1. Confidential © Copyright 2015 0 Amit Kumar Tata Power Solar

2. Confidential © Copyright 2015 1 The Tata Group India’s largest and most trusted * business group Businesses in seven sectors Over half a million employees Operating in more than 100 countries Group revenue of nearly $100 billion With over 60% business from outside India MaterialsEngineering IT and Communication EnergyServices Consumer Products Chemicals * Voted as India’s most trustworthy company, as part of the world's 500 most valued brands, by Brand Finance Global 500 in 2014

3. Confidential © Copyright 2015 2 Introducing Tata Power Solar  Tata Power Solar is the largest integrated solar solutions provider in India  Tata Power Solar is based in Bengaluru where it operates 180 MW of cell manufacturing and 300 MW of module manufacturing facilities  Established in 1989, Tata Power Solar (formerly Tata BP Solar) was a joint venture between Tata Power and BP Solar  Today, it is a wholly owned subsidiary of Tata Power, India’s largest integrated power utility Module Manufacturing Facility

4. Confidential © Copyright 2015 3 Tata Power Solar history & important Milestones 2001-02 80 remote villages lit up 2004-05 Over 100 solar power plants in 107 villages in Chhattisgarh 100 kWp solar power plant installed at Vidhana Soudha, Bangalore 2007 Largest Solar Water Heating System of 29 KLPD installed in India Doubled module manufacturing capacity to 85 MW TPS declared Best Solar Water Heater Manufacturer TPS was presented EEPC’s Star Performer (large enterprise) award in recognition of its outstanding contribution to Engineering Exports 2008 ICAI Award for Excellence in Financial reporting TPS receives the FICCI Annual Award 2008 -09 for outstanding achievement in environmental sustainability of business 2010 Inauguration of 32 MW solar cell plant Special commendation for Golden Peacock award for Occupational Health & Safety 2011-12 50 MW grid-connected power achieved Received CII’s Leadership and Excellence Award in Environmental Health and Safety Award 2012 Tata Power Solar is formed 1989 JV between Tata Power and BP Solar 1991 Commercial production commenced 2014 Inter Solar Award for NPTC 50 MW project Ranked #1 third-party EPC player as well as #1 domestic module supplier for 2014 in India Solar Map Ranked #1 in industrial and commercial segment Ranked #2 in residential segment for 2014 2015 Won a 100 MW solar power plant project from NTPC. Awarded “Rooftop Solar EPC company” of the year National Award for Excellence in Cost Management Energy And Environment Foundation Global Excellence Award-2015 2016 MNRE award for largest Roof Top Company

5. Confidential © Copyright 2015 4 About Tata Power Solar  Founded in 1989, oldest solar company in India  Largest most respected cell, module and systems manufacturer in India  Founded in 1981, BP solar was the pioneer of the solar PV technology  Globally exited the solar industry in 2012, upon which Tata Power bought its stake in the joint venture  India’s largest and most trusted business group with $100Bn revenue and operations in 80+ countries  Tata power, largest private IPP in India, currently holds 100% of Tata Power Solar  180 MW of cell capacity  Market leading efficiency and cost of conversion  Process both mono and multi cells  200 MW of module capacity  500+ MW modules shipped outside India  36, 60 and 72 cell configurations among others  Solar lighting, heating and pumping solutions  Largest dealer, sub- dealer and Installer network  #1 brand in India  Custom rooftop / ground mount systems  1000+ installations across India  Many above 15 years old, with excellent performance record  Most respected solar EPC brand in India  Executed maximum number of grid connected projects

6. Confidential © Copyright 2015 5 Tata Power Solar is India’s largest integrated solar solutions provider and has a rich legacy of 25 years of pioneering excellence in solar Business Overview Corporate/ Power producer CellModule Polysillicon /Wafer Projects CustomerProducts Electricity Rooftop solutions Pumping solutions 250 MW installed capacity to date 20+ years of delivering 1000+ IS installations O&M services Wide range of products Pan India dealer network Best in class after sales support 180 MW capacity State-of-art equipment Market leading efficiencies 300 MW capacity World class standard modules Distinctive specialty modules TPS’ presence in the value chain TPS not present in these areas LP IS Investor Bank/Nodal agency TPS can help connect & facilitate discussions with an array of potential solar power investors

