Green Energy Fund

SEBI Registered Category II AIF (Pending SEBI Approval)

Executive Summary

A ~USD 450 bn opportunity across select Energy & Sustainability related sectors
including renewables – utility, renewables – C&I, energy transmission, industrial projects and others

Aggregation of Energy or Energy related Projects / Companies to offer rapid scalability

and diversification across sectors having proven business models

Focus on controlling stake / significant influence with deep operational engagement

while promoting high standards processes and use of technology to enhance risk management

Successful track records of global asset managers; First of such opportunity for Indian Investors

Backed by strong track record of Infrastructure Yield+ I, Target Gross Fund IRR ~18-20; MTM Gross Fund IRR ~21.2%^

Fund targets to deliver Gross IRR of ~23-25% on exit

Unique Offering - “One should think of long-term value creation while investing in this fund”

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^Gross MTM IRR as on Sept 2024
Who should invest in Green Energy Fund?

SUITABLE FOR INVESTORS LOOKING FOR INVESTMENTS WITH

Moderate to High Risk High Returns Long Term Value Creation

RISK RETURN CHARACTERISTICS OF ASSET CLASSES

InvITs IYP Green Energy Fund Large Cap Equities

Beta* ~0.3 ~<0.5 ~0.75 1

Gross Target Returns ~12-13% ~18-20% ~23-25% ~12-14%

Green Energy Fund targets to generate superior risk adjusted returns

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Beta calculated as per internal analysis
EAAA Alternatives – India’s Leading Alternatives Platform

14+ ~INR 57,250 Cr 2400+ 230+ 70+

Years Investment Investment
AUM Unique LPs Strong Team
Experience Professionals

AUM by Geography AUM by Investor Type

6%
25%

46%
54%
48%
21%

Rest of the World India Europe North America Insurance & Pension UHNI/ Family Office/ Trust/ Others

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Data as on September 2024
…With Demonstrated Performance across Strategies…

Investment Strategies

Private Credit Real Assets

AUM - ~INR 39,700 Cr* AUM - ~INR 16,800 Cr*

Fund Raise Deployment Realizations

~INR 34,000 Cr ~INR 24,800 Cr ~INR 28,000 Cr

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Notes: Avg. of period considered; Data for the period Mar 19 to Mar 24; Realizations include capital exits and returns on investment; *Data as on 30th September 2024
…and Sizeable Real Assets Portfolio Spread Across India…

Portfolio Assets
~1.8 mn sq. ft.
~1.3 GWp Commercial Real Estate
Renewable capacity

~1,835 ckm ~3,477 lkms

Transmission lines HQ Roads

INR 207 bn GAV of managed

assets Real Assets

On-ground teams with deep experience across multiple locations

GAV as of June 2024 but includes Enterprise Value of 1 investment done by the fund in September 2024 6
…With A Demonstrated Track Record of Infra Yield+ Fund…

Expected IRR Current Tracking IRR

Gross Fund IRR (INR) >=18% ~21.2%#

Net Fund IRR (INR) >=15% ~18.5%^

Annual Yield Distribution >=8% ~11%*

~100 bps IRR ~150 – 300bps IRR

Value Enhancement
improvement improvement

# Gross IRR based on MTM (as of Sept 2024) is ~21.2%; ^ Net IRR based on MTM (as of Sept 2024) is ~18.5%; * Average DPU since inception 7
…and Investment-to-Exit Experience across multiple Energy Sectors…

Entry Investment Expected / Investment

Sr. No. Sector​ Strategy
Date​ (INR mn)​ Realized IRR Status

1 Wind Projects Portfolio Sep-15 1,750 ~18.0% Credit​ Exited

2 Waste to Energy​ Company Nov-15 2,350 ~21.8% Credit​ Exited

Solar cells and module Special

3 Mar-22 846 ~22.2% Exited
manufacturer in N. India Situations

4 2 Transmission Projects May-19 5,329 ~25.4%^ Core Equity Current

5 Portfolio of 12 Solar Projects Mar-21 9,111 ~14-15%* Core Equity Current

6 960 ckms Transmission Line Apr-24 4,206 ~14%* Core Equity Current

7 472 MWDC Solar Project Sep-24 6,379 ~14%* Core Equity Current

*HTM Gross IRR as on Sept 2024; ^MTM Gross IRR as on Sept 2024

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…Offering Investment Opportunities Available to Global Institutional Investors

