Ladies and gentlemen, good day and welcome to the Adani Green Q1 FY 2024 earnings conference call hosted by ICICI Securities. As a reminder, all participant lines will be in the listen-only mode, there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I would now like to hand the conference over to Mr. Mohit Kumar from ICICI Securities. Thank you, over to you, sir. Thank you, Carol. On behalf of ICICI Securities, I would like to welcome you all for the Q1 FY 2024 earnings call for Adani Green Energy. Today, we have with us Mr. Amit Singh, CEO; Mr. Phuntsok Wangyal, CFO; Mr. Raj Kumar Jain, Head of Business Development; and Mr. Viral Raval, Head of Investor Relations. I will now request the management for the opening remarks, which will be followed by Q&A. Over to you, sir. Hi, good afternoon to all the participants. Thank you for joining the earnings call today. What I'm thinking is, before talking about Adani Green and Q1 results per se, let me briefly talk about the macroeconomic scenario and the industry per se in which we are operating. As we know, the energy transaction, coupled with energy solution, is gaining quite a lot of traction globally. What effectively it means is sustainable future is now the cornerstone, as well as the initiative which various stakeholders are focusing upon. What it effectively leads to is, okay, there is a tremendous amount of shift towards low carbon economy, which in turn means that widespread utility scale adoption of renewable energy growth needs to happen. Even in Indian context, as you would have seen, noticed in FY 2023, more than 90% of power capacity addition has been through renewable energy. Even Government of India has reaffirmed commitment for 500 GW of non-fossil fuel capacity target by 2030, coupled with the fact that they have given transition milestone in terms of how incrementally every year 50 GW capacity will be added upon. This is the macroeconomic and industry scenario in which Adani Green is operating. Participants, as you know that Adani Green has been at the forefront of this entire energy transition story in India. We continue to adopt large-scale renewable capacity, and as we have indicated, we plan to achieve 45 GW renewable energy capacity by 2030. Coming back specifically to Q1 result per se. On June-end 2023, we have an operational capacity of 8,316 MW, which is the largest operational capacity in India. Coupled with operational capacity, if I add our signing capacity and the letter of award, today we have a locked-in portfolio in excess of 20 GW, which gives us a very good visibility in terms of growth which we will achieve in near term. As you would have noticed, our renewable energy capacity growth has been increasing at a CAGR of 33% over last 5 years, which is outpacing the overall renewable capacity growth in the country per se. Coming specifically to operational and financial performance. On a year-on-year basis, our operational capacity increased by 43%, and during this period, we added 2,516 MW of new capacity, actually. This is basically a combination of hybrids, 1,750 MW, and then solar capacity of 212 MW and 544 MW of wind capacity. During the same corresponding period, our sale of energy increased by 70%, 6,023 million units. Revenue from power supply increased by 55%, INR 2,059 crore. EBITDA purely from a power supply actually increased by 53% year-on-year to INR 1,938 crore, commensurate with the fact that we have an industry-leading margin of 92.5%. Cash profit during the same period increased by 55%, INR 1,051 crore. What it effectively means is, purely from a leverage perspective, our run rate EBITDA now with this 8,316 MW capacity stands at INR 7,645 crore, with net debt of INR 40,800 crore by June-end to run rate EBITDA is at 5.3x as on June 2023. This shows how our net debt to run rate EBITDA has come down from 6.53 towards March-end 2022. From a receivable position perspective, we remain on track. We don't have any overdue receivable per se, actually. Coupled with the fact that our sovereign portfolio as a part of our entire capacity is at 87%. Even the non-sovereign portfolios, we have not been facing any issue in terms of receivable per se. On second part, on operational excellence, actually. We continue to focus on operational excellence, and for us, safe, secure, and sustainable operation remains a cornerstone of our entire philosophy. This is achieved through having proper O&M diligence philosophy at the site, and widespread adoption of artificial intelligence and digitization of our network. Our Energy Network Operations Center, as we have spoken in the past, does real-time monitoring of our portfolio, makes necessary intervention. What it has led to is industry-leading EBITDA margin as well as consistently high plant availability. We are pleased to inform that, during this quarter, we have plant availability in excess of 99%, and CUF for our solar capacity of 26.9%, wind of 38.7%, and hybrid CUF of 47.7%. That is from an operational excellence perspective. Third element is ESG. ESG