10.25 MW Solar PV Power Project, Surendranagar, Gujarat

Gujarat Urja Vikas Nigam Limited ("GUVNL") has awarded us the work of setting up of Solar Photovoltaic Grid Interactive Power Plant of 10MW capacity at village Nayka, Taluka-Sami, District Patan, to produce the Electric Energy and for sale of entire electrical energy, so produced, for commercial purpose from such project to GUVNL for a tenure of 25 years. GUVNL has entered into Power Purchase Agreement ("PPA") and agreed to purchase such power through distribution companies ("DISCOM").

Subsequently, our company vide our letter dated September 17, 2010 requested to GUVNL for shifting of location of 10MW Solar power plant from village Nayka, Taluka-Sami, District Patan, Gujarat to Village Tikar (Parmar), Taluka- Muli, District Surendranagar, Gujarat. GUVNL vide its letter bearing no. GUVNL/COM/Solar/Waa Solar/2041 dated October 8, 2010 accepted our request for change in location of 10 MW solar power plant and executed supplementary Power Purachase Agreement ("PPA") on October 8, 2010.

Our company within a period of 11 months of acquisition of land completed 10.25 MW (DC) capacity of ground mounted Solar Photovoltaic power project in the area of (approx 59.80 acres) at Village Tikar (Parmar), Taluka- Muli, District Surendranagar, Gujarat, installed 63,990 Photovoltaic (PV) modules in phase I having total capacity of 4.9592 MW and 64,875 PV modules in phase II having total capacity of 5.9207 MW with 14 inverter transmission station. Our company received certificate of commissioning for 10.25 MW from Gujarat Energy Development Agency ("GEDA") on February 27, 2012.

Out of total land area of 92 acres of land situated at Village Tikar (Parmar), Taluka- Muli, District Surendranagar, Gujarat, our company has set up Solar Photovoltaic power project in the area of approx 59.80 acres and balance area of approx 32 acre land has been given on lease basis to M/s. S.J. Green Park energy Private Limited for setting up Solar Photovoltaic power project of 5.125 MW w.e.f May 9, 2012 for a tenure of 25 years at a monthly rent of Rs. 1.00 Lakhs with the incremental rent of 5% every year.

On January 30, 2013, Airport Authority of India, Rajiv Gandhi Bhavan, New- Delhi, has entered into PPA with our company for setting up solar power plant of 100 KWP at Raja Bhoj Airport, Bhopal on Built, Own and Operate ("BOO") basis for a tenure of 25 years.

Our company have floated Madhav Solar (Karnataka) Private Limited on September 03, 2013 and having stake of 66.69%. The Company has entered in to PPA on February 25, 2015 for a period of 25 years with Chamundeshwari Electricity Supply Corporation Limited and has awarded us the work for setting up of Solar PV Grid Interactive Power Plant of 10.42 MW on a land of 20 Acres.

Our company have floated Madhav Solar Private Limited on August 13, 2013 and having stake of 99.99%. The Company has entered in to PPA on December 27, 2013 for a period of 25 years with Punjab State Power Corporation Limited and has awarded us the work for setting up of Solar PV Grid Interactive Power Plant of 4.00 MW on a land of 20 Acres.

Our company have floated Madhav Solar (Vadodara Rooftop) Private Limited on March 13, 2014 and having stake of 51.00%. The Company has entered in to PPA on June 17, 2013 for a period of 25 years with Madhya Gujarat Vij Company Limited and has awarded us the work for setting up of Solar PV Grid Interactive Power Plant of 4.00 to 6.00 MW capacity at Vadodara.