7. Confidential © Copyright 2015 6 Cell & Module Manufacturing TPS has India’s largest integrated cell and module manufacturing facility  180 MW of cell manufacturing and 300 MW of module manufacturing capacity  Additional 96 MW of cell capacity available for rapid ramp-up  All facilities are ISO 9001:2008 and ISO 14001:2004 certified and meet highest industry standards We have a broad portfolio of offerings for the specialized needs of our global clients  Multiple configurations (36, 60 and 72 cells) and wattages (up to 300 W) available  Cell manufacturing lines can process both mono and multi-crystalline wafers of 125 mm and 156 mm sizes Product excellence through process excellence

8. Confidential © Copyright 2015 7 Cell Manufacturing – Crystalline Silicon Production facility overview 180 MW of cell manufacturing capacity 20+ years of production experience High quality German equipment and tools Features High conversion efficiency, resulting in superior power output Outstanding power output even in low light/high temperature Optimized design for ease of soldering and lamination Long-term stability, reliability and performance Low breakage rate Color uniformity Production facility overview Precision cell efficiency sorting procedure Stringent criteria for color uniformity and appearance Reverse current and shunt resistance screening REACH-SVHC test passed, ISO9001, ISO14001 and OHSAS 18001 certified (in progress) Calibrated against Fraunhofer ISE

9. Confidential © Copyright 2015 8 Module Manufacturing – Standard Modules Characteristics TP300 Series Multi-Crystalline Modules TP250 Series Multi-Crystalline Modules Available in the range of 230-305W Internationally certified by TUV, IEC, UL Modules with positive power tolerance of 0 ~ +5 W for TP series Torsion and corrosion resistant anodized aluminium frame Optimized edge clearance for high quality rugged design Ability to withstand high wind pressure and snow loads Unique featuresBenefits Anti-reflective glass (ARC glass)High energy yield High fill factor Improved energy conversion efficiency Ultra-soft interconnect with stress relief Enhanced reliability Unique output termination using spot soldering Improved product longevity and reliability Unique back sheet design Used even under corrosive environments

10. Confidential © Copyright 2015 9 Module Manufacturing – Speciality Modules: Gold / Platinum series Unique featuresBenefits Torsion and corrosion-resistant anodized aluminum frames with high strength and mounting holes Quick and easy installation High efficiency cells used in modules for applications in which space is a constraint Highly customizable solutions High transitivity glass used as superstrateHigher impact resistance Characteristics Wide range – 5W to 200W available Industry leading power warranty Meets MNRE, DGS&D and STQC specifications for use in Indian market Blocking and bypass diode available IV curve and specifications available for all products UV resistant, weather-proof junction box available Applications Lighting: Indoor, street and lanterns Telecommunication and radio relay towers Stand alone systems Defense and offshore applications Solar water pumps Signage and flashers

11. Confidential © Copyright 2015 10 Modules - Our Product Proposition 1 High Energy Yield  AR coated glass improves low light performance  High fill factor cells and modules  Enhanced low light performance 2 Durability  Optimized edge clearance  Torsion and corrosion resistant anodized aluminum frame  Designed to withstand high snow and wind loads 3 Performance  Superior performance beyond IEC/UL standards  High reliability under extreme weather conditions  Electroluminescence tested for micro- cracks 4 Reliability  25 year module warranty in line with industry best practices  Warranty claims of less than 0.07% over two decades

12. Confidential © Copyright 2015 11 Products Broad Product Portfolio 15+ years of proven track record Financing available Best-in-class after sales support Innovative, high quality products Affordable price point Off-Grid Solutions Pumping Solutions AC/DC Submersible/Surface Rooftop Solutions Grid-Tie Solutions Retrofit Solutions

13. Confidential © Copyright 2015 12 Projects 17 MW solar plant in Gujarat 50 MW solar plant in Madhya Pradesh 12 MW rooftop solar plant in Punjab [World’s Largest rooftop plant] 100 MW solar plant in Andhra Pradesh (50 MW commissioned)