remains a very important integral part of Adani Green's operation, with sustainability at the core of the entire ESG focus. When we talk about ESG, yes, decarbonization of grid remains a very important focus area, but we also need to be mindful that we should be reducing the overall carbon footprint. From that perspective, Adani Green operating plant continues to be certified as single use plastic-free, zero waste to landfill. As you know, we are water positive for all of our operating plant for more than 200 MW. We want to make our remaining solar plant water positive as well. Coupled with this, we are also mindful of the fact that decarbonization at an Asia level should not be an end to it. What is happening at our supplier? From that perspective, as additional ESG goal which we have taken is we will be doing entire study of decarbonization level at our supplier actually, and the focus is by FY26, we should be able to achieve decarbonization of our supplier value chain through our GHG supplier engagement program. That's from a decarbonization perspective, but it is also imperative that as a part of ESG, socioeconomic development of the region is also a very important element because at the end of the day, we will be operating within those areas itself. From that perspective, creating local jobs, supporting the local ecosystem, either through critical intervention in health, education, and community infrastructure, remains a priority focus area from our perspective. Last but not the least, localization of supply chain through our comprehensive vendor development program as a part of our project management assurance group. That remains a very critical focus area. As you would have noticed, we are pleased to inform that we have largely localized procurement of trackers and continue to look forward for opportunities of wind turbines, solar modules, as well as some of the critical suppliers for our growth going forward. All these ESG efforts continues to be recognized by global institutions. During this quarter, Adani Green was ranked first in Asia and among 10 companies globally in renewable energy sector by ISS ESG in their latest rating ESG assessment. Plus, FTSE recently reaffirmed Adani Green as a constituent of FTSE4Good index, and our governance score at 4.5 stands well above global utility sector average of 3.7, and global alternative energy sector average of 4.3. To conclude the opening remark, Adani Green remains committed to produce low-cost green electrons through continued focus on operational excellence, wide adoption of technology, and widespread renewable energy growth. We continue to leverage on digital and artificial intelligence-based solutions to drive innovation and performance. Just to reiterate, we continue to remain focused on achieving renewable energy capacity of 45 GW by 2030 through widespread adoption of solar, wind, solar hybrid solution, as well as with the storage solution. I will conclude my opening remark here and open for Q&A session. Thank you very much. Ladies and gentlemen, we will now begin the question answer session. Anyone who wishes to ask a question may press star and one on your touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for the moment while the question queue assembles. This is a reminder to all participants connected to this call. If you have a question, please press star, then one on your touchtone telephone. The first question is from the line of Puneet from HSBC. Please go ahead. Yeah. Thank you so much. Congrats on good numbers. My first question is on your last year's solar installation cost. Given that module prices are so high, what kind of average module price did you end up paying, and what kind of IRR are you seeing on those? Puneet, I think for us, one most important stuff is the relationships which we command with the suppliers does not necessarily put us on the short-term chart of whatever module prices you see. That's where, in our projects, and that is reflected in numbers as well, we are able to command industry-leading IRRs which are, as we mentioned, is at least 2%-2.5% higher than any competitor. That's one. We were not impacted that badly, or I would say badly by the increase in the module prices. We were easily lower by at least 15% than the highs which you saw. At the same time, we believe the recent trend in the reduction in the module prices is something which will benefit us significantly. Is it fair to say that at the peak you got a 15% discount, and even as it has fallen to sub $0.18, you are still getting a 15% discount? No, it doesn't work that way. That's what I was trying to say, that in your supplier relationship, you are not supposed to be saying that I'm market minus X. Yes, we are market minus X. In times when the market is stressed in terms of very high prices, we do get preference, which is more outsized compared to what you would have in case when the markets gets favorable for them. It's not a consistent number, but yet our relationship is something which gives us something which is