HINDUJA (h)

RENEVWABLES HINDU

Term Sheet -4.1 MWp Solar Plant Under Open Access (Group Captive) Model for
Ashley Alteams India Limited, Tamil Nadu
Dated: 15th February, 2023
The following is a summary of terms and conditions proposed by HR Vaigai Private Limited ("HRVPL"), herein
referred to as "Power Producer" for long-term supply of solar power to Ashley Alteams india Limited and/or
its wholly owned subsidiaries, herein after collectively refer to as "Offtaker" in Tamil Nadu on Group Captive
Open Access basis, from a solar power project in the same state.

This Non binding Term Sheet captures the indicative commercial terms. Subject to requisite approvals and
mutual agreement, the parties will execute binding legal agreements (Power Purchase Agreement and Share
Purchase Agreement).
Intent
Power Producer is developing 16.S MWp solar PV power plant in Tamil Nadu and
intends to supply solar power of 4.1 MWp quantum to Offtaker's Facilities in Tamil
Nadu. Power Producer and Offtaker propose to enter into a Power Purchase Agreement
(PPA) and Share Purchase /Subscription Agreement (5PA) for offtake of 4.1 MWp of
solar power on Group Captive Open Access basis. Offtaker will pay Power Producer for
the electricity generated by the plant, on a per-kWh basis as described in this Term
Sheet. SPA and PPA are interlinked& co-terminus.

Structure of This would be a Group Captive Open Access Structure, Offtaker will offtake 100% of
Ownership
the solar power supplied to its facilities/plants located in Tamil Nadu as per below table
(any adjustments among the various Oftaker facilities will be permitted in such a
manner as is agreed and detailed in the definitive agreements to be executed between
the parties with no change in Tariff). The Power will be evacuated through the nearest
Tamil Nadu Generation and Distribution Company (Tangedco) distribution network Sub
Station and then wheeled in to Offtaker's facilities through Tangedco transmission and
distribution networks.

Total Estimated Energy

Site locations Proposed Plant
Capacity (MWp) Generated at Solar Plants (MU in
kWh) on 1t Year
Tamil Nadu 4.1 MWp 8 MU

Ashley Alteams India Limited

No. 1, Sardar Patel Road, Guindy, Chennai, Tamil Nadu - 600 032, India

Quantum of Solar The capacity is proposed to be 4.1 MWp Ground Mount Solar Power plant (+/- 20% will
Power be finalized during detailed Engineering). Actual contracted capacity for oftake by the
offtaker will be mutually agreed in the PPA to be executed by Offtaker. The
estimated annual generation from the Solar PV power plant would be approximately 8
Million Units in first year. There will be some variation from year to year due to change
in the weather condition.

Power tariff Tariff structure for 25 years is given at Annexure-1. The Tariff is at the injection point.
If the sum of Tariff and Applicable Charges exceeds the daytime Variable Cost of
Power to the Offtaker, then the Offtaker shall pay only the prevailing Daytime
Variable Cost of Power the formula for same shall be detailed in the PPA.
 Page 1 of 2

INSTALLATION
OBJECTIVE AND TARGET (2024-25): SOLAR POWER

1. Objective
consumption at Ashley
the percentage of renewable energy
To reduce Scope 2 emissions and increase generation.
Alteams IndiaLimited by utilizingR Solar power

2. Background
procured form TNEB & IEX Currently.
Present: 100 % of electricity required for AAIL was
Ashley Alteams' sustainability goals.
Project: Installation of a solar power plant to support
Ashok Leyland through Hinduja
Location: Sivagangai district of Tamil Nadu in partnership with
Renewables.
renewable energy goals outlined in the
Motivation: Alignment with environmental stewardship and
Sustainable Procurernent Policy of AAIL.

3. Target
energy consumption from 0%
Renewable Energy Contribution: Increase the percentage of renewable
to 50% within 2024-25.
emissions by 2024-25
Scope 2 Emission Reduction: Achieve a 40 % reduction in Scope 2

4. Baseline Data
Current Energy Consumption (Before Installation):

Total energy consumption (Last year Average): 901.31/Month [in MWh]

Renewable energy contribution: 0 % (before the solar installation)
Non-renewable energy contribution: 100 %
Scope 2 emissions :790.8 / Month [in tons of C02 equivalent]

5. Solar Power Plant Contribution:

Installed Capacity: 8 MU (Mega Units)

Estimated Annual Generation: 8 MU # 5% (Mega Units)
will
Emission Reduction: Reduction in C02 equivalent from solar power generation (4920 tons of C02
be avoided).

6. Key Performance Indicators (KPIs)

Renewable Energy Percentage: The percentage of total energy from renewable sources, which will be
tracked Monthly.
Emission Reduction: Monthly tracking of Scope 2 emissions and comparing with the baseline.

HeviewesaMlu
Prpared by épproved by
 Page 2 of 2
sOLAR POWER INSTALLATION
OBJECTIVE AND TARGET (2024-25):

7. Monitoring and Reporting

" Frequency: Data will be reviewed and reported on a monthly basis.

team and Ashok Leyland.
" Stakeholders: Involvement of A_hley Alteams Sustainability
Audit: Internal Team

8. Conclusion
sustainability
The solar power plant at Sivagangai is expected to significantly contribute to Ashley Alteams'
targets by increasing renewable energy usage and reducing Scope 2 emissions.

Prepared by Reviewed by Approved by

2.PamasAa
 ER PROECT KPI
MONITORING
EY
ASHLEY ALTEAMS INDIA LIMITED
6o 100%
Renewable Energy %
S0% 63%
56% 54%

0% 0% 0% 0% 0%
0% 0%

2021-222022-232024-25 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24

Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Renewable Energy % -Renewable Energy % (2024-25) -Renewable Energy % (2023-24)

Scope 2 Emission
10000.0 9490.1
8756.7 Target : 40 % Reduction
of
CO2
Ton 8104.1
7500.0 BEFORE SOLAR AFTER
SOLAR

5700
5000.0
4643.39

2500.0 3303.95 2959.78

0.0
2022-23 p r - 2May-24
4
2021-22 2 4p e c - 2 4
Apr-? AUg24 jan25Feb-
2 5M a r - 2 5 2024-25

NOV

Scope 2 Scope 2(2024-25) -1-Scope 2 (2023-24) Target