Group Corporate

Presentation

June 2014
Disclaimer
This presentation has been prepared by KSK Energy Ventures Limited (the “Company”) solely for information purposes without any regard to any specific objectives, financial
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and involve risks and uncertainties, and actual results may differ materially from those in such forward-looking statements as a result of various factors and assumptions which
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risks and uncertainties, regarding fluctuations in earnings, our ability to manage growth, competition, our ability to manage our international operations, government policies,
regulations, etc. The Company does not undertake any obligation to revise or update any forward-looking statement that may be made from time to time by or on behalf of the
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Investor Presentation, 2014
 KSK Group – an overview
KSK Power Ventur plc (“KSK plc”)
KSK Energy Ventures
Limited (“KSKEV”)
Arasmeta (86 MW)
100 % Sai Regency (77 MW)
100 %
KSK Energy Limited, KSK Green Energy Pte Sitapuram (43 MW)
Mauritius Limited, Singapore VS Lignite (135 MW)
Wardha (540 MW)
67.60%* 100 % 100 %
Sai Maithili (10 MW)
KSK Energy Ventures KSK Energy Project
Limited (“KSKEV”) Company (“KECPL”) companies KSK Mahanadi
(3.6 GW)
• Operating 1472 MW • Railway and water • Wind
• 6 SPVS 872 MW transportation
• Solar
infrastructure
• KSK Mahanadi 600 MW Operational
.
• Under Construction 3000 • Coal block mine
. Under Construction – partially
MW of which II unit of 600 development operational
MW expected to be support
commissioned by

*Balance 32.4 % held by various public shareholders at BSE/NSE listed KSKEV

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Investor Presentation, 2014
Background
• Two Listed entities
• KSK Power Ventur plc – LSE Listed main holding Company
• KSK Energy Ventures Limited – Indian stock exchanges listed generation holding company
• Founded by KA Sastry and S Kishore, first generation entrepreneurs with extensive energy
sector consulting experience prior to business setup
• KSK amongst the few developers in India with extensive project footprint across the country -
Chhattisgarh, Maharashtra, Rajasthan, Tamil Nadu, Andhra Pradesh
• Valued relationship with Industrial consumers, State Mineral Development Corporations and
power utilities across states
• Access to project debt from major Indian project lending institutions and recent availability of
External Commercial Borrowing
• Experienced Board led by Padma Bhushan Sri T.L.Sankar, Non Executive Chairman who is a
distinguished energy expert of India

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Investor Presentation, 2014
 KSK Power Ventur plc - The Board
Non Executive Chairman Executive Directors Non-executive Directors

Padma Bhushan Mr. S.R. Iyer

Mr. K.A. Sastry
Mr. T.L. Sankar, Non-Executive Director
Executive Director
Mr Iyer retired as Managing Director of the State
Non-executive
Bank of India
Chairman
Mr. Dlouhy graduated with a Bachelor
and Masterindegrees Mr. Sastry is one of the founders of KSK and
Renowned India asinan
Mathematical
energy expert heads its execution and operations areas, as
Mr. Abhay Nalawade
Economics and Econometrics
with more than four decades of from the Non-Executive Director
Prague School of Economics andServed
studied well as having responsibility for the financial
experience in the energy sector. accounting and taxation Mr Abhay has three decade of experience in
Management at Catholic University
various distinguished positions of
Power Equipment Business and earlier CEO of
Louvain, Belgium. Mr. Dlouhy served as
Thermax
Minister
 Energy of Secretary
Industry and Trade of the
to the Government Mr. S. Kishore
Czech Republic,
of Andhra responsible for the
Pradesh Executive Director
Mr. Vladimir Dlouhy
policies in the areas of Fuels.
 Secretary, Fuel Policy Committee Non – Executive Director
 Principal Secretary of the Working Mr Vladimir is a distinguished Economist and
Group on Energy Policy served as Deputy prime minister of Czechoslovak
 Member of the Advisory Board on government and federal minister of economy.
Energy, Government of India,
 Member, Integrated Energy Policy Mr. Kishore co-founded KSK along with Mr. Mr. Keith Nicholas Henry
Committee. Sastry and heads its business development and Non – Executive Director
 Chairman of the Andhra Pradesh capital formation. Earlier Mr. Kishore was a
Mr. Henry has rich experience in global power
State Electricity Board financial advisor & consultant for major
and energy sector.
 United Nations Adviser on Energy domestic as well as international businesses
issues to the governments of Sri and has advised multiple energy companies/
Mr. Guy Delemere Lafferty
Lanka, Tanzania, Bangladesh amongst utilities/ market entrants since early nineties.
Non – Executive Director
others
Mr Guy is partner in Hoegh capital Partners.
Formerly, he worked at Royal Bank of Canada &
National Westminister Bank