Operating
Ready to Build Private InvIT
Strategy Infrastructure Assets

Actis, Brookfield, KKR, Macquarie, Isqaured KKR, Brookfield, OTPP,

Global Players Macquarie, KKR, OTPP, etc Capital, Shell, Actis, etc CDPQ, Isquared Capital, etc

EAAA
Starting 2024 Since 2018 Since 2022

• Aggregator of Assets & Projects

• Large Investment and Operating Team
Our Differentiation
• Implementing Robust Processes
• Use of Technology for Asset Management

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Green Energy Fund Offering

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Large Market Opportunity…

Projected Capital
Sr. No. Sector
Requirement (in INR Cr)

1 Renewable - Utility and C&I ~15.00 Lakhs

2 Energy Transmission, Storage, Smart Meters & Others ~12.40 Lakhs

3 EV (Manufacturing, Battery & Infrastructure) ~12.85 Lakhs

4 Industrial Projects (Water, Waste & Decarbonization) ~9.55 Lakhs

5 Sustainable Agriculture ~5.90 Lakhs

6 Others ~11.50 Lakhs

TOTAL ~67.20 Lakhs

With growth in EV and AI, the energy demand is expected to grow further

Source: Unitus Capital Report, Aug 2024

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…Filtered through a Focused Investment Criteria…

Long Residual Contracts with Credible Ability for Financial and

Contractual Life Counterparties Operational improvements

No Development Risk; Effective Regulatory &

Moderate Construction Risk Policy framework

Resulting in selection of good quality projects for investments

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…Resulting in a well-defined Target Market Opportunity

Filtered by Core Characteristics

✓ No Development risk
~INR67.2 ✓ Established sub-sector ~INR 37.8
Lac Crore ✓ Contracts/ concessions with Credible Counterparties Lac Crore
Addressable Targeted
Market ✓ Predictable Cash Flows Infrastructure
Opportunity Assets
✓ Ability for Financial and Operational improvements
✓ Long asset life

Key Focus Ren. Energy Smart Meters & Energy Other Similar
Transmission Industrial Water &
Sectors Utility and C&I Waste Concessions Efficiency Projects Sectors

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…While Managing Key Risks

Risk Mitigation

Development Risk Fund will not take development risk of projects through proper structuring

Construction Risk Will look to manage through construction contracts and monitoring by asset management team

Partner Risk Partnering with credible entities with robust track record

Revenue Risk Predictability of cash flows primarily through long-term contracts with credible counterparties

Interest Rate Risk Explore refinancing at lower interest rates and better terms post construction phase

Regulatory Risk Target sectors with well defined regulations & policies

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Our Differentiated Investment Approach…

1 2 3
Aggregating Projects & Creating & Managing Large Portfolio Exit
Companies Portfolio

• Aggregating good quality • Cluster Approach • Portfolio/ platform sale to

projects within fund mandate • Active Asset Management strategic/ long term players
• Focus on sourcing proprietary • Option to sell/list through
• Use of Technology
deals InvITs
• Operational and Financial
• Selectively incorporating or Efficiency • Aggregate companies and sell
aggregating good quality as One-Stop Solution under a
• ESG Integration
companies common Brand

Build Good Quality Assets

Enhance Returns Exit as Super Core Portfolio
Portfolio

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…With Strong Platform Capabilities…

Asset Management Capabilities Use of Technology

30+ member strong asset From origination to exit; Centralized
management team control room for regular monitoring

Strong Investment Experience Focus on ESG

20+ member on the ground ` External ESG diligence;
investment team across Real Assets Look for positive impact

Strong Risk Management Framework Robust Governance

Monitoring by an independent risk Independent Review Committee
management team members with industry experience

Our asset management capabilities (people, processes & technology) & ESG focus are our key differentiators

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…Supported by Highly Experienced Team…

Project Operations
Investment Team Review Committee
125+ years of cumulative experience Management Team 125+ years of cumulative experience
200+ years of cumulative experience

➢ Large experienced ➢ 30+ member team ➢ Professionals with

Investment Team expertise in infrastructure,
➢ Expertise across project risk, finance and processes
➢ Varied skill sets across planning, execution &
asset management, risk operational management ➢ Includes independent
appraisal, deal sourcing & in Infrastructure Sector experts
structuring

Cumulative experience of 450+ years in Indian Infrastructure

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…And Focus on Value Enhancement..