better than the market. Current module prices discount should be lesser. Is that what you're saying? Because you smoothen it out. Is that how you think? Yes. We will get preference than the market price, but not of the numbers which we had earlier mentioned, that- Okay we are able to take 10%-15% discount, but not at the depressed prices of what you are seeing today. Those discounts will obviously be there, but much lesser. based on your discussion, what are your thoughts on the module prices? Is there room for them to go down, or you think they should be bottoming now? I think, module prices has multiple dynamics, as you know, and you have been tracking. We have seen a significant reduction over the last three months. The entire supply chain, as we believe in China, is adjusting to this new reality. Whether it remains there, further goes down or it goes up, it's market forces which will decide. However, at the same time, given the current cost structures, based on the discussions which we have seen, have had with suppliers, the margin for meaningful reduction in the near term seems very limited. I think beyond that it will be just doing crystal gazing and saying that, "Okay, which way it will go?" Because we have seen a lot of these forecasts going wrong badly in past. Sorry. Yeah, Puneet. Just to add two more points on that. I think what you should be also very mindful is headline number not per se gives the entire correct picture actually. What sort of technology which is being provided. For example, even in solar module per se, you would have noticed that, okay, there are various technologies. Effectively what is happening is Adani Green being a preferred partner for many of these module supplier, gets the ability to adopt some of the early technology ahead of market curve. That is first thing, actually. Secondly, one thing which is also important is because we focus so much on developmental activities and securing land connectivity. From our execution perspective, we have got a much longer period of development of these projects compared to, let's say, classic way of developing a project. I just thought of adding these two points. Right. This is very useful. Thank you, Mr. Amit Singh. My second is on the numbers for first quarter for wind CUF and the hybrid portfolio CUF. Wind CUF seems to have fallen, but hybrid is up. How should one read this? I think there are two facets of it. Wind CUF, yes, you are right. It has come down on a year-on-year basis from 47% to 38.7%. This is largely on account of two elements, actually. One is, during this quarter per se, wind speed was relatively lower compared to the last year. Secondly, there was the fourth major event of Biparjoy cyclone in the state of Gujarat, actually, where a large part of our wind portfolio is gathered. It's located right now. These two elements, I can say led to CUF for wind being lower. From a hybrid perspective, actually, hybrid is basically, as you know, is a combination of solar and wind. If you look at our solar fleet per se, solar fleet has consistently showing a higher CUF number per se. I think you should look the hybrid portfolio from that perspective. Raj, you want to add anything? No. Sure. I think it is also the fact that some of the advanced technology plants have come to operations post last year first quarter. Obviously that impact is coming here, that technology play is giving us much better revenue on a per megawatt basis this year. Okay. Lot of tracker-based plants, lot of bifacial-based plants, those are available now for the full quarter of this year. It's being added in the revenue, which is what you are seeing here. That is the reason what Phuntsok was telling that we have been able to adopt technology much better than others, which is what is yielding results for us. Yes. Just to put it into perspective, our hybrid portfolio in last quarter, basically Q1 FY 2022 was 390 MW, whereas right now we have 2,140 MW, which also includes some of the technological elements which Raj was talking about. Right. Basically what you are saying is it's a new portfolio, so it benefits from higher CUF. Second, but it didn't get hit by the same Biparjoy impact? So- On the wind side Yeah. See, as you know, hybrids for us are more solar-heavy. Okay. It goes project by project, 360, 100, 600, 150, 450, 420 and 105. In case of 700, it is 600 and 510. This is a split between solar and wind. As all those are solar-heavy, the impact of Biparjoy on solar was obviously relatively much lesser. Second, Biparjoy impacted Gujarat much more than its impact in Rajasthan, which was more limited. The impact was probably for a day or two max in Rajasthan, whereas it was significantly more in Gujarat in terms of extent and number of days. That's very clear. Thank you so much. Just last one, if I may. Between any new plants, what kind of solar CUFs are you experiencing and the wind CUF, if you can give some light, it will be very helpful. It depends again on the plant configurations and how, where, and all of those things. I can probably give you a range that we are. Yeah talking about now a CUF of close to 33%-34% for solar, whatever we are implementing based on. That's clear. The new technologies which we have adopted and moving ahead further. In case of wind, it is much more specific to the locations. The near-term development which we are talking about, I think those are around the industry numbers, because we are going with higher wind size turbines. The relative CUFs on a per megawatt basis would be lower, but on an LCOE basis, it is going to be much better in these areas. We have. What kind of turbines are you talking about now? 3+ GW, 3+ MW? Sorry? 