent Net AEP 147.0315

110 MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16 1 . 16 1.16 1.16

CWIi GW ►► GWn GWU GWn GWn GWn GWn GWn GWU GWII

0.481976 0 . 423492 0 . 141185 0 . 157310 0 . 151748 _ 0.088450 0 . 373728 0.181995 0.337355 0.612751 0.744399

0.580505 0 . 521864 0.219925 0.226170 0 . 220645 0 . 157310 0.472099 0.260735 0 . 435727 0.740634 0.891957

1,98740 0 . 630073 0.298664 0.314705 0 .309227 0.226170 0 . 580308 0.339474 0 . 534099 0 . 868517 1 . 049351

S 16975 0 . 7481 19 0 . 387246 0 . 403239 0 . 397808 0.31.4705 0 . 698354 0.437898 0.652145 1.006238 1.216583

u.945063 0 . 876002 0 . 485670 0.511448 0.496233 0 . 413076 0.826238 0 . 536322 0.770191 1 . 153795 1.403490

i 092857 1 . 013723 0 . 593937 0.619657 0.614342 0 . 521285 0 . 954121 0 .654432 0 . 907911 1 . 321027 1.600233

.240031 I. lu12So 0 . 721S88 0 .737703 0.73_451 0.039331 1. 101675 0 .772511 1.013631 1 .158259 1 . 506511

1.398298 1,318675 0 . 849840 0 . 875424 0.860402 0.767215 1259073 0.900492 1.203026 1.675165 2.023231

ISSn07 00376 41 101'1-1-1 10080 3, 0 0001035 142630c 1018286 1160421 1871909 2.249486

1.743151

.

1.662976

.

1 . 125428 1 . 160701 1 . 155675 1.042655 1.603374 1.185922 1.527653 2 .068652 2 . 495416

1940209 1.849882 1.282907 1 . 327933 1.313154 1 . 200050 1.780443 1.343401 1.714559 2.285070 2.751 182

!3-1268 2.046626 1.450228 1 .495165 1.480475 1 .367282 1.977187 1.510722 1.901465 2 .511325 3 . 016786

34-3179 2. 253206 1 . 617549 1 .672234 1 . 647796 1.534514 2.183767 1.687886 2.108046 2.747417 3 .292227

2.560944 2 . 469624 1 . 804555 1 . 859141 1.834802 1.721420 2 . 400185 1.874892 2.314627 2 .993346 3.587342

'.7;7703 2 .686042 1.991561 2.046047 2 . 031651 1.908327 2 .616603 2.061898 2.540882 3 .239276 3 . 892294

3.014179 2. 922134 2.188410 2 .252628 2.228499 2 . 105070 2 . 852695 2 : 268589 2.767136 3.504879 4 . 207084

3.260502 3 . 168063 2 . 395101 2.469045 2 .435190 2.311651 3.098624 2 . 475280 3.013066 3.770483 4 . 541547

3.506825 3.413993 2 . 611634 2 .685463 2 .651724 2.528068 3 . 354391 2 . 691813 3 . 258995 4.055761 4.876011

3.763001 3.679596 2 . 838010 2 . 921555 2 . 887942 I 2.754323 3 . 610157 2.928032 3 . 524599 4.341039 5.230149

4.029030 3. 945200 3 . 074228 3.167485 3 . 124160 i 2.990415 3 . 885598 3.164250 3 . 790202 4.626317 5 . 584288

68

-1295059 4.220641 3.320288 3.413414 3.370221 3.236345 4.161039 3.410310 4.075480 4.931269 5.958100

4.580794 4.505919 3.576192 3.679017 3. 616281 3.482274 4.456154 3.666213 4.360758 5.226384 6.341750

4.856676 4.801034 3.832095 3.944621 3.882027 3.747878 4.751269 3.931959 4.665711 5.541174 6.725400

5.15226-1 5.105986 4.107682 4.229899 4.157615 4.013481 5.056221 4207547 4.970663 5.855963 7. 1 18886

4-17852 5.410939 4.3931 13 4.515177 4.443045 4.298759 5.371011 4.492977 5.285452 6.170753 7.522210

5 '-13440 5.725728 4.678543 4.810292 4.738318 4.584037 5. 685800 4 . 788250 5 .610079 6.495379 7.925534

048S81 6.040517 4.983658 5.125082 5.033590 4.888990 6.010427 5.093365 5.944543 6.820006 8.338696

54322 6.365144 5.288773 5.439871 5.348548 5.193942 6.344891 5.408322 6.288844 7.144633 8.751857

n t i9762 6. 699608 5.603731 5.764498 5.673348 5.518569 6.679355 5.723280 6.633145 7.469259 9.174855