Revenue Enhancement Financial improvement & efficiency

• Improving asset performance • Efficient capital structuring
• Improved processes and • Superior financing terms (both interest
automation rate and tenure)
• Widespread reach (including PFs, IDFs,
Insurance, Banks and Capital Markets)

Operational improvements Use of Technology

• Use of technology • Real-Time monitoring through Central
• Globally accredited processes Monitoring Room
• Optimizing costs with scale • Use of drones, SCADA and
machine learning tools
• Various applications for automation and
predictive maintenance

Expected to improve net cash flows from the portfolio

*As of Mar 2024 18
…Through Active Asset Management - Use of Technology and Institutional Processes

Centralised Control Room for Proactive

Standard Operating Processes
Asset Management
• Implemented across assets and portfolio companies

Improvements using Technology

• Use of remote asset monitoring and use of high-quality equipment
like UPV testing, rebound hammer test, use of infra-red, use of
drones

Smart Asset Management

• Monitoring through centralised control room, analysis of critical
parameters, reporting and forecasting
Solar Plant – Robotic Cleaning Transmission System – Drone Survey

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…To Deliver Superior Risk Adjusted Returns

+ ~6-7%
Investment Stage IRR 16-18% 23-25%

Capital Structure Exit

Improvement
• Creating quality • Improving operational
• Asset aggregation for business
assets portfolio with • Optimizing capital structure efficiency
valuation
long-term revenue, in • Supporting portfolio to improve • Technology led monitoring
• Expected improvement • Sale of business/assets to
sectors with high financing terms at projects
~0.5%+ strategic buyer
scalability potential
• Expected improvement ~0.5%+ • Option to sell/list through InvITs
Operational
Investment
Improvement

Target Gross IRR – 23% - 25%

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Head – Real Assets Strategy

Subahoo Chordia
Head - Real Assets Strategy

▪ He is the founding member and successfully established India’s first real assets yield
fund around differentiated operating capabilities, international processes and use
of appropriate technology
▪ During his total experience of over 23 years, he has executed transactions worth
~INR 62,200 Cr. and has been part of various leading industry forums/ associations
▪ Member on the UN Sustainability Council, India-UK Sustainable Finance Working
Group, CII Taskforce on PPP in Infrastructure, GRI Club, and InvIT association board,
etc.
Real Assets Strategies

Infrastructure Yield Rental Yield Strategy Energy Transition Anzen Energy

Strategy Strategy InvIT

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 Governed by an Experienced Review Committee…

• Mr. Chinniah is the Chairman of the IEC. He retired as the MD/Global Head of Portfolio, Strategy Risk Group from GIC Special Investments, the
Kunna Chinniah Private Equity arm of the Government of Singapore Investment Corporation
Independent Member • He is presently a director of Changi Airport International and a member of the Hindu Endowments Board in Singapore

• Founder of WinPE, a not-for-profit initiative to enhance gender diversity in investing and entrepreneurship, she is a leading investor in private
equity and venture capital and an expert advisor to large institutional investors
Nupur Garg
Independent Member • She was listed in the BW VC World Most Influential Women 2022, Forbes W-Power list of Self-Made Women 2020, among India’s top 100 Women
Leaders in Finance (AIWMI 2019), awarded the Women Empowerment Entrepreneur Award 2019-20 and the Business Excellence and Innovative
Best Practices - Academia Award 2019

• 30 years of experience in financial services including credit, investment banking and stressed assets investing
Venkat Ramaswamy
MD & CEO – EAAA Alternatives • Using his skills at building and maintaining large institutional relationships, including international pension funds and insurance companies, the
alternative asset management business has become among the largest in India over the last 5 years

• Over 23 years in infrastructure across private fund management, asset management, corporate finance, mergers and acquisitions, capital markets
and advisory
Subahoo Chordia
Head - Real Assets • Previously worked with Axis Bank, IDBI Bank in project finance, portfolio management and investment banking, he has an extensive network of
relationships with infrastructure companies and has sourced and executed about 45 transactions with a deal value of ~USD 5 bn across all sub-
sectors