3-MW-plus turbines is all that you are adopting now? This year onwards for the site in development, which is in Khavda. We have one site which is finishing its development, which is 2.1 and 2.2-MW turbines, which is finishing its development very soon. For the second site and the site next year, we are focusing on high wind regions, and that's where we are deploying 5-plus MW turbine. That's where you will see these new turbines made for those sites being used and giving us, on an LCOE basis, much better performance. That's very helpful. I have some more, I'll come back and get to you. Thank you. Yeah, sure. Thank you. Reminder to the participants, if you wish to ask a question, please press star then one on your touchtone telephone. The next question is from the line of Nikhil from Bernstein. Please go ahead. Hi. Thank you for the opportunity. I think my first question is in continuation to the previous one. If you could just give us some specifics on wind PLFs. Going forward, what should we consider, given they've continued to disappoint everyone in the industry in general? What would be like a P90 PLF we could assume for existing and future assets for wind? I think, as I said, this is site to site. Specifically giving one number becomes difficult for me to respond, but I think I can ask Viral to engage with you on that. With respect to going forward for the large site which we are developing now in Khavda, there, we expect the CUFs to be in the range of 38%-39% per se. I think P numbers would be a bit more realistic there just because it's an unhindered site with nothing in front of it and directly facing more or less the sea, and the wake effects are significantly lower. We have the track record of last six years, close to six years now in terms of measuring the data there. We are pretty confident on that particular site. At the same time, I agree, for most of other locations which are impacted by some of the reasons which I have mentioned, which is more new turbines, the changes in the contours, changes in the weather patterns, those are more impacted, we have seen underperformance. Let me add. This is Amit. Just to kind of give another bit of a color on this. While we are looking at PLF, the performance of a wind is a nonlinear function. It's very important that we maximize the performance of wind turbines. To be able to do that, we are doing a very deep investigation using our digital and AI tools to essentially focus on two areas. Area number one is to detect problems before they happen, to have a proactive approach of solving any issues which might arise. This will ensure that we are improving our performance when winds are blowing well. Also, there are other variables like pitch and yaw and multiple other variables which have to be factored in to ensure optimum generation of electricity and reduce LCOE. That is one big area of focus. The second area of focus is essentially to have a very performance-led, if you like, focus area in our O&M, where we are focusing on improving the performance per se of the wind turbine, and PLF is one function of it. I think we should look at the overall generation and maximize an LCOE reduction, essentially. Those are our two mindset we are following, and we believe that will drive better results for us both in Khavda and beyond. Got it. Thank you. One related question is in terms of sourcing. There have been some developments in Europe, which we understand doesn't impact India per se because that's even higher rated turbines. What would be the sourcing strategy, both on the wind and solar side? If you could share some color on solar, how much is Chinese versus domestic mix and on wind, plans for future exposure to Siemens, commercial or to domestic players. I think I'll just maybe give a bit of a color and invite Raj as well to add. I think when it comes to wind, I think it's important we customize our wind turbines to the geographies we're operating in. I think we have also realized that having right inventories for bearings, turbines, and other equipment is important so that you are able to bring the plant up and running quickly. As we have stated earlier in the opening remarks as well, our medium to long-term strategy is to localize our supply chain. We will continue to do that. We will take advantage of any price gaps or any movements to take advantage in repowering or in new projects. Our overall