6.975056 7.034072 5.938373 6.108799 6.007990 5.843195 7.023656 6.057922 6.987283 7.803723 9 .588016

7 290350 7.378373 6.273016 6.453100 6.342633 6.187496 7.367957 6.392565 7.351259 8 . 138187 10.001178

7 615497 7.722674 6.617501 6. 807238 6 . 696960 6.531797 7.722095 6.737050 7.715234 8.472651 10.424176

' "Mnn 8 n66n'; A 071875 7 1 is1; M 7 0S 1''97 6 RC5771 R 066796 7 OR 151,; R 974204 R 8011 1 S 10.8 47137

5.255937 8.411276 7.335998 7.535189 7.415457 7.259748 8 .430371 7.445704 8.453022 9.141579 11.250499

I R 76;5414 7700167 7.909001 7.789469 7. 643398 8 .784510 7 .809874 8 . 826834 9 .476042 11.653823

$ 596377 9.119552 8.084022 8.292651 8.173324 8.027047 9.138648 8 .174044 9.200647 9.810506 12 .057147

92-11524 9.483528 8. 458034 8 . 686138 8 . 557178 8 .420534 9.502623 8.548056 9 .574459 10.144970 12.450633

0.546671 9.837666 8.851731 9.079625 8.950875 8.823858 9 . 856761 8 .922068 9 . 948272 10.469597 12. 844120

9.861964 10.191804 9 .245428 9.473112 9.344572 9.237019 10. 210899 9 .305922 10.322084 10.804061 13 .227770

10.187111 10.545942 9.639125 9.876436 9.748112 9.650181 10.574875 9.689777 10.705734 11.128687 13.61 1420

10.502405 10.909917 10.042664 10.2 79760 10.151651 10.073179 10.929013 10.073 632 11.079547 11.463151 13.9852 32

J817699 11.264056 10.436361 10.692921 10.565033 10.496177 1 1.283151 10 .457486 11 .443522 11.787778 14.349208

1 1.132992 11.618194 10 .849743 11.096245 10.968572 10 .929013 1 1.63 7289 10. 851 183 11 .8173 34 12.1 12404 14.703346

. 448286 11.962495 11.25 3282 11.509406 11.381954 11 .3 71686 11.981590 1 1.23503 8 12.181310 12.427194 15.047647

1753727 12.316633 11. 656822 11.922567 11.785493 11.804521 12.335729 11. 618892 12.545285 12.741983 15.391948

2 059168 12.660934 12.0o0361 12.325891 12. 198875 12 247194 12.670192 12.002747 12.909261 13.056773 15.726412

69

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18.650777 20.225719 20.948970 21-435112 20.968475 22.133552 20.1 16931 20 .526286 20.601929 19.864096 22.071387

15.818277 20.432300 21.174446 21.671205 21. 185008 22.379481 20.313675 20.752662 20.808509 20.041165 22.228782

18.985777 20.629043 ' 21.400822 21.907297 21.401542 22.625410 20. 510418 20.979038 21.005253 20.218234 22.386177

1) 153277 20.815949 21.617355 22.133552 21.608233 22.861502 20.707162 21.195571 21.201996 20.385466 22.533734

0.310924 21.012693 21.824046 22.359807 21.805081 23.087757 20.894068 21.412104 21.398740 20.552698 22.681292

10.458718 21.189762 22.030737 22.576224 22.001930 23.304175 21.071 137 21.618795 21.585646 20.710093 22. 819012

19 606-512 21.366831 22.227585 22.782805 22.188936 23.520593 21.248206 21. 815644 21.772552 20.857650 22.956733

19754305 21.543900 22.414592 22.989386 22 .375942 23.727173 21.425275 22.012492 21.949621 21.005208 23.084616

19.892246 21.711132 22.601598 23.186129 22.553105 23.923917 21.592507 22. 199498 22.116853 21.142928 23.212499

20.020335 21.869527 22.778761 23.382872 22.720427 24:110823 21.749902 22.386504 22.284085 21.270811 23.330545

20 148423 22.025922 22.955925 23.569779 22.887748 24.297729 21.907297 22.563668 22.451317 21.398695 23.448591

176511 22.183316 23.123246 23.756685 23.055069 24.474798 22.064691 22.730989 22.608712 21.526578 23.556800

"2 .130371 2_3.2_90567. 23.9 3375 1 2_3.212518 71 /.;1968 „ 2!2210 22 °08? ' 72 766101 I 1644674 1 fiF^nnn