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Key Terms

Fund Size Total up to INR 2,000 Cr (INR 1,000 Cr + INR 1,000 Cr Green-shoe Option)
Sponsor + EW Group Commitment Up to INR 80 Cr till final close
Minimum Commitment INR 1 Cr
Current Drawdown Schedule 5% upfront + subsequent drawdowns as per the approval of deals over an investment period
Target Gross Returns ~23 - 25% (Indicative)
Hurdle Rate 12% p.a. (pre-tax)
Commitment Amount Fees on Capital Commitment
INR 1 Cr - 24.99 Cr 2.00% p.a.
Management Fees ^ INR 25 Cr - 49.99 Cr 1.80% p.a.
INR 50 Cr - 99.99 Cr 1.65% p.a.
INR 100 Cr and above 1.50% p.a.
Commitment Amount Carry (with 100% catch-up )
INR 1 Cr - 24.99 Cr 20.0%
Upside Sharing/ Carry
INR 25 Cr - 49.99 Cr 18.0%
INR 50 Cr - 99.99 Cr 16.5%
INR 100 Cr and above 15.0%
Fund Expenses Capped at 0.3% per annum of the aggregate capital commitment
Commitment Period 5 years from final close (extendable by 1 year at the discretion of the IM)
Tenure Initial close End of 6th year Up-to 10th year
Investment Period / Reinvestment Period
5 years from Final Close Start of Exit Period

10 years from date of Initial Close (Extendable by 1+1 years). Average expected holding period of 4-7 years
Nature of Income to be considered as Interest Income, Capital Gains and other income. Please refer to fund tax note for more details and further
Taxation
consult your tax advisors
Compensating Contribution Post Initial close, additional amount will have to be paid above the fund drawdown amount as per Clause 7.2.2 of Contribution Agreement
Above mentioned terms are only Key Terms. Please refer to the Private Placement Memorandum (PPM ) for complete details.| # Compensating Contribution will be applicable post first close I ^ On commitment till 100% deployment/ commitment period and post that
as a percentage of Net Invested Capital / net unreturned capital and GST will be applicable – up and above the Management fee shown above| Capitalized terms used herein are as defined in the contribution agreement

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Robust Deal Pipeline

Sr. No Sector Description Size (INR Cr)

1 Renewable Energy Acquisition of an under-construction wind asset from a large-cap Norwegian RE Company 450 – 550

2 Renewable Energy Opportunity to back a seasoned Indian management team to form an integrated renewable energy platform 550 – 850

Power Participation in transmission bids in partnership with one of India’s largest tower manufacturer and EPC
3 450 – 550
Transmission player

4 Power Distribution Investment in the smart metering platform owned by a large European energy utility 450 – 550

5 Energy Efficiency Investment in a pollution reduction & battery technology company funded by a major European DFI 450 – 550

6 Energy Efficiency Investment in leading Energy efficiency service provider to data centres 250 – 450

7 Others One of the largest EV fleet and lifecycle management company backed by a Europe headquartered Big Oil 250 – 450

8 Others Battery as a Service with one of India’s largest battery solutions provider 450

Total 3,300 – 4,400

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India Coverage - Leadership profile

Vibhor Gujarati
Head - India Coverage, EAAA Alternatives
▪ One of the key founding members of the EAAA India Alternatives.
▪ In his 12+ years at Edelweiss, he has been instrumental in raising funds across broad asset
classes such as infra yield, CRE yield, special situations, stressed credit, core & performing
credit, real estate credit, as well as private equity.
▪ He has ~24 years of experience in Asset Management Business & Coverage, Fundraising,
Market Strategy as well as Alliance & Distribution across Business Partners, Family Office,
Institutions, Corporates and UHNI’s.
▪ He holds an MBA degree in Marketing and BE in Mechanical Engineering.

