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Solar Projects Platform - India

December 2016
Disclaimer & notice
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Table of contents

Section Title Page No.

I Executive Summary

II Sponsor background Faber Capital

III Fabers Role in Value Creation

IV Development Risks & Mitigation

V Project Pipeline & Financial Feasibility

VI Annexures

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Section I
Executive Summary

4
Introduction
Faber Capital along with its joint ventures and subsidiaries (Faber Group or Faber) has a strong presence in the renewable space
with a particular focus on solar projects

We started as an international investment banking firm and over a period of time, have built an in-house engineering and project
management team based in India and UAE which helps in-house assessment of projects, site assessment, plant design and
overseeing the entire development cycle, coordinating with EPC, regulators, consultants and commercial matters

Our team has a strong experience of developing 300MW+ solar projects in developed markets (European region). Our Subsidiary
Gulf New Energy Group (GNEG) which is headquartered in Dubai has a strong 200MW+ development pipeline across South Asia,
Africa & Middle East and has deep relationships with vendors, EPCs and Financial Institutions across the world

Analysis of the projects is done in a comprehensive manner (looking at technical feasibility, country risk, regulatory, legal
environment, tax, business viability, credit quality of the off-taker, financing and project implementation) and all decisions incorporate
risk analysis and mitigation in all these areas

We have observed that financially viable opportunities in utility scale projects have reduced in last 12-18 months in our target
markets (India, Africa, Middle East, South East Asia). This trend is developing across most of our markets, where mid-sized players
are gravitating towards captive markets and large sized players, with low cost of financing, are executing large scale utility projects.
Accordingly, we have increased our focus on Solar Captive project development in India and other target markets.
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Section II
Sponsor Background Faber Capital

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Sponsors Faber Capital

Faber Capital is an international investment banking firm formed by a group of international bankers, capital
markets, private equity and other professionals with decades of experience in investing, banking and capital
markets.

Partners in Faber Capital have worked in senior positions in banking and project implementation sectors in
Emerging Markets (EMs) banks for over 2 decades raising large amounts of capital for infrastructure projects

Since 2012, Faber has been actively working on advisory and fund raising mandates in Renewables sector
Brief History (predominantly in Solar Industry) with manufacturers and developers which has given it a deep insight into the
industry. It started investing in and developing solar projects since 2013 and has since acquired a 75% stake in
Gulf New Energy Group (GNEG), a UAE based entity with team experience of 300 MW solar implementations.
Since then it has further increased its development pipeline to 200 MW in South Asia, Africa and Middle East

Faber Group has built an engineering and project management team based in India and UAE over a period to
help in-house assessment of projects, site assessment, plant design and overseeing the entire development
cycle, coordinating with EPC, regulators, consultants and commercial matters

The Management team of Faber Capital comprises six partners as well as one GNEG partner

Management The CEO of the group is Mr. Deepak Kohli and India operations are overseen by Mr. Anand Raheja
Team
Mr. Rajat Surey and Mr. Pradeep Kabra are partners in-charge for technical and project teams

GNEG is jointly managed by Mr. Rupesh Hindocha and Mr. Marc Lamsfuss

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Faber Capital Key Personnel

DEEPAK KOHLI 30 years of international investing and banking experience in SCB, NBAD, GE, PWC
CEO & Senior
Managing Partner Standard Chartered Bank (SCB) Global Head, Debt Capital Markets (Singapore), Regional Head of Capital
Markets MENA and South Asia (India)

Previously, Deepak Headed NBADs Investment Banking Division

He is a Chartered Accountant and graduate from Shri Ram College of Commerce, Delhi University

He is currently based in Dubai

ANAND RAHEJA 28 years of international corporate finance, M&A and fundraising experience followed by CFO role at Dar Al
Managing Director Arkan, the largest listed real estate company in Saudi Arabia

Prior to that Andy has 15+ years of experience with investment banks and corporate finance advisors in London
and New York

He is a Chartered Accountant with B.Com from Shri Ram College of Commerce, Delhi University and MBA from
New York University