'u 503128 22.478431 23.448046 24.100986 23. 360184 24.819099 22.349969 23.065632 22.913664 21.752833 23.763381

616152 23.59563' 24269218 21 507921 24 976494 22.487690 23.232953 23.061222 21.861042 23.861753

=9.719893 22.744035 23.743319 24.435450 23.645615 25.133889 22.615573 23. 380589 23 .208779 21.959413 23.950287

_;,.815422 22. 871918 23.890955 24.592845 23.783408 25.281447 22.743456 23.538068 23.346500 22.057785 24.038822

20.907098 22.999802 24.028749 24.740402 23.921202 25.429004 22.871339 23.675862 23.474383 22.146320 24.117519

1.005627 23. 1 17848 24.166543 24. 887960 24.049t54 25.566725 22.989386 23.823498 23.602266 22.234854 24.186379

084451 23.235894 24.304337 25.035517 24.177105 25.704445 23.097594 23.961292 23.730149 22.313552 24.255240

211 23.344103 24.422446 25.173238 24.305057 25.842165 23.205803 24.089244 23.848195 22.382412 24.324100

:1.242098 23.442474 24.550398 25.310958 24.423166 25.960211 23.314012 24.227038 23.956404 22.461109 24.373286

2 1.320921 23.550683 24.668507 25.438841 24.531433 26.088095 23.412384 . 24.345147 24.074450 22.520132 24.422471

-,!,-,39s92 23.639218 24.786616 25.566725 24.649542 26.206141 23.510756 24.473098 24.172822 22.579155 24.471657

1.4491009 23.737589 24. 894882 25 .694608 24.757808 26.324187 23.599290 24.581365 24.281031 22.638178 24.511006

1.508127 23.826124 25.012992 25:812654 24.856233 26.432396 23.677988 24.699474 24.369566 22.687364 24.540517

71

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Energy Table Year 2 - 10 in GWh

FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16 1.16

GWVh GWh GWh GWh GWh GWh GWh GWh GWh GWh GWh

0.491829 0.433330 0.151028 0.167147 0.151748 0.088450 0 .393402 0. 191838 0 .347192 0.632425 0.764073

0 60021 1 0.531701 0.219925 0.236007 0.230487 0.157310 0.491774 0.270577 0.445564 0.750471 0.911631

0.708593 0.639910 0.308507 0.324542 0.309227 0.236007 0.599983 0.349316 0.553773 0. 888192 1 .078863

o536681 0.767793 0.397088 0.413076 0.407651 0.324542 0.718029 0 .447741 0 .661982 1.035749 1.246095

u 974622

.112_563

0.895677

1.033397

0.505355

0.613622

0.521285

0.639331

0. 515918

0.624184

0.422914

0 .531123

0.845912

0.983632

0.556007

0 .664274

0.789865

0.927585

1.183307

1.350539

1.433001

1.639582

1270210 1.190792 0.731731 0.757377 0.752136 0.649169 1. 131190 0 .792225 1.075143 1.527608 . 846162

1.427857 1.348187 0.869525 0 . 895098 0.889930 0 . 786889 1 . 288585 0.920177 1.222701 1.714514 2.072417

1605210 1.515419 1.007319 1.042655 1.027724 0.924609 1.455817 1. 067813 1 . 389932 1.911257 2.308509

1.782562 1.702325 1.154955 1.190213 1 .185202 1.072167 1 .632886 1 .215450 1.567002 2. 117838 2 .554439

1.979621 1. 889231 1.312434 1.357445 1.342681 1 .229562 1.819792 1.382771 1 .753908 2.344093 2.810205

2.186533 2.095812 1.479755 1.524677 1.510002 1.396794 2.026373 1.550092 1.950651 2 . 570348 3.085646

22.393444 2.302392 1.656919 1.711583 1.687166 1.573863 2.232953 1.727256 2.157232 2.806440 3 .370924

2.6102_08 2. 518810 1.843925 1.898489 1 .874172 1.760769 2.449371 1.914262 2.363812 3 .052369 3.666039

2.546679 2.754902 2.040773 2.095233 2.071021 1.957512 2.675626 2.111110 2.590067 3.317973 3.980829

083149 2.990994 2.237622 2.301813 2.277712 2.154256 2.921555 2. 317801 2.826160 3 .583577 4.305455

329472 3.236924 2.454155 2.528068 2.494245 2.370674 3.167485 2.534335 3 .072089 3.859017 4.639919