For further details, please contact:

Email Id: vibhor.gujarati@eaaa.in

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Accolades of Fund Portfolio Companies

Safety Excellence
British Safety Council, 2022 National Highways Excellence Awards, 2021 by MoRTH
❖ International Safety Award – Merit (DMTCL) ❖ Outstanding Work in Challenging Condition – Gold Award (Dibang
Infra)
NSCI Safety Awards 2022 ❖ Outstanding Work in Challenging Condition – Silver (Dhola Infra)
❖ "Prashansa Patra" in Service Sector Category (DMTCL)
National Highways Excellence Awards, 2022 by MoRTH
National Highways Excellence Awards, 2022 ❖ Excellence in Operations and Maintenance – Flexible - Silver Award
❖ Excellence in Highway Safety – Plain – Gold Award (Dhola Infra) (Dibang Infra)
❖ Green Highways – Silver Award (Dhola Infra)
British Safety Council, 2023
❖ International Safety Award – Distinction (Dhola Infra, DMTCL & SSEPL)
❖ International Safety Award – Merit (Dibang Infra)
Uttar Pradesh Annual Solar Awards – EQ Suryacon 2023
❖ Solar Project Monitoring Technology Company of the Year (ESPL)
❖ International Safety Award – Best in Region - East (DMTCL)
❖ International Safety Award – Sector award (Dibang Infra)
Build India Infra Awards 2024 by MoRTH
OHSSAI Annual HSE Excellence & ESG Global Awards 2023 ❖ Impact Category (Dhola Infra)
❖ Safety Award – Gold (DMTCL)
❖ Road Safety Award – Gold (Dhola Infra)
❖ Leadership Award (DMTCL)
❖ Mentor of the Year Award (DMTCL)

British Safety Council, 2024

❖ International Safety Award – Distinction (ESPL & Dhola Infra)

CII Southern Region EHS Excellence Awards 2023

❖ Gold Award – Distinction (SSEPL)

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Disclaimer
^ As per SEBI circular SEBI/HO/IMD/DF6/CIR/P/2020/24 dated February 5, 2020, read along with SEBI circular SEBI/HO/IMD/DF6/CIR/P/2020/99 dated June 12, 2020, notifying mandatory performance benchmarking of
alternative investment funds (AIFs), CRISIL AIF Benchmark - CAT I (INR) - FY 18 Vintage (applicable to Edelweiss Infrastructure Yield Plus) is ~25.47%. Returns refer to post-expense, pre-carry, pre-tax values of 11
Schemes as mentioned in benchmark report that includes all category I AIFs which are Venture Capital, SME and Infrastructure Funds, disregarding the strategy and objective of each Category I AIF and only three
infrastructure schemes were part of benchmarking exercise constituting 35% of the total combined valuation of the 11 schemes. Kindly note that data and returns benchmarking provided by CRISIL for CAT I AIF's is as
on 30th September 2023 and does not reflect actual returns as on 30th September 2024.

Disclaimer
This presentation is being issued by EAAA India Alternatives Limited (formerly known as Edelweiss Alternative Asset Advisors Limited) (“EAAA”) on a strictly private and confidential basis to you and a limited number
of other sophisticated investors to explore the investors’ interest with respect to the proposed Scheme i. e. Green Energy Fund (the “Fund”) of Green Energy Trust, which has made an application to get registered
with the Securities and Exchange Board of India as Category II Alternative Investment Fund. By accepting delivery of this presentation, you acknowledge and agree that this presentation contains, amongst other
information, proprietary information belonging solely to EAAA and that you will keep confidential all information contained within it, and will not disclose any such information to any person without the prior written
consent of EAAA (provided that you may disclose this presentation as required by applicable law and regulations and on a confidential basis to your legal, tax or investment advisers (if any) for the purposes of
obtaining advice in connection with this presentation or its subject matter). You agree to promptly return this presentation (except as may be required for legal or regulatory purposes) to EAAA upon its request. If
you have not received this presentation from EAAA or a person authorised by EAAA (as confirmed by EAAA in writing), the delivery is unauthorised and you should return this presentation to EAAA immediately. This
presentation contains general information only and is not intended to constitute an offer to sell or an invitation, recommendation or solicitation of an offer to buy any interests issued by EAAA or any of the Funds
under its management in any jurisdiction and may not be distributed in any jurisdiction except in accordance with legal requirements applicable in such jurisdiction. This presentation is not intended to be
comprehensive or to provide specific investment advice or services. This presentation is not a substitute for such professional advice or services and it should not be acted on or relied upon or used as a basis for any
decision or action that may affect you or your business. Any decision or action taken by you on the basis of the information contained herein is your responsibility and EAAA will not be liable in any manner for the
consequences of such decision or action. In deciding whether to make an investment with EAAA, you must rely on your own evaluation of the terms of the proposed investment and the merits and risks involved, and,
if applicable, upon receipt and careful review of any confidential memorandum, prospectus or similar documents, and you should seek independent legal, tax, investment or other advice where necessary. The
contents of this presentation do not constitute and should not be construed as legal, tax or investment advice.