strategy is to localize. I think the European problem we are very well aware. We obviously use some of those suppliers. The turbines we use here are different and the problems are also different. We are working with all of them proactively to make sure that we are not as impacted as I think our European friends are. Go ahead. Yeah, sure. Thanks, Amit. Just taking this forward for wind and solar, as you mentioned, specifically separate. Wind, going forward, we offered the site of Khavda to multiple vendors and saw that which turbines can actually be best suited for this particular thing. The good part is the group as its own strategy on supply chain could develop a turbine for this particular Khavda site, which is what we intend to use in this area given the fact that our analysis shows that those turbine are best in terms of generation and LCOE for this particular area. It's one of the very good wind sites in terms of wind speed. An effective wind speed, I would rather say, which is where I think the natural strategy there is to buy this locally made turbine, which is customized. That's the most important thing which I want to highlight, customized for this particular site. Now coming to the remaining supply chain, when it comes to, say, solar. We have been working with respect to developing the local ecosystem. Again, within the same strategy, the group has a manufacturing capacity for multiple components now. There is module trackers which are there. Within the module ecosystem also, we have multiple options. Say, a lot of our project has all of these taxes as a pass-through, so obviously that opens up significant sourcing opportunity from low-cost areas in China and elsewhere. There are places where we can optimize between domestic supply as well as supplies from overseas. All of this is something which is part of our sourcing strategy. As Amit mentioned, as we move along, some of this will move to local supply chains and we are actively engaged in getting those developed. Understood. Just to understand on modules then, the dependence would continue to be on China, at least till the ALMM comes in. Am I fair to assume that? I'm not necessarily impacted too much by the ALMM in my contracted portfolio. My contracted portfolio, you can say does not fall into the guideline of ALMM right now. As we contract more, it may. That's where I'm in an advantageous position. I can easily source from the cost-competitive countries. I think the more factor for me is whether the BCDs are pass-through or not. The good thing is in almost all of my portfolio except in a few cases, I have this particular duty as a pass-through as a change in law. That is where I'm optimizing my project cost and I'm optimizing the LCOEs. It is well understood, and that is a clear-cut focus from the management that we need to develop the supply chains in a manner which can support our future growth while we are sourcing the modules for our future projects. Nikhil, just to add actually, if you recollect in the last one of the earning calls, we specifically guided that as far as this financial year is concerned, the capacity which we are building up doesn't fall under the ALMM as well as BCD pass-through. All the modules will be procured from overseas actually. As far as our wind project in this financial year is concerned, that is in the Khavda region actually, where Raj was talking about we have a customized WTG, that will be locally sourced upon. Perfect. That's very clear. Thank you. Just maybe two last questions. One is, if there was any non-firm power sale this quarter as well, which was a big support last time. Second on funding, if you could share any updates on equity on our debt side. Non-firm power during this quarter has not been that significant, actually. If you recollect the same discussion which happened during our last quarter on the earning call also. In this quarter, actually, non-firm power is approximately around INR 44 crore, actually. No, INR 20 crore from this specific project. Sorry, INR 20 crore. What we do expect is, where our capacity addition is planned for this financial year, non-firm power will progressively, especially from Q3 onwards, will continue to play a more significant role. For Q1, it is only INR 20 crore, and for Q2 also, we are not expecting that much significant contribution from non-firm power. From financing perspective, actually, for this financial year, as we guided, we are targeting 2.8-3 GW, and out of which, actually, for 300 MW of financial closure already achieved. Balance 150 MW already achieved. For 330 MW solar, which is under construction, that also the financial closure achieved. For wind 260 MW, we have received the term sheet. That is under finalization. For balance capacity, that will be tied up through as a part of our construction facility where bank group diligence is already completed actually. Bank group is already identified. In next one and a half month, we should be completing our financial closure for that. Understood. Any updates on the equity