14. Confidential © Copyright 2015 13 Rooftop and distributed generation projects installed capacity across India 65+ MW of total rooftop and distributed generation projects executed 6470 4060 2850 5110 2270 474 12410 8790 1430 3620 5730 1210 4791 981 140 180 140 1820 StateCapacity (kW) J&K 4060 Uttarakhand 470 Chattisgarh 4791 Andhra Pradesh 1210 Gujarat 6470 Tamil Nadu 8790 Maharashtra 5110 Kerala 3620 Rajasthan 5730 Karnataka 2270 Delhi 2850 West Bengal 981 Haryana 1820 Uttar Pradesh 12410 Telangana 1430 Madhya Pradesh 140 Orissa 180 Bihar 140 Others 2398

15. Confidential © Copyright 2015 14 Solar Radiation Map Of india

16. Confidential © Copyright 2015 15 Plant Size: 50 MW Land Area: 238 Acres No. of Modules: 217392 Module Type : Tata Power Solar Rating of Module : 230 Wp No of Structures: 9058 Time to complete : 9 months Civil Foundations: 72464 Units Generated: 78.661 MUs in Year 1 Commissioned: March 2014 CO2 reduction : 62929 MTs in Year 1 Key Statistics The 50 MW flagship project in Rajgarh, Madhya Pradesh, is the LARGEST ever by NTPC and the LARGEST ever to use India manufactured solar modules. In August 2016 we have commissioned the 100MW Ananthpur Project. Snapshot: NTPC Project Rajgarh Project

17. Confidential © Copyright 2015 16 NTPC Rajgarh 50mw Plant View

18. Confidential © Copyright 2015 17 Overall View of NTPC Site Ananthpur 2X50Mw CMCS- P2 Block CMCS External View P2-CMCS

19. Confidential © Copyright 2015 18 Other ground mount project installations 17 MW solar plant in Gujarat 3 MW solar plant in Maharashtra 11.52 MW solar plant in Karnataka 2 MW solar plant in Andhra Pradesh

20. Confidential © Copyright 2015 19 Flowchart of Installation and system integration

21. Confidential © Copyright 2015 20 Ravi Beas Satsang 12 MW Worlds Largest Roof Top

22. Confidential © Copyright 2015 21 Safety Installing solar panels on roves and elevated surfaces is dangerous business. Roof edges and skylights compose a constant threat to worker safety. Skylights can be especially dangerous for solar installations because the paneling narrows the walking space around these fall hazards. All skylights should be protected with railings or skylight screens during installation and all required maintenance.

23. Confidential © Copyright 2015 22 Tata Power Solar: Remote Monitoring System Architecture Internet Mobile Application Tool for Enterprise/ HTTP/FTP Public view 10 to 300 KW Plant TPS 24/7 Remote Operation Center Central scalable Cloud enabled Application server, and database Operating experience feedback Service Delivery Data collection Site Monitoring Performance AnalysisReporting Control Asset management Maintenance Management Project engineer view/performance Mobile app SMS = ~ Utility Meter SolarLog Data logger with display, SIM card Customer/Investor view/email DB Monitor.tatapowersolar.com

24. Confidential © Copyright 2015 23 Details of monitoring solution Dedicated TPS server Capabilities:  Monitoring : Local and Remote  Communication: LAN, Wi-Fi, GPS  Reports and alerts via email

25. Confidential © Copyright 2015 24 Benefits to the customer

26. Confidential © Copyright 2015 25 Snapshot : Gujarat Energy Development Agency ( GEDA) project Plant Size: 1.2 MW No. of Sites: 34 No. of Modules: 4800 Module Type: Tata Power Solar Rating of Module: 250 Wp No. of Structures: 159 Time to complete: 3 months Units Generated: 1.8 MUs in Year 1 Commissioned: March 2014 CO2 reduction: 1440 MTs in Year 1 Range of systems: 10 kWp to 100 kWp Key Statistics The 1.2 MW Rooftop project in Gandhinagar, Gujarat was a prestigious project catering to the power requirements of Government buildings in Gujarat

