Solar and Wind Power Development Project

Welspun Renewables Energy Limited (WREL) is one of the leading solar power developers in India. Thecompany has 30 MW of operational solar projects, 50 MW under construction, and another 610 MW inpipeline for implementation over 2013-2015. The project involves the funding of WREL's equity injectionin the solar projects that will reach financial close in 2013 72014; in the form of compulsory convertibledebentures (CCD) in WREL. This will be ADB's first mezzanine investment in the renewable space inIndia, since the CCD instrument will be structured to fit in-between project-level senior secured debt andWREL's equity in the cash waterfall and from a risk-return perspective. This innovative, financing isintended to have a demonstration effect and help attract more much-needed growth capital in the Indiansolar sector. The deal team is in discussion with co-investors that may join ADB in this investment.