An offer or solicitation with respect to the Fund will and can only be made to qualified investors through a final Private Placement Memorandum (“PPM”) and contribution agreement (or other offering materials
issued by the Fund) and will be subject to the terms and conditions contained in those documents. The information contained herein is quantified in its entirety by reference to such offering materials. The offering
materials and forms of the agreements relating to the Fund should be reviewed carefully prior to an investment in the Fund. There can be no assurance that the Fund will achieve its investment objectives.
Accordingly, prior to investing, you should read and consider all the risk factors contained in the offering materials issued by the Fund.

Although, EAAA has used all reasonable efforts to ensure that the information provided in this presentation is correct, EAAA and its members, partners, stockholders, managers, directors, officers, employees,
advisers, representatives and agents make no representation and give no warranty that such information is accurate, complete or current, and you should not rely on the information provided in this presentation for
any purpose. EAAA does not accept any responsibility whatsoever or liability for any direct, indirect or consequential loss or damage suffered or incurred by you or any other person or entity, however caused, in any
way in connection with the information provided in this presentation or the authenticity, accuracy or completeness of such information. This presentation may contain information about the historic performance,
predictability of returns, performance targets and performance projections of the Fund or funds managed or advised by EAAA. Although EAAA believes that the assumptions underlying and the opinions and
estimations contained in this information are reasonable, this information has not been audited or verified by an independent party. This information could also include performance that has been calculated based,
in whole or in part, on unrealised valuations. There can be no assurance that partially realised or unrealised investments will be realised at the valuations indicated and used to calculate the performance information
set out in this presentation. Estimates of unrealised value are subject to many variables that change over time (e.g., the ability to consummate attractive investments, future operating results, asset values, market
conditions at the time of realisation, any related transaction costs and the timing and manner of sale), and therefore the amounts actually realised will vary, in some cases materially, from the estimated unrealised
values used in connection with the calculations referenced in this presentation.

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Disclaimer

In considering the performance information in this presentation, you should bear in mind that future events cannot be predicted with any certainty, and past or target performance or predictability of returns is not a
guarantee, projection or prediction and is not necessarily indicative of future results. Case Studies are only for reference purpose. Yield Plus is an investment strategy with multiple funds /scheme and the returns
/results between various schemes may differ. Due to various risks and uncertainties, actual events or results, the actual performance of the investments may differ materially from those reflected or contemplated in
this presentation. Actual events or results often depend upon factors that are beyond the control of EAAA. There can be no assurance that any of the Fund will achieve comparable results, that historical trends will
continue, that estimated, or target returns will be met or that any of the Funds will be able to implement its investment strategy and investment approach or achieve its investment objectives. As used throughout this
presentation, and unless otherwise indicated, all returns are presented on a “gross” basis. Gross IRRs and gross multiples of invested capital (i.e., the total combined value divided by the invested amount) do not
reflect management fees, “carried interest,” taxes (whether borne by investors or entities through which they participate in investments), broken-deal expenses and other transaction costs in connection with the
disposition of unrealised investments and other expenses to be borne by investors in a Fund, which will reduce returns and in the aggregate are expected to be substantial. Prospective investors should review
carefully the notes and other qualifying information accompanying the presentation of performance information and feel free to ask the manager / advisor any questions on types of fees they might pay.

Nothing in this document should be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or to engage in any other transaction, and
this presentation may not be relied upon for the purposes of entering into any investment transaction. Any investment should only be made by investors who understand and accept the risks involved. In any
jurisdiction, this presentation is being distributed or directed only at the specific request of the recipient(s). Persons who are not relevant persons must not act on or rely on this document or any of its contents. Any
proposal or activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. Recipients must not distribute, publish, reproduce, or disclose this
presentation, in whole or in part, to any other person.

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