27. Confidential © Copyright 2015 26 Important features of the project Multiple Systems in the range of 10 KWp to 100 KWp were installed Basic purpose was for the state Government buildings to become more self reliant and promote the use of renewable energy Systems were installed on various buildings like Gujarat High Court & Gujarat Forensic Science University besides collector offices and DDO offices Managing installations across 34 different rooftops was an arduous task which we were be able to manage given our experience in executing multiple projects simultaneously Executed in record time given the geographic spread of the projects across multiple locations and cities in Gujarat The 1.2 MW solar power project at GEDA was executed at 34 different sites and is expected to generate 1.8 million units of energy Project Details

28. Confidential © Copyright 2015 27 Snapshot : Murugan Textiles Project Plant Size: 2.01 MW No. of Sites : 3 No. of Modules: 8136 Module Type : Imported Rating of Modules: 250Wp and 245Wp No of Structures: 8136 Time to complete : 3 months Units Generated: 3.02 MUs in Year 1 Commissioned: March 2014 CO2 reduction: 2450 MTs in Year 1 Key Statistics The 2 MW Rooftop project in Tirupur, Tamil Nadu was the LARGEST rooftop project in South India for the LARGEST power loom producer in India

29. Confidential © Copyright 2015 28 Important Features of the Project Tata Power Solar was awarded this project due to our superior design and execution capabilities Buildings were located in Heavy wind zone with high wind speed making it difficult to mount modules Various wind mills all around added to pressure and required considerable structural planning and innovation Zero downtime to manufacturing plant during installation Primary Challenges Part of the client’s green initiative to pioneer solar energy in the textile industry Installation is spread over 3 buildings with 800 kWp situated in one building The plant is designed for captive consumption and, to avail REC benefits, is connected to the grid through a 11kV feeder The plant is the first phase of a 3MW project and work on the second phase of 1MW will begin early next year Project Details

30. Confidential © Copyright 2015 29 Snapshot: Asian Paints Plant Size: 800 kWp No. of buildings : 6 No. of Modules: 2667 Module Type : TPS Rating of Module: DCR modules of 300 Wp Time to complete: 3 months Units Generated: 1.28 MUs in Year 1 Commissioned: Oct 2014 CO2 reduction: 640 MTs in Year 1 DGs synchronized : 4 DG sets of capacities 3 x 750 kVA, 1 x 1000 kVA Key Statistics The 800 kWp rooftop project in Chennai, Tamil Nadu is the LARGEST rooftop plant with DCR modules and FIRST DG Synchronization project

31. Confidential © Copyright 2015 30 Important Features of the Project First DG Synchronization project using SMA fuel save controller and the BIGGEST DG synchronization project in India till date Roofs were 30 meters high and safety was a big concern during execution Being a manufacturing plant we had to take adequate measures to ensure zero plant downtime Cable routing was complex as we were using existing trays for routing cables inside the facility Primary Challenges Project was implemented to save on electricity and diesel costs and to promote use of renewable energy DG Synchronization saves diesel consumption by utilizing optimum DG set along with solar power ensures stable operation of the plant by preventing reverse flow of power SMA’s fuel save controller was used for DG synchronization: 9 solar feeding points and 4 DGs sets (3 x 750 kVA and 1 x 1000 kVA) are being continuously monitored Spread over 6 buildings and an area of 8000 sq. m., the solar system is installed on GI sheets utilizing unused space Project Details

32. Confidential © Copyright 2015 31 Other rooftop projects executed in India IIT Roorkee – 1800 kWp Titan Industries – 316 kWp TCS – 60 kWp Surat Municipal Corporation – 750 kWp

33. Confidential © Copyright 2015 32 BIPV: Building Integrated Solar PV systems BIPV or Building Integrated Photo Voltaic deals with aesthetically integrating the Solar PV panels with the building design, while providing the users with Green Electricity. Building Integration can be done by replacing building sections with Solar or by super imposing on some parts of Building Overall design: Building atheistic has the Highest priority followed by Energy Generation Capacity of the plant. Opaque or transparent modules Energy Yield: Highly site dependent as each system is custom designed & tilt, façade will be different Unique Rooftop Solutions