585648 3.492690 2. 670688 2.754323 2.710778 2.587091 3.423251 2.760710 3 .327855 4.144295 4.984220

3.551678 3.758294 2.906907 2.990415 2.946996 2.823184 3. 688855 2 . 987086 3.603296 4.429573 5.338358

73

4 117707 4.033734 3.143125 3.236345 3.193057 3.059276 3.974133 3.233147 3.878737 4.734526 5.712171

303589 4.319012 3.389185 3.492111 3.439118 3.305205 4.259411 3.489050 4.164015 5.039478 6.085983

67Q324' 4.604290 1654931 3.757715 3.704863 3.560971 4.554526 3.754795 4.459130 5.344430 6.479470----- --vn5059 4.909243 3.920676 4.033156 1970608 3.826575 4.859478 4.020541 4.764082 5.659220 6.872957

260646 5.214195 4.196264 4.318434 4.246196 4.102016 5.164430 4.305971 5.078872 5.983846 7.276281

566087 5.528985 4.481695 4.613549 4.541469 4.397131 5.489057 4.591401 5.403499 6.308473 7.689442

ti7I528 5.843774 4.786810 4.918501 4.836742 4.692246 5.813684 4.896516 5.737962 6.633100 8.102604

6 176969 6.178238 5.091925 5.233291 5.151699 4.997198 6. 148148 5.201632 6.082263 6.967564 8.525602

-10263 6.502865 5.406882 5.557917 5466657 5.31 1988 6.482611 5.526432 6.426564 7.302027 8.948600

n S07556 6.847166 5.731682 5.892381 5.801299 5.636615 6.826912 5.851232 6.780703 7.636491 9.371599

%.132703 7.191467 6.066325 6.236682 6.135942 5.971078 7.181051 6.185874 7.144678 7.970955 9.794597

447997 7.535768 6.410810 6.590820 6.480427 6.325217 7.535189 6.530359 7.508653 8.315256 10.227433

I 1 , 7 890006 6 765117 64, 4796 6944596 6 679365 7.999127 6 884686 7 882466 8651)557 10 650411

0814 3 8.244044 7.129307 7.318771 7.208766 7.043330 8.243465 7.239013 8.256278 8 .994021 11.073429

S -i ;,?nn 8 549182 7491476 '7702421 7 582778 7 417143 9.6074x0 7.601191 8.630091 9.338322 11.486591

s 153436 8.962157 7.867488 8.086070 7.956790 7.810630 8.971416 7.977195 9.013741 9.682623 11.909589

1093436 9.326133 8.251343 8.479557 8.350487 8.204116 9.335391 8.351207 9.397390 10.017087 12.322750

418583 9.680271 8.645040 8.873044 8.744184 8.607440 9.709204 8.735062 9.781040 10.361388 12 .726074

v 753582 10.054084 9.038737 9.276368 9.1.47724 9.020602 10.073179 9.1 18916 10.164690 10.695852 13.119561

0;87'29 10.418059 9.442276 9.679692 9.551263 9.433763 10.437154 9.512613 10.548339 11.040153 13.522885

'10 403876 10.782034 9.845816 10.092853 9.964645 9.856761 10.801130 9.896468 10.931989 11.374617 13.906535

0.729022 11.146010 10.259198 10.506015 10.378027 10.289597 11.165105 10.290165 11.315639 11.709080 14.280347

I 11.500148 10.662737 10.929013 10.791408 10.732270 11. 529080 10.683862 11.699288 12.043544 14.654160

11 ;79316 11.864123 11.076119 11.342174 11.204790 11.165105 11.883219 11 .077559 12.073101 12.368171 15.018135

i 004609 12.228099 11.499343 11.765173 11.628015 11.617615 12.247194 11.481098 12.446913 12.702635 15.382111

_ 009903 12_.582237 11.912725 12.178334 12.041396 12.060288 12.601332 11.874795 12.820726 13.027261 15.726412

74

12.325197 12.9363 75 12.326107 12.6013 32 12.464621 12.512798 12.945633 12.268492 13.184701 13.342051 16.060875

11.630638 13.290513 12.739488 13.014493 12.878002 12.955470 13.299771 12.652347 13.548677 13.656840 16.395339

12.936078 13.634814 • 13.143028. 13.427655 13.291384 . 13.407980 13.644072 13.046044 13.912652 13.971630 16.719966

,.24 1519 13.9791 15 13.556410 13.840816 13.694924 13.850653 13.978536 13.429898 14.266790 14.286419 17.034755