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Investor Presentation, 2014
 KSK Energy Ventures - The Board
Non Executive Chairman Executive Directors Non-executive Directors

Padma Bhushan Mr. S.R. Iyer

Mr. K.A. Sastry
Mr. T.L. Sankar, Non-Executive Director
Executive Director
Mr Iyer retired as Managing Director of the
Non-executive
State Bank of India
Chairman
Mr. Dlouhy graduated with a Bachelor
and Mr. Sastry is one of the founders of KSK and
MoreMaster degrees
than four in Mathematical
decades of experience in heads its execution and operations areas, as
Mr. Girish Kulkarni
Economics and Econometrics
the energy sector. Served various from the Non-Executive Director
Prague Schoolpositions
of Economics and studied well as having responsibility for the financial
distinguished accounting and taxation Formerly ICICI securities, and expertise in
Management at Catholic University of
Indian capital markets
Louvain,
 Energy Belgium. Mr.toDlouhy
Secretary served as
the Government
Minister of Industry
of Andhra Pradesh and Trade of the
Mr. S. Kishore Mr. Anil Kutty
Czech Republic,
 Secretary, responsible
Fuel for the
Policy Committee Director
Executive Director
policies in the areas of Fuels.
 Principal Secretary of the Working Formerly Indian Administrative Service, Formerly
Group on Energy Policy Joint Secretary, Power , Government of India and
 Member of the Advisory Board on Chairman and Managing Director, AP TRANSCO
Energy, Government of India,
 Member, Integrated Energy Policy Mr. KB Raju
Committee. Mr. Kishore co-founded KSK along with Mr. Director
 Chairman of the Andhra Pradesh Sastry and heads its business development and More than two decades experience and leads
State Electricity Board capital formation. Earlier Mr. Kishore was a corporate affairs of the group
 United Nations Adviser on Energy financial advisor & consultant for major
issues to the governments of Sri domestic as well as international businesses Mr. Tanmay Das
Lanka, Tanzania, Bangladesh amongst and has advised multiple energy companies/ Director
others utilities/ market entrants since early nineties. More than 15 year experience in project
finance, fund management and
development of generation assets

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Investor Presentation, 2014
Power Sector – The Growth Canvas
862 937 998 1,002 • Energy demand growth closely
Robust Demand

777 831
linked to GDP growth
• Pick-up in domestic economy
Growth

could trigger energy demand

FY09 FY10 FY11 FY12 FY13 FY14 growth
Real GDP growth 6.7% 8.6% 8.9% 6.7% 4.5% 4.9%
YoY power demand growth 5.1% 6.7% 3.8% 8.6% 5.9% 1.0%
Energy demand (Twhs) 777 831 862 937 998 1,002

• Notwithstanding sustained
Robust Demand

13,394 Consumption
(kWh/Year) demand, India continues to be
10,286
among the lowest per capita
Growth

5,733 consumers of electricity

2,975 2,944 2,384 globally, lagging behind Brazil
879 and China by ~3:1
• Per capita consumption ~30%
US Australia UK World China Brazil India of the world average

• Power deficit scenario persists,

Robust Demand

Peak Deficit Energy Deficit

12.7% though significant capacity
11.9%
addition and slowed down
Growth

9.8% 10.6%
9.0%
demand narrowed gap
11.1%
10.1% 4.5% – -4.2% energy deficit in FY14
8.5% 8.5% 8.7%
(~42Twh)
4.2% – -4.5% peak deficit in FY14
(~6 GW)
FY09 FY10 FY11 FY12 FY13 FY14

Source: Planning Commission CEA Report, GoI Economic Survey.