He is currently based in Delhi

PRADEEP KABRA Pradeep Kabra has over thirty years of experience in all facets of the upstream oil and gas industry and till
Partner recently was the President and CEO of a publicly listed company in Canada and NASDAQ First North,
Stockholm

He is a Chartered Accountant from India, holds a Masters degree in Petroleum Law and Policy from CEPMLP,
University of Dundee

He is currently based in Geneva

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Faber Capital Key Personnel

RAJAT SUREY Approx. 20 years of financial services experience in banking, credit ratings and mutual funds, most recently
Head-Technical &
Project Execution head of capital markets for North India at Standard Chartered Bank.

He is the Partner in-charge for Technical and Project Management team in Faber and its joint ventures
responsible for project execution and handles commercial, technical, vendor management, contracting, legal,
regulatory and taxation aspects

He is a B.Tech from IIT Delhi and MBA from IIM Ahmedabad

He is based in Delhi

DILSHAN
HETTIARATCHI Dilshan has over 20 years of Banking experience and was Managing Director and Head of Debt Capital
Managing Director Markets MENA for Standard Chartered Bank, based in Dubai.

He is a Chartered Financial Analyst from CFA Institute, Management Accountant from Chartered Institute of
Management Accountants and MBA from University of Colombo

He is currently based in Colombo

Rupesh has over 20 years of banking experience in Latin America, Eastern Europe, Middle East and Africa.
RUPESH
HINDOCHA Prior to joining Faber he was head of credit trading for Middle East, Africa, Turkey and Pakistan for Standard
Managing Director Chartered in Dubai. Prior to this he held various positions at Credit Suisse in London and Dubai including
head of credit trading for Eastern Europe, Middle East and Africa and also head of investment banking
coverage for Sub Saharan Africa

He holds Bachelor of Science in Economics from University College London

He is currently based in Dubai 9


Faber Capital Solar Expertise
Faber Capital has hands-on deal experience in the renewables sector across the full technology, project and transaction life
cycle giving it access to equity / debt financing and deep market insights

Solar Sector Team

Senior
Detailed executive Provide In-depth
understanding relationships support knowledge of
Combining both
of solar, hydro with global across the EPC, O&M
technological
and technology full and project
and strategic
wind energy players, technology, finance
perspectives
technology & project project and contracts in
economics developers transaction CSP, wind,
and financiers life cycle solar PV and
CPV

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Faber Capital Solar Experience (Operational Project)

SAGA SOLAR: 10MW Solar PV Project in Sri Lanka

Project Highlights Key Drivers

Project Company Saga Solar Power (Pvt.) Ltd. Policy Thrust


SL Govt. is keen on promoting Renewable Energy sector
Location Hambantota, Sri Lanka
Well supported by financial institutions including World Bank
Capacity 10 MW

Project Cost USD 17.93Mn [LKR 2349Mn]


Strategic Location
Developers Faber Consortium*
Highest solar radiation in the country, making it an optimum location
PPA Tenure 20 years for solar power plants
Tariffs LKR 23.10 per unit [USD 0.18] Leasehold Land allotted for 30 years

Highest in the country The site is located very close to sub-station from where power can be
Irradiation
(~5.8kWh/m2/day) easily fed into the grid
*Faber Consortium includes LOLC Group and ISL as Co-developers

Bankable Off-taker Highly Experienced EPC Partner


Long term PPA with Celyon Electricity Board having Solon is a Leading player in solar modules, systems and EPC for
excellent payment track record large scale solar power plants globally
Assured revenue visibility for 20 years established Over 1,200MW of components sold and systems installed
worldwide

FIRST UTILITY SCALE SOLAR IPP PROJECT IN SRI LANKA COMMISSIONED ON OCTOBER 26TH
TH , 2016
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Faber Capital Role in implementation of Saga Solar Project
Project Development Equity Investment And Lead Advisors For Fundraising