side? There was this discussion of QIP or some other invest. Anything on that or not at this point? Not at this point. What we can say is, the board has recommended up to $1.5 billion QIP, which is currently under regulatory approval process. Subject to shareholder approval, as you know, we will be having one year to finalize the contours of QIP. Perfect. Thank you so much for answering my questions. Thank you. Before we take the next question, a reminder to the participants, if you wish to ask a question, please press star then one on your touchtone telephone. The next question is from the line of Puneet from HSBC. Please go ahead. Yeah, thanks. A big follow-up. My first question is, how should one think about you in the bidding trajectory? I don't see too much of your name in the current tenders. What is the strategy there? Secondly, what is the progress on the manufacturing link tender? Puneet, this is the disadvantage of being locked in fully and acting in time to tie up the capacity. As I've mentioned in last call also, for my execution over the course of next two years, whatever we have planned, we have the PPAs in hand or the projects in hand. Logically, I'm not in any hurry whatsoever to tie up additional capacities, because generally you get 24 months roughly for execution, so I already have projects. However, we continue to look at the market for opportunities which can provide us real delta. If there are delta opportunities or alpha opportunities, you may see us participating, not for plain vanilla solar and wind tender right now, because we have our plate full for that right now for the next two years. I think our focus really is in execution. As you may recognize, to deliver 45 GW in 2030, we need to really ramp up our operating capacity. My entire management team is focused on delivering the PPAs we have signed and maximizing the performance of those PPAs to make sure that we deliver above-average returns. From existing install base, we look to optimize and improve our performance as well. There's no reason for us to essentially go out and tender right now until there is an opportunity like Raj talked about, which is attractive and high grades our portfolio. How should one think about the capacity constraint? You're still installing 3 GW out of potentially industry doing 15 GW. Is there a capacity constraint you're talking about in terms of execution? Is it more management bandwidth capacity constraint or just the vendor-related capacity constraints? I think there are two dimensions to this, which maybe are the ones which are in our radar. The first dimension is developing an ecosystem of suppliers and contractors. We are now starting to touch the upper limit on capacity of the ecosystem. It's very important that we proactively work with developing suppliers and vendors. We have rolled out a very comprehensive vendor development program for our key suppliers, and we are strategically sharing our designs and plans with them to make sure that we develop them, and we get them to be ready at a lower cost of operations to kind of match with our timelines. The second one is essentially manpower and human resources on the ground, which is also very important to recognize that the country is growing and manpower needs to be trained. We have very important and right focus on safety, on making sure that we bring these people and get them up and running and trained. We are, again, proactively launching that. Making sure that we focus on that over the next few years to ramp up that capacity and also tie them into our agreements. Those are the two kinds of dimensions we're focusing on amongst many others, and we feel that will be what will be an area of focus for us in the near future. Okay. In terms of physical, when are you expected to launch your own modules and your own wind turbine? What is the timeline for the commissioning of those projects? Yeah, sure. From the perspective of these equipments, I think I just want to clarify that it is part of Adani Enterprises. Yes. The group is developing its manufacturing facilities as part of that venture. Within that, as we understand, 4 GW of module manufacturing capacity of MonoPERC as well as the TOPCon modules are already up and running. Okay. They are backward integrating that further down to ingot and wafer in stages and then probably polysilicon, et cetera. They also have significant tie-ups for ancillaries in terms of co-investing in glass module, frame, et cetera, and other ancillaries to ensure that the cost for them is competitive. That's one. The wind turbine manufacturing is already up and running. As we speak, they are awaiting the last clearance from MNRE to be able to commercially launch the wind turbine, and that can come any time. They are fully ready to now start producing this particular turbine. What is the capacity there? I think it's worth maybe joining the AEL call. Yeah, I think that will be better. Yeah. Okay. Understood. The status on your manufacturing unit tender, have the final PPAs been signed now? I think