13.537107 14.313579 13.959949 14.244140 14.098463 14.303163 14.313000 13.813753 14.61 1091 14.591372 17.339708

13.532695 14.648043 14.3 53646 14.647464 14.502002 14.735998 14.647464 14.187765 14.955392 14.896324 17.644660

1-4.118430 14.9 82507 14.747343 15.050788 14.895699 15.178671 14.972091 14.561777 15.299693 15.191439 17.929938

14.404165 15.307133 15.141040 15.444275 15.279554 15.611507 15.286880 14.925947 15.634157 15.486554 18.215216

14 659900 15.631760 15.524895 15.827925 15.663408 16.034505 15.601670 15.290116 15.958784 15.771832 18.490657

14.965782 15.946549 15.898907 16.211574 16.037421 16.457504 15.916459 15.644444 16.273573 16.057110 18.766098

.231811 16.251502 16.272919 16.595224 16.411433 16.870665 16.221411 15. 998771 16 . 588363 16.342388 19 . 021864

15 497840 16.556454 16.637088 16:959199 16.765760 17.283826 16.516527 16.343256 16.903152 16.617829 19.277631

;ShO I6 5617fl6 I6 901.116 17 14175 17 120097 17 677111 16.81 1647 16.677898 17.208105 16.883433 19.523560

0'0045 17.146684 17.335901 17.677313 17.464572 18.070800 17.096920 17.012541 17.503220 17.149036 19.769489

16 '66168 17 441900 17.680385 18.031451 17.799215 18.454449 17.382198 17.337341 17.798335 17.414640 20.005581

16.512692 17.717240 18.015028 18.375752 18.124015 18.828262 17.657638 17.662141 18.083613 17.660569 20.231836

749162 17.992681 18.339828 18.710216 18.438972 19.192237 17.933079 17.977098 18.359054 17.916336 20.458091

16 985632 18.268122 18.654785 19.034843 18.753930 19.556213 18.198683 18.282213 18.634494 18 . 162265 20 . 674509

i 7.2_ 12250 18.533726 18 . 969743 19.349632 19 . 059045 19.900514 18 . 454449 18 . 577486 18 . 900098 18 . 398357 20.881090

i'7.438867 18.789492 19.265016 19.664421 19.344475 20.234977 18.710216 18.872759 19.155865 18.624612 21.087670

17.655632 19.045259 19.560288 19.969374 19.629905 20.569441 18.956145 19.158189 19 .411631 18.860704 21.294251

17.872396 19. 291188 19.845719 20.264489 19.915336 20.884231 19 .202074 19.433777 19.667397 19.077122 21.481157

5.079307 19.537117 20.121307 20.559604 20.181081 21.189183 19.438167 19.709365 19.913327 19.293540 21.677901

8.'_S6219 19.773209 20.396895 20.835045 20.446827 21.494135 19.674259 19.975110 20.149419 19.509958 21.864807

18.483278 19.999464 20.66264 221.110486 20.702730 21.789251 19.900514 20.231013 20.375674 19.716538 22.041876

680336 20.225719 20.918543 21.376089 20.948790 22.064691 20.126769 20.486916 20.601929 19.913282 22.21 8945 1

75

18.867542 20.451974 21 .164604 21.641693 21 .185008 22 .340132 20.343186 20. 732977 20 . 828184 20 .110025 22.386177

1').054747 20 .658555 21 .400822 21.897459 21 .421227 22 .605736 20. 549767 20.969195 21 .044602 20 .296931 22. 553409

! 9.232100 20 .874972 21 .637040 22.143389 21 .637760 22 .861502 20.756348 21.205413 21 .261019 20 .474000 22. 710804

1 9 199600 21 .071716 21 .863416 22.379481 21 .864136 23 .107432 20. 953091 21.431789 21 .467600 20.651069 22. 868198

i9 567100 21 .268459 22 .079949 22.615573 22 .070827 23 .353361 21. 149834 21. 658165 21 .664343 20 .828139 23. 015756

19.724747 21 .465203 22 .296482 22.841828 22 .277518 23 .579616 21.346578 21. 874698 21 .861087 20 .995371 23. 163313

;9.SS2394 21 .652109 22 .503173 23.068083 22 .474366 23 .805871 21.533484 22.081389 22 .047993 21 .152765 23 .310871

20.040040 21 .829178 22 .709864 23.274664 22 .671215 24 .022289 21.710553 22. 288080 22 .234899 21 .310160 23. 448591

20.177981 22 .006247 22 .896870 23.491081 22 .858221 24 .238706 21 .887622 22.484928 22 .421806 21 .457718 23 .576475