Engineering Procurement Construction Equity Investment And The Mandate


Appointed Greenpulse Bvba as a consultant for carrying out Faber has a 48.9% stake in the 30% equity of the project
bidding for EPC Faber was mandated by SAGA Solar to raise debt and equity capital
Appointed Solon after evaluating six major EPC players globally for the 10MW project with total cost of USD 17.93 Million
Equipment Management
Appointed equipment suppliers (Solon, AEG, Essenar) Lead Advisors On Debt Financing
Efficient German modules, improved cell efficiency and smart Initially secured USD denominated debt term sheets from IFC for
system integration reduced overall system losses and led to high 70% of the project costs with a tenor of 12 years and pricing of L+550
CUF of 19.2% bps
Third Party Consultants To hedge the loan repayment from foreign exchange fluctuations,
Commissioned Sgurr Energy India (SEI) to conduct a technical Faber raised local currency debt from a consortium of 3 local
feasibility study commercial banks
Appointed UL for certifications, pre-dispatch inspection and tests Ensured refinancing of the loan from local banks by raising debt form
of equipment European Investment Bank (EIB) through a Line of Credit
Local Partners (ISL) Brought down the effective cost of local currency debt to ~ 8% for a
Appointed Industrial Solutions Lanka (ISL) as technical tenor of 10 years which is much lower than the all-in IFC USD debt
consultants for local works costs (including hedging costs)
Risk Analysis and Mitigation
Coordinated risk management with ISL Managing Foreign Exchange Risks
Regular interaction of various stakeholders through weekly Faber ensured hedge against foreign exchange fluctuations between
implementation committee local currency and USD by establishing a forward rate for 93% of the
Regulatory: Ensured requisite approvals from regulatory authorities total payments

FABER CAPITAL HAS PLAYED A LEAD ROLE IN PROJECT DEVELOPMENT AND FUND RAISING 12
Faber Capital Saga Solar Project Site

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Faber Capital Saga Solar Project Press Release

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Faber Capital Solar Experience (Other projects)

Development & Advisory Experience

Angola - 124 MW Ground Mounted Solar Power Project at Post LoI Stage
Joint owners of the Project
Financial advisory, capital raising and mezzanine equity
Lead Developer to the Project

Egypt - 50 MW Ground Mounted Solar Power Project


Joint owners of the Project
Lead Arranger for Debt financing
Advisory on Project Structuring and Execution

Microsol: Integrated Solar Player in UAE


Faber acted as Sole Advisor on Senior Syndicated Facility (conventional & Islamic tranche)

Solon: Global Solar EPC Player, Module & Cell Manufacturer


Advising on Business JVs and raising Equity and/or Mezzanine capital
Advising on restructuring of Solons German operations
Buy side Advisory to target Bosch Solar Assets (USD 1.0 bn in book value) in a negative equity bid

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Section III
Fabers role in value creation

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Fabers Role in Value Creation across Development Cycle

Actively source captive opportunities in


target markets due to its strong local
network

Stringent credit and risk


evaluation through a formal
Business
Dev.
Investment Committee (IC)
approval process; team
Overall supervision of the comprises of senior ex-bankers/
projects and ensure smooth professionals from international
operations with minimal Construction Credit rating agencies
+ O&M Evaluation
down-time

Evaluate technical feasibility Faber Value


Creation Process Post the IC stage, only ~20%
Put EPC contract in place
Approve EPC Designs of the opportunities are
Design & Product
Oversee all project approvals Development Offering selected for the next stage
Arrange cost-effective
execution of the local content

Bring together local & foreign


Capital
Legal & Tax banks
raising
Bring in low cost debt financing
Secure project finance term
sheet
Optimize legal and tax outflows
through appropriate legal and tax
structures

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Robust Project Selection Process

Investment Committee approval process**

Technical Feasibility Legal Feasibility Commercial Feasibility Financing Availability