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Investor Presentation, 2014
 The Government got into action
 Prime Ministers
office meets power
sector
Management for
review of problems
 Decides to form a
committee for time-
bound action
Jan -12 Apr -12
 Committee of
Secretaries (CoS)
formed under Prime
Ministers Office
 CoS to include
secretaries of power,
petro, coal,
environment &
finance ministries
Further acceleration required to resolve issues related to power sector
CERC – Central Electricity Regulatory Commission, CIL – Coal India Limited, RoE – Return on Equity, PPA – Power Purchase Agreement
Investor Presentation, 2014
 Government issues  Government issues
 CERC revises pre -
Presidential Second Presidential
determined tariff PPAs
Directive to Coal Directive to Coal India
for 2 projects
India to sign FSAs Limited
 CERC issues final tariff
 FSA to provide 80%  Fuel Supply Agreement
norms for 2014-19;
supply to 60 GW list expanded to 78 GW
tightens norms, lowers
capacity including tapering
RoE
linkages
Jan-13 Apr -13 Jun -13 Jul -13 Feb-14
 Cabinet  Distribution  Change in National Coal
Committee on companies financial Distribution Policy
Investments restructuring norms
 CIL’s supply commitment
formed to extend finalized
reduced from 100% to
efforts to remove
 Multiple states 65-80% till 2017
bottlenecks
participated, more
 Imported coal would be
may join
a pass-through in PPAs
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 KSK – Key Milestones
Year Milestone
2014  KSK Mahanadi – PPA with UP DISCOMS for 1000 MW power supplies
 KSK Mahanadi executed Fuel Supply Agreement for Tapering Coal Linkage
2013  KSK Mahanadi – PPA with Tamil Nadu Utility - 500 MW, Chhattisgarh – 225 MW
 First 600 MW Unit of KSK Mahanadi operational and power supplies commenced
 New Initiatives on Solar Power Generation
2012  KSK Mahanadi – PPA with AP DISCOMS for 400 MW power supplies
 Wardha Power - Open Access for supplies to Industrial consumers and Fuel Supply Agreement with Western Coal Fields Limited
2011  Wardha Power fully operational –supplies to Reliance-infra Discom commences
 KSK plc completes an Open Offer to acquire additional 20% of Indian listed subsidiary, KSK Energy Ventures Limited –
shareholding goes upto 74.94%
 Arasmeta Expansion unit of 43 MW commences power generation
2010  KSK Mahanadi – PPA with GUVNL for 1010 MW of Power supplies
 VS Lignite power plant commissioned
2009  Coal supply agreement entered with GIDC for proposed 1800 MW Power project in Chhattisgarh, KSK Mahanadi capacity
enhanced to 3600 MW
 Implementation Agreement signed with Government of Chhattisgarh for KSK Mahanadi project
2008  KSK Energy Ventures Initial public offering of Shares, raising approx US$ 290 mn, KSK Power Ventur plc stake at 55.25%.
2007  Sai Regency power plant synchronized with the grid
2006  Arasmeta power plant synchronized with the grid
 Collaborative MOU’s with Government mining companies for long term coal supply arrangements signed - Execution of a coal
supply and investment agreement with GMDC for supplies to proposed 1800 MW Chhattisgarh project
 KSK Power Ventur plc lists on AIM Market of London Stock Exchange

GMDC – Gujarat Mineral development Commission, GIDC – Goa Industrial Development Corporation, GUVNL – Gujarat Urja Vikas Nigam Limited