21325775 22 .183316 23 .083876 23.687825 23 .035384 24 .435450 22. 054854 22. 681777 22 .598875 21 .595438 23. 714195

2 ;. 453863 22 .340711 23 .270882 23.884568 23 .212548 24 .632193 22 222086 22. 868783 22 .766107 21 .733158 23. 832241

_x(.591804 22 .507943 23 .448046 24.081312 23 .379869 24 .819099 22. 379481 23.045947 22 .933339 21 .861042 23. 950287

0 _ 100-10 22 665118 1 1 62c210 . 4 268219 21 S471()0 75006006 22 516976 2 1 2211 10 21 I00570 21 988925 24 068111

20 83S 128 22 .812895 23 .792531 24.445287 23 .704669 25 .183075 22.684433 23.400274 23 .257965 22 .106971 24. 176542

20.946510 22 .960453 23 .950010 24.622356 23 .862148 25 .350307 22. 831991 23.567595 23 .415360 22 .225017 24.274914

21 u54892 23 .098173 24 .107488 24.789588 24 .019627 25 .517539 22. 969711 23. 734916 23 .562917 22 .333226 24. 373286

'1 163274 23 .235894 24 .264967 24.956820 24 .157421 25 .674933 23. 107432 23. 892395 23 .710475 22 .431598 24.471657

2 1.271657 23 .363777 24 .412604 25.124052 24 .305057 25 .832328 23. 235315 24.040032 23 .848195 22 .529969 24. 550355

21.360333 23 .491660 . 24.550398. 25.281447 24 .442851 25 .979886 23. 363198 24. 187668 23 .985916 22 .628341 24 .638889

-'!,458362 23 .619543 24 .688192 25.429004 24 .570802 26.127443 23.481244 24. 335304 24 .113799 22 .716876 24, 707749

21 537686 23 .737589 24 .825985 25.576562 24 .698754 26.265164 23. 599290 24.473098 24 .241682 22 .795573 24. 776610

1.,)26362 23 .845798 24 .953937 25.724119 24 .826705 26 .393047 23. 707499 24. 610892 24 .359728 22 .874270 24. 845470

'05185 23 .954007 25 .081888 25.861840 24.944815 26.520930 23. 815708 24. 748686 24.477774 22.943131 24. 904493

21.774156 24 .052379 25 .199998 25.989723 25 .062924 26 .648813 23.923917 24. 876638 24 .585983 23. 011991 24.953679

1.843126 24 .150751 25 .318107 26.117606 25 .181033 26 .766859 24. 012451 24.994747 24 .694192 23.071014 25.002865

21.912097 21 .249122 25 .436216 26 245489. 25 .289299 26 .884906 24. 110823 25. 1 12856 24 .802401 23. 130037 25. 042213

76

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1160ZI51-, LSLL9Z'Il Z48LL0'5Z 86vL44'SZ 51696E'tZ 69E6IZ"LZ 916665"9Z 8Z966S9Z 91019L'5Z 6881'05 tZ 0Sb680ZZ

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Enerev Table Year 11 - 20 in GWh

l'FII MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

1.160000 1.160000 1.160000 1.160000 1.160000 1.160000 1.160000 1.160000 1.160000 1 . 160000 1.160000

GWh GWh GWh GWh GWh GWh GWh GWh GWh GWh GWh

04S1976 0.423492 0.141185 0.157310 0.151748 0.088450 0.373728 0.181995 0.337355 0.612751 0.744399

0.550505 0.521864 0.219925 0.226170 0220645 0.157310 0.472099 0.260735 0.435727 0.740634 0.891957

0.695740 0.630073 0.298664 0.314705 0.309227 0.226170 0.580308 0.339474 0.534099 0.868517 1.049351

o.816975 0.748119 0.387246 0.403239 0.397808 0.314705 0.698354 0.437898 0.652145 1.006238 1.216583

04;061 0 876002 0 495670 0.51 144% 0.496211 0411076 0126238 0.536322 0.770191 1.153795 1.403490

,u 2857 1.013723 0.593937 0.619657 0.614342 0.521285 0.954121 0.654432 0.907911 1.321027 1.600233

1.2-10651 1.161280 0.721888 0.737703 0.732451 0.639331 1.101678 0.772541 1.045631 1.488259 1.806814

1.398298 1.318675 0.849840 0.875424 0.860402 0.767215 1.259073 0.900492 1.203026 1.675165 2.023231