34. Confidential © Copyright 2015 33 BIPV Installations by Tata Power Solar PV Modules Ordinary Glass IOCL, Delhi - 30kWp TCE, Jamshedpur - 10kWp Coal India, Kolkata - 40kWp FESTO, Noida - 20kWp

35. Confidential © Copyright 2015 34 Multiple Financing models Upfront investment – 100 kWp system 0 Cr 0.5 Cr 1 Cr Equity IRR A 18.3% C 8.37% E 10.6% D 15.8% B 10.3% 0 50 100 Assumptions Calculations are for a 100 kWp system and EPC price is 78 lakhs for capex and lease models. EPC price for PPA model is 76.7 lakhs For IRR calculations we have considered grid tariff of Rs 6.7 with 4% escalation for 25 yrs with an LCOE of Rs 8.34 70:30 as D:E ratio. Loan tenure of 10 years at 8% interest for 12 yrs For Lease model, EMI calculations as based on 15% IRR for financing partner. For PPA model, tariff is based on Project IRR of 10.2% for investor Additional taxes and surcharges applicable A) Capex model with *AD – IRR 18.3% B) Cap-ex option no *AD – IRR 10.3% Upfront Investment of Rs 78 lakhs O &M expenses Rs 1 lakh in Y1 with YoY escalation C) PPA with investor – IRR 8.37% No upfront investment and no O & M expenses Rs 7.65/ kWh of solar energy with 2.5% escalation for 25 years (~Rs 11 lakhs in Y1) D) Lease model with *AD – IRR 15.8% E) Lease model no *AD – IRR 10.6% Refundable security deposit of Rs 7.8 lakhs EMI ~Rs 2 lakhs/ month (~Rs 22 lakhs/yr) for 5 years O & M expenses Rs 1 lakh in Y1 with YoY escalation Refundable security deposit of Rs Rs 7.8 lakhs EMI ~Rs 2 lakhs/month (~Rs 22 lakhs/yr) for 5 years Operating lease & customer avails AD ~Rs 21 lakhs O & M expenses Rs 1 lakh in Y1 with YoY escalation Upfront Investment of Rs 78 lakhs Tax benefit due to 80% AD benefit ~ Rs 21 lakhs O & M expenses Rs 1 lakh in Y1 with YoY escalation *AD: Accelerated Depreciation benefit of 80% in Year 1 as per IT tax guidelines

36. Confidential © Copyright 2015 35 Projects executed under PPA model Project: 69 kWp solar system with single axis trackers Location: Lonavla, Maharashtra Both of these clients are benefiting from savings on electricity bills Tata Power Solar is working with investors who own the asset and Tata Power Solar -Has designed and installed these solar power plants -Is providing PR guarantees and warranties on these power plants -Maintaining these plants Project: 1600 kWp solar power plant for a large telecommunications company Location: Pune, Maharashtra

37. Confidential © Copyright 2015 36 PPA model – tariffs in different cities Assumptions for tariff calculations: Tariffs are dependent on solar insolation which varies across India as indicated above Year 1 tariff has been mentioned above. Escalation will be applicable for subsequent years Single roof for the entire system Regulatory charges like cross subsidy charges, electricity tax etc. will be additional 100% generated power consumed throughout the year including weekends and holidays 100% grid uptime during day time Roofs are accessible and less than 15m height Standard distance for interconnection has been considered Internet connection for remote access has not been considered Varying levels of solar insolation Very HighHighGoodLowVery Low Roof space availableRoof top Type 2500 – 6000 sq. m. (~200 – 500 kWp solar system) RCC Roof7.157.357.858.409.40 GI Sheet7.207.407.908.509.50 6000 sq. m. (> 500 kWp solar system) RCC Roof6.756.957.457.958.90 GI Sheet6.807.007.508.059.05 Example Cities NagpurChennaiBangaloreMumbaiGuwahati

38. Confidential © Copyright 2015 37 TATA POWER SOLAR SYSTEMS LIMITED #78 Electronics City Phase 1 Hosur Road Bangalore – 560100, India Phone: +91-80-6777 2200 Contact Us THANK YOU The contents of this document are proprietary and confidential to Tata Power Solar and may not be disclosed in whole or in part at any time, to any third party without the prior written consent of Tata Power Solar.