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Investor Presentation, 2014
KSK – Business Strategy and Response
Secure Fuel Access –
attempts for sustained
generation
Power purchase
Agreements
Enabling Support
Infrastructure
Investor Presentation, 2014
• Arasmeta and Sitapuram - Coal linkages from SECL /SCCL
• Sai Regency – Natural Gas from GAIL (India) Limited
• VS Lignite - captive lignite block
• Sai Wardha Power – Linkage with Western Coal Fields on cost plus basis
• KSK Mahanadi - Collaboration with State Mineral Development Corporations
for dedicated coal block supplies
– Tapering coal linkage from CIL subsidiaries in the interim period
• New PPA signed by KSK Mahanadi with TANGEDCO for 500 MW and UPPCL
for 1000MW
• Industrial supply PPAs under captive consumer model
• Wardha Warora - challenges of open access and alternative PPA tie-ups
being addressed
• Power generation de-licensed but support sectors continue under
government control and limited pace of progress
• At KSK Mahanadi - supplement generation initiatives of KSK Energy Ventures
Limited with pursuit of necessary utilities of railway, water and transport
infrastructure through SPVs under KSK Energy Company
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KSK Mahanadi (3600 MW) – Brief Overview
KSK Mahanadi, (Chattisgarh) - 3600 MW
consists of 6 units, each of 600 MW.

Project Construction over last 4 years

• First 600 MW commissioned in 2013
• Second unit of 600 MW (expected to commission during 2014)
• Balance units to follow

Support Infrastructure commissioned

• Water transportation pipeline commissioned
• Railway siding and line from main trunk line into power plant commissioned
• Evacuation infrastructure in place and power supplies commenced

Fuel Progress
• Morga-II Forest clearance for prospecting achieved
• Gare Pelma Stage II forest clearance obtained and mining to commence
• Tapering Linkage Fuel Supply Agreement

USD/INR Depreciation
• Depreciation of the INR against the USD affecting equipment supplies cost at INR
level - balance four units necessitating enhanced debt
• External Commercial Borrowing (ECB) being pursued to substitute part of the INR
Project Finance Debt

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Investor Presentation, 2014
KSK Mahanadi – EPC Approach

#9
#7 #8

#1 #2 #3 #4 #5 #6

“Differentiated EPC String Approach” – the core units (i.e. #3, #4) are commissioned first and then
the other units are taken up for commissioning thereafter. This also necessitates setup and
construction of common infrastructure for each three units block ( # 7 and #8) as well as for all the
six units ( #9).
This approach though entails significant initial capital expenditure, ensures easier and faster access
to materials & common infrastructure setup at the construction site

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Investor Presentation, 2014
KSK Mahanadi – Fuel Access

Morga II coal
block

Fuel Block Tie up Status End Use Power

Plant
SECL Linkage Tapering Linkage

Morga II (GMDC) 350 MT Fuel supply KSK

agreement Mahanadi
completed 3.6 GW
Gare Pelma III 210
(GIDC) MT

Gare Pelma - III Independent coal collaboration and mine development initiatives including
coal block procurement of imported coal in interim

KSK Mahanadi
Power Plant

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Investor Presentation, 2014
KSK Mahanadi – PPA Approach
Morga II based Supply PPA
Gujarat
1010 MW

Chhattisgarh 5%/7.5% Supply PPA

225 MW

Gare pelma supplies

Goa*
based PPA

AP Distribution Medium term PPA

companies** 400 MW

Case I Competitive bid PPA

UP 1000 MW

Tamil Nadu Case I Competitive bid PPA

500 MW

*PPA to be executed shortly – tariff under Central Electricity Regulatory Commission mechanism
** supplies between 2013 to 2016

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Investor Presentation, 2014
Wardha Power – 540 MW
Wardha Warora, (Maharashtra) - 540 MW | Coal

It consists of 4 units, each of 135 MW.