1.565798 1.485907 0.987634 1.013144 1.008039 0.904935 1.426305 1.038286 1 .360421 1.871909 2.249486

1.743151 1.662976 1.125428 1.160701 1.155675 1.042655 1.603374 1.185922 1.527653 2.068652 2.495416

!.940209 1.849882 1.282907 1.327933 1.313154 1.200050 1.780443 1.343401 1:714559 2.285070 2.751182

'.137268 2.046626 1.450228 1.495165 1.480475 1.367282 1.977187 1.510722 1.901465 2.511325 3.016786

2 344179 2.253206 1.617549 1.672234 1.647796 1.534514 2.183767 1.687886 2.108046 2.747417 3.292227

560944 2.469624 1.804555 1.859141 1. 834802 1.721420 2.400185 1.874892 2.314627 2.993346 3.587342

=.7 7 7708 2.686042 1.991561 2.046047 2.031651 1.908327 2.616603 2. 061898 2.540882 3.239276 3.892294

3 014179 2.922134 2.188410 2 252628 2.228499 2.105070 2.852695 2.268589 2 .767136 3.504879 4.207084

3.260502 3.168063 2.395101 2.469045 2.435190 2.311651 3.098624 2.475280 3.013066 3.770483 4.541547

.506825 3.413993 2.611634 2.685463 2.651724 2.528068 3.354391 2.691813 3.258995 4.055761 4.876011

763001 3.679596 2.838010 2.921555 2.887942 2.754323 3.610157 2.928032 3.524599 4.341039 5.230149

78

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Lt9LVO'S I P6ILZt Z I OI E18I'Z I 8 £09£Z' 11 069186 '11 9891 LE, I I VS618£ 11 904605' 11 Z8ZCSZ' i t 56tZ96' I 9SZ8tt I

9t£EOL'17I VOVZ I I Z I VEIL 1 8' I I E8I 158 '01 68ZLE9' 1 I £ 106Z6'0 I ZL5896'01 S4Z960 I I EVL6t8"01 06181911 Z66EE I

$OZ64E't I SLLLSL' I I ZZSEVp' 11 9817LSV'01 151 E8Z,1 1 LL 1964'01 EEO995'01 I Z6Z69'0I 19E9EV"O I 95049Z' 11 669L I S (11

ZEZ986 E1 151£9441 LV56LO lI ZE9ELO-0I £I06Z6'0I 6LI£LO'OI IS9I51.01 09L6LZ OI V99ZV0'OI L16606'01 SOVEOS OI

OZtII9EI L898Z1 'iI tELSOL'OI LLL689'6 5LSVL5'01 181089 '6 Z118VL6 9EV9L8'6 SZ16E96 Zt65175'0I IIIL8I01

OLLLZZ£1 190V08*01 V80ZZE,OI ZZ650E6 66801Z'01 6IOLEZ'6 ZL917tu'6 ZII£Lt'6 BZVSVZ6 108161 '01 t9619S6

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LVILSOZ1 9050186 L17900Z'6 ttOtLl'8 8698£1 6 LVOLZO'8 tzEEL1'8 199Z6Z' 9 ZZOt80'8 ZS561I 6 LLE96N X

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LE£L£801 911LOS'8 60Z6LO'8 S£SI80 'L 96£9908 ELL9689 L8ZISOL 9LE1911 8Z81L69 SL69908 06LOt6L

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910899'6 1ZL£ 08'L E8ZL86 '9 ZZ6LS0'9 959EZ0'L 561£48'5 066L00 9 V9 ELE8:6 5 ZLO17EO'L 9505L6 9

S58PL l'6 65Z6917 L SPI EE9'9 08ZEZL'5 SSE6L9 9 69581 S S 8t€£L9 S 86tt9L'S I ELE09'9 8096699 Z9L6S9

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ed -,values less than 3.0m/s, the energy production values shall be the same as that for 3.Om/s;

.peed values above 15.0 m/s , the energy production values shall he the same as that for 15.0 m/s:

82

10. GENERAL ASSUMPTIONS

The following have been assumed while calculating the Reference GenerationTariff and changes in any of these assumptions will result in. changes in theReference Generation Tariff.

10.1 Debt : Equity ratio is assumed to be 75:25.

10.2 Interest rate for Local Debt is assumed at 16.26% (3 Month KIBOR + 3% Spread),

to be indexed quarterly.

10.3 Interest rate for Foreign Debt is assumed at 5.18% (6 Month USD LIBOR + 4.75%Spread), to be indexed semi-annually.

10.4 48% of Debt has been assumed to be financed through Local Financing i.e. localbanks and financial institutions.