Irradiation Potential - Legal analysis Preliminary estimation Country Risk


Meteonorm, of capital expenditure
Policy on own and third Power sector
SolarGIS, NASA etc. and operating
party captives, net
PVsyst Simulation expenditure to assess Sovereign credit risk
metering, power
sustainability of the
banking Investment climate
Grid Connectivity / project
Mapping Approvals required Foreign exchange
Logistics cost
Soil / Geotechnical Tax analysis Fiscal deficit
Financial Model with
Preliminary Analysis
Grid Codes Sensitivity / Scenario Political climate
Weather Conditions analysis to evaluate
Efficiency of capital
Logistics and Site economic feasibility
market
Access Comprehensive
Current convertibility
analysis of off-taker risk
Regulatory environment
Identification of risk
mitigation measures Debt Availability, DFI
interest, Banking &
Insurance sectors

Investment Committee Review process helps pick projects where maximum value is created while avoiding undue risks. Stringent
investment parameters have resulted in only 20% of proposals being accepted 18
Credit Evaluation
Credit Risk evaluation and mitigation is one of the highest priority focus areas for Faber Group as the safety of
the payments is of paramount importance in the risk-return matrix.
Faber partners and financing teams have in-depth credit background, including being members of credit
committees in banks / rating agencies.
Credit risk comprises the following factors:

Ability of the customer to pay Willingness of the customer to pay Security & Recovery Value

For smaller sized systems, only


limited data is available - Bank Guarantee or Letter of
however, we would be doing a Credit (6-12 months revolving)
general financial health Benefit of lower power cost
verification and reference check and stability of power as
compared to grid supplied
If the customer owns an power strong incentive for
customer to pay LTV of the plant credit
industry, the financial health of exposure versus removal value
the industry and net assets and of the plant
Due Diligence P&L is broadly analysed

o Our investment banking operations provide us information on which industries are doing well or otherwise we
broadly understand the business model of the industry (education institutions, hospitals / malls)
o We collect data from the customer and site visit look at the quality of assets

o Check out references

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Capital Raising
Faber Capital is an international capital advisory firm providing financial services including M & A advisory, structuring, and
capital raising. Faber has built strong expertise in the solar power sector where it has advised on M&A deals, joint
ventures, debt and equity structuring/raising; it is currently advising on fundraising for 250 MW of solar projects .

Strong network with international and local investors and substantial experience in structuring and raising debt
enables timely financial closure

Significant experience of working with multilaterals like IFC, DEG, FMO, Proparco, European Investment Bank, EBRD etc.
and with local commercial lenders and ECAs in Emerging Markets

Strong relationships with both institutional and family office equity investors provides an edge in solar markets such as
Africa, Asia and Middle East

Case Study Sri Lanka, Saga Solar PV 10.0 MW P (Lead Advisor On Debt Financing)

Initially secured USD denominated debt term sheets from IFC for 70% of the project costs with a tenor of 12 years and
pricing of L+550 bps

To hedge the loan repayment from foreign exchange fluctuations, Faber raised local currency debt from a consortium of 3
local commercial banks

Ensured refinancing of the loan from local banks by raising debt from European Investment Bank (EIB) through a Line of
Credit

Brought down the effective cost of local currency debt to ~ 8% for a tenor of 10 years which is much lower than the all-in
IFC USD debt costs (including hedging costs)

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Strong Leadership & In-House Execution Team [TBD]

Dubai Leadership team combines solar development expertise with financing experience

MARC LAMSFUSS RUPESH HINDOCHA DEEPAK KOHLI KRISTIAN KONSALIK


Founder & MD Director CEO VP Business
Development

India Leadership Team Technical Evaluation & Project Management

ANDY RAHEJA RAJAT SUREY MANOJ BHARTI LAKSHMI NARAYANAN


Head India Business Head Technical & Senior VP VP
Execution

ADITYA PATEL
PRADEEP KABRA NUPUR SHAH Project Manager
Non Executive Board Analyst Faber
Member

Evaluation & Analysis Financing Team

BHUPESH GOYAL ARPIT GUPTA SHYAM SHIRKE JAI PRAKASH


AVP AVP Associate Director VP

SURABHI JAIN MEGHA KILLA RAGHAV SHARMA


SUMISHA MAHESHWARI
Senior Analyst VP AVP
Analyst

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Section IV
Development Risks & Mitigation