Unit I & II for utility sales and part sale to multiple industrial consumers from unit III & IV
Commenced Unit wise generation during 2010 and 2011

Generation
2011-12 PLF: 60 %
2012-13 PLF: 72 %
2013-14 PLF: 55 %

PPA arrangements

• Longer term PPA with industrial customers for part capacity

• Medium term PPA (Apr 2011 to Mar 2014 ) with Reliance-Infra (Distribution licensee) – Fresh
arrangements under pursuit

Fuel supply arrangements

• Long term source – cost plus coal block linkage from Western Coalfields Limited – FSA for
1.625 MTPA as against Linkage quantity of 2.26 MTPA
• Price, quality and other conditions before Competition Commission of India
• Interim open market / imported coal

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Investor Presentation, 2014
VS Lignite – 135 MW & Sai Maithili – 10 MW
VS Lignite (Rajasthan) – 135 MW | Lignite

Commenced generation during 2010

Power purchases by multiple industrial consumers in Rajasthan and balance power to local
utility

2010-11 PLF: 63 %
2011-12 PLF: 78%
2012-13 PLF: 75%
2013-14 PLF: 76%

• Gurha (E) Captive Lignite Block allotted in July 2005

• Lignite mine - Gurha (E) with reserves of 22 MT

Sai Maithili (Rajasthan) – 10 MW | Solar

• Sai Maithili Solar unit of 10 MW under Jawaharlal Nehru National Solar Mission
• Initial Funding by IDBI Bank Limited, US Exim Funding tied up – RBI approval under pursuit

2013-14 PLF: 21%

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Investor Presentation, 2014
Arasmeta – 86 MW
Arasmeta (Chattisgarh) - 86 MW (2 x 43 MW) | Coal

Phase I in operation since 2006, Phase II commissioned in 2011

Initial Power purchases by Lafarge India

2009-10 PLF: 84 %
2010-11 PLF: 82 %
2011-12 PLF: 49 %
2012-13 PLF: 59 %
2013-14 PLF: 45 %

• PPA with Lafarge not renewed post Dec 2013

• Power Purchases by Chhattisgarh state utility commenced under long term PPA
• PPA approved by Chhattisgarh State Electricity Regulatory Commission in May 2014

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Investor Presentation, 2014
Sai Regency – 58 MW, Sitapuram Power – 43 MW
Sai Regency Power (Tamil Nadu) - 58MW Natural gas
CCGT asset In operation since 2007
2009-10 PLF: 71 %
2010-11 PLF: 87 %
2011-12 PLF: 89 %
2012-13 PLF: 84 %
2013-14 PLF: 88%

• Supplies to multiple Industrial customers in Tamil Nadu

• Gas supplies by GAIL under FSAs from Ramnad zone
• PPA with fuel cost pass-through formulae

Sitapuram (Andhra Pradesh) – 43 MW Coal

In operation since 2008

2009-10 PLF: 86 %
2010-11 PLF: 77 %
2011-12 PLF: 68 %
2012-13 PLF: 89 %
2013-14 PLF: 91%

Power Purchases by Zuari Cements and surplus to local utility

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Investor Presentation, 2014
Operation Performance of Power Project Portfolio

Generation and Tariff (Rs /kwh)

4.33
4.57 4.63
6000 5757 5
4.09 5546
3.89 5103
3.54 4862 4916
4
4500 4306

Avg Tariff (Rs/ kWh)

Mn Units

3
3000 2793
2512
2

1500 1010
958 862 905 1

0 0
FY09 FY10 FY11 FY12 FY13 FY14

MU Generated MU Sold Avg Tariff (Rs./ kWh)

* Based on audited financial statements

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Investor Presentation, 2014
Key Strengths

● Strong execution track record with a combination of outsourced captive power

plants and IPP’s with well demonstrated growth path
– Large installed capacity scale up (144 MW at IPO to 1472 MW currently)
– Proven development expertise

● Attractive PPA tie-ups

– Recent PPA tie-ups with UP Discoms and TANGEDCO– significant amongst the
PPAs pursuant to Case-1 bidding format in India

● Strong Domestic Coal focused power generation – generation supported with

adequate fuel tie-ups and cost advantage

● Key projects to drive majority of incremental cash flows

– 540 MW Wardha project cash flows upon better utilization, addressing fuel price,
PPA arrangements and Open access issues
– 3.6 GW KSK Mahanadi project – 1.2 GW along with common infrastructure
significantly done