10.5 52% of Debt has been assumed to be financed through foreign banks and financialinstitutions.

10.6 Any change in taxes/duties shall be adjusted as per actuals and will be paid by the

Power Purchaser in terms of the EP \.

10.7 ROE component includes ROEDC component which has been calculated on 17%IRR basis (net of 7.5% withholding tax on dividends) over 20 years.

10.8 No hedging cost is assumed for exchange rate fluctuations during construction andall cost overruns resulting from variations in the exchange rate during constructionshall be included in the Total Project Cost.

10.9 The Power Purchaser is assumed to be responsible for financing and constructing

the interconnection to the grid.

10.10 The exchange rates are assumed to he 85 for PKR/USD.

10.11 Project contingency and maintenance r.scrves are not included in Reference

Generation Tariff calculations. If rcgt-ircd by Lenders. or the Energy Purchase

Agreement. these will he adjusted accur !i Iv in the Reference Generation 1'ariIIf.

,Iri!i , I he n"

093

10.13 The payments to Workers Welfare Fund and Workers Profit Participation Fundhave not been accounted for in the Project budget and have been assumed to bereimbursed at actual by the Power Purchaser.

10.14 The last documented information provided for neighboring wind farms of theProject Company ( i.e. for Foundation Nk ind Energy I&II) suggests Vestas V90machines . It is learnt now that Foundation Wind Energy I&II may possibly shifttheir choice to a different make and model of WTGs . If the choice of future WTGsadversely impacts the Project Company annual energy yield, then the effect will bequantified (as per industry standard soft are and accepted methodologies) and arevised energy yield estimates presented to AEDB INEPRA for adjustment ofappropriate impact on tariff, if any.

10.15 Subject to the assumption made above in Section 14 . 10 above , no other wind farmis assumed in the neighborhood . If at any future date , any wind farm is licensed inthe neighborhood with a potential impact on the Project Company's energy yield.then the impact will be appropriately quantified and referred to NEPRA /AEDB foradjustments in the project ' s tariff regime

10.16 Any incentives given to any other Wind IPP shall also be given to the Project

Company.

11. TARIFF SUMMARY

In summation . the Project Company herewith most respectfully submits before

NEPRA for its approval the matters set out in this Tariff Petition and further prays

for NEPRA to kindly approve the following:

(I) Energy production estimate of:

(a) 145.569 GWh per aamum for calculation of the tariff and energypayments for the first year after COD;

(b) 148.819 GWh per annum for calculation of the tariff and energypayments for the years 2-10 after COD: and

(c) 145.569 GWh per annum for calculation of the tariff and energypayments for the years 11-2 0 after COD.

(11) Funding of the Project on 75:25 - Debt: Equity basis.

(111) KIBOR based local debt financing with a base rate equal to 3-Month

KIBOR plus a spread of 3.011%.

(IV) USD LIBOR based foreign debt financing with a base rate equal to 6-Month USD LIBOR plus a soread of 4.75%.

(V) Sharing of any CER related revenues subsequently realized , as per the

Government of Pakistan policy.

(VI) A Return on Invested Equity of 17% (net of 7. 5 withholding tax on

dividends).

(VII) Indexations and adjustments for the individual tariff components, asdetailed in Section 8 (Indexotions & Adjustments) above.

(VIII) Insertion of Benchmark Energy Ttble and Monthly Complex Power Curveas Schedule I Annex 2 of the EPA. the same are provided under Section 9.1

(Benchmark Energy Table) above.

(IX) The Reference Generation Tarill provided tinder Section 7 . 1 (Refer,,nc

(;ciicrolrnn TO/ 1;0 TO/11c ) ah^^Vr.

85

(XI) Adjustments at COD, as provided under Section 8.2 (Adjustments at COD)

above.

(XII) The General Assumptions, as provided in Section 10 (General

Assumptions).

Furthermore, given the advance stage of the Project, NEPRA is kindly requested to

process the Tariff Petition at the earliest thereby enabling the Project Company to

proceed further with the development process.

In light of the submissions , the financial analysis and information contained in this TariffPetition . along with the Annexures attached hereto, and in the national interest ofexpediting Project Company's wind power generation facility's establishment processunder the auspices of Government of Pakistan and its commitment to developing arenewable energy based generation capacity in Pakistan , this Tariff Petition is submittedfor NEPRA' s approval of the Reference Generation Tariff.

Respectfully submitted for and on behalf or':

TENAt;A GENERASI LIMrrEu

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

MR. INAM UR RAHMAN


8

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