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Development Risk and Mitigation Measures

RISKS MITIGATION MEASURES

SITE
Improper evaluation Standardized questionnaire for data collection
EVALUATION
Lack of information Different data like topography, grid connectivity,
Irradiation, Ambient Temperature, Wind Speed is
taken into account

Non optimal selection of technology Highly experience technical and commercial to


TECHNOLOGY
evaluate multiple technologies
SELECTION Inputs from wide network of vendors for proper
evaluation
Third party assessment of technology selection

ENERGY Improper dataset selection Multiple dataset evaluation


ANALYSIS
Industry standard software with customized inputs
from vendors
Third party validation of energy assessment

Local Cost factors interpreted wrongly Local presence with complete information about local
PROJECT COST labor cost and logistics
Output of site evaluation not taken
& ESTIMATION Standardized checklist for verification of cost factors
Local Logistic factors and material
availability not considered Site visit checklist extract information pertaining to
logistics and access to roof

Generally biased towards the off Take or Pay clause


PPA takers Revolving of LC
No adequate provisions for Clauses on Indexation
termination
Take or off clause is not clear all times

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Development Risk and Mitigation Measures

RISKS MITIGATION MEASURES

EPC
Improper compensation to either Standardized EPC contracts acceptable by lending
CONTRACTING parties institution
Warranties and Guarantees not fully Negotiated customized warranty terms with vendors
covered Technical specifications as per industry standard
Technical specifications are not
properly framed

DESIGN & Non optimal design Third party design verification


PROCUREMENT Codes and Standards not followed Preferred vendor list to be used for small projects
Low quality material procurement and pre-dispatch inspection for large projects
On-site testing of materials to filter equipment
damaged during transit

Improper resource planning and Highly experience project management team work in
CONSTRUCTION allocation conjunction with EPC to ensure quality and safety
Construction quality and safety not Project planning and resource allocation closely
being observed monitored by the internal team
Plant acceptance agent shall perform all necessary
tests
Defect liability period as a part of contract

Low performance compared to actual Plant shall be accepted after conducting a


OPERATION &
performance test of min 7 days
MAINTENANCE Online system monitoring
Data analytics team will do root cause analysis for
troubleshooting

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EPC Strategy
Faber has adopted the strategy of appointing competent external EPC contractors, on project basis, under supervision of a strong &
experienced in-house Technical team. Following are brief profiles of existing/potential EPC contractors:

RelyOn Solar:

Established in 2010, technology driven company with a


dedicated R&D team

5 branch offices, 1500 installations across 18 states in


India (>24MW Base)

Channel Partner for MNRE, BPCL, HPCL, IOCL

Global sourcing capabilities

Specialized in design, engineering, installation,


commissioning and maintenance of custom built power
systems

Promoter: M.Tech from IIT with a Ph.D in Chemical


engineering and 20+ years of experience in solar &
related technologies; Ex-CTO of Solar division of 3M
Corporation, USA; holds 29 patents in Key Silicon
processes, Thin Film Semiconductor etc.; successfully
managed projects of USD 100+ mn.
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EPC Strategy
Enerparc AG:

Enerparc, headquartered in Germany is a global EPC player


with India specific experience in managing mid sized and large Enerparcs worldwide projects map
projects

Scope of work will include Design, Engineering, Manufacturing,


Supply, Installation work, Erection, Testing & Commissioning of
grid connected roof mounted Solar PV project

Enerparc Energy Pvt. Ltd. is an Indian arm of Enerparc AG,


headquarters in Germany, is a global expert in conceiving,
developing, engineering, building, and operating large-scale
photovoltaic (PV) systems Some of Enerparcs experience of Solar
Installation in India
Enerparc started its operations in India in 2012 and have since
2.1 MWp Solar PV power plant at Delhi
acted as EPC provider for several projects International Airport
Enerparc AG has connected more than 1600 MWp of Solar PV
5 MWp Solar PV power plant at
plants to Grid across many countries since incorporation in
Hyderabad International Airport
2008 - project sizes range between 0.5 to 80MWp