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Investor Presentation, 2014
 KSK Energy Company – Support Infrastructure

KSK Energy Limited, Mauritius KSK Mahanadi

• Power project company constructing the
67.6%* 100 % 3.6 GW power plant at Nariyara,
Chhattisgarh
KSK Energy Ventures KSK Energy Company • 6 units of 600 MW each, with
Limited (“KSKEV”) (“KECPL”) independent unit wise commissioning

KSK Mineral
Resources Private Raigarh Champa Rail Infrastructure
Limited • Rail connectivity and transportation
KSK Mahanadi Power infrastructure between Coal blocks and
Contractual agreements
Company Limited Raigarh Champa KSK Mahanadi power plant
(3.6 GW) Rail Infrastructure
Private Limited KSK Water Infrastructure
• Water transportation and storage
infrastructure between Mahanadi river
KSK Water and KSK Mahanadi power plant
Infrastructure
Private Limited KSK Mineral Resources
• Development support of Gare-Pelma coal
block of GIDC
*Balance 32.4 % held by various public shareholders at BSE/NSE listed KSKEV

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Investor Presentation, 2014
KSK Water Infrastructure

• Project Authorization: Chhattisgarh

Government for water allocation, right of
way and land for intermediate storage

• Nature of activities: Land acquisition,

construction, pumping and pipeline
facilities , intermediate storage, two
pumping stations along with river anicuts
• Revenue Model: Cost plus

Line I – 23.29 km
• River intake at Basantpur to common pipeline Junction Pipeline
• Entire 60 km pipeline laying work completed
Line II – 1.1 km and currently used for water transport
• River intake at Seorinarayan to common water pipeline
junction
Intermediate Reservoir
Line III – 22.53 km • Water storage reservoir with 7 MCM
• Common water pipeline junction to intermediate reservoir capacity and spread over 270 acres of land
mid way between river and power project
Line IV – 14.02 km under progress
• Intermediate reservoir to power plant

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Investor Presentation, 2014
Raigarh Champa – rail connection for fuel supplies
• Incorporation: May 2009 for coal
transportation facilities from mines to power
project
• Nature of activities: Land acquisition,
construction of rail lines, loading and unloading
facilities , shunting locomotive along with safety
and signaling infrastructure
• Construction: Raigarh Champa with
subcontractors
• Revenue Model: Cost plus

Stage I – 15.7km + siding

• The first leg of 15.7 Km connects the power project to the main railway line
enabling coal and fuel oil transport to the plant The inward line operation has
already commenced

Stage II – 65.5km Stage I

• The second leg of 65.5 Km connects Gare Pelma coal block in Mand Raigarh • Connectivity of power plant with Indian
coalfield to the main rail route. rail network completed and movement of
• Handling capacity of 24 MTPA far exceeding KSK’s requirements rakes into the plant commenced
• Construction of this phase expected over next 24-36 months

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Investor Presentation, 2014
KSK Mineral Resources

• Mine: Gare Pelma III

• Mine Owner: Goa Industrial Development Corporation (“GIDC”)
• Mine Developer & operator: KSK Mineral Resources consortium
• Nature of activities: Technical studies, facilitation of mine plan / mine lease, land acquisition etc
• Revenue Model: Cost plus assured return

● GIDC was allotted the coal block in November 2008 with Geological Reserves of 210 MT

● Mine plan approval was obtained in May 2010 , forest clearance from Ministry of Environment & Forest (Stage I)
obtained in April 2011 and stage II in early 2013

● Mining Contractor appointment notified and Lease anticipated to be executed shortly by GIDC

● KSK Mineral facilitating GIDC in coal block development - coal production commencement anticipated in the short term

24
Investor Presentation, 2014
Sustainability Initiatives

State of art Hospital at Raipur –

over 3000 consultations and
300 + cardiac surgeries , free
of cost performed already

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Investor Presentation, 2014
 Thank you

26
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Investor Presentation, 2014