One of the leading PV energy producer worldwide with own


2.1 MWp Solar PV power plant in
Muktsar, Punjab
portfolio of more than 930 MW

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EPC Strategy
Solon:
Founded in 1997 in Germany, one of the PV pioneers ranking among top 10 EPC players globally and Top 4
in US

Global presence: across 7 countries i.e. UAE, India, Italy, Germany, USA, Australia, Israel

Presence across value chain as Module manufacturers, EPC and O&M Service provider

Installed more than 400MW solar PV projects globally and have sold solar modules/components of ~1800MW

Ampolt Electronics:
Has significant EPC and civil experience and has commissioned multiple projects in the solar sector of upto
1000 KWp in India.

Range of solar solutions include Solar Inverter, Solar Pump Inverter, Lighting Solutions, Advance Metering
Infrastructure Technologies, Building Automation-Integrated Solutions, Energy and Water Meter Automation,
etc.

Have received various awards and recognitions in renewable energy sector Lockheed Martin Innovation,
DST-FICCI Award, Frost & Sullivan Global Innovation & Leadership Award 2011

Span Pumps:
Span pumps, founded in 1987, is a manufacturer of water pumps manual and solar operated; have supplied
6000 solar water pumps (equivalent to 5.0MW)

In 2016, Company has forayed into Solar roof-top generation and provides complete design optimization and
implementation support for the ground mounted and rooftop solar power generation.

With a confirmed Order book of 1.0MW, Company is targeting 8.0MW in FY2017


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Section V
Project Pipeline & Financial Feasibility

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Project under Implementation Roof top Captive
Faber has signed agreement with an educational institution in Western India region for implementing roof-top solar power plant for the
captive consumption of the institution. Following are the key details of the Project:

Status PPA Signed Key drivers


Location Latur & Wakhri, Maharashtra Creditworthiness of Off-taker
Education institute with stable revenue line and strong
PPA Details
balance sheet
Off-taker MIT Group of Institutions, Pune Bankable PPA Arrangement
Tenor 15 years Bank Guarantee equivalent to six months of energy will
Tariff Rs. 6.0/kWh be maintained throughout the PPA period
Capacity 500 kW P & 220 kW P Guaranteed minimum offtake
Late payment penalty
Energy Generation Analysis
Insurance cover provided by the Off-taker
Installation Type Grid Tied Roof Top PV System
Global Horizontal Irradiation 1956 kWh/m2/year
Performance Ratio 76.54%
CUF 18.09%

System Design Details

Modules 310 W (Tier 1)


Evacuation Voltage 415 V
Tilt Angle 150
Ballasted System with Galvanized Steel
Mounting Type
Structure

Grid Tied Roof Top PV Plant 29


Project Pipeline

Region Capacity (kWP) Type Off-taker

Western 2000 Captive Roof Top + Ground Private Entity

Western 1000 Captive Rooftop Govt. Agency

Western 950 Captive Rooftop Pvt. Mfc. Entity

Western 420 Captive Rooftop Private Entity

Western 375 Captive Rooftop Pvt. Mfc. Entity

Central 1000 Captive Rooftop Private Entity

Southern 2000 Captive Ground Pvt. Mfc. Entity

Southern 250 Captive Rooftop Pvt. Mfc. Entity

Total 7995

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VI - Annexures

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Projects in Developed Markets
Selected Completed Projects: Strong Pipeline of 200+ MW:

Region Capacity (MWP) Project Name Capacity (MW) Current Status

Europe 84.7 Angola Solar 3 sites 124 Post-LOI

Europe 39.5 Egypt Solar 50 LOI & Land

Europe 19.68 Iran Solar 10 Post-LOI

Europe 30.2 Kenya Solar 10+30 Pre-LOI

Europe 18.9 Tanzania Solar 50 Pre-LOI

Europe 3.9 Bahrain 7 Pre-LOI

Europe 21.7

Europe 7.5

Europe 11.2

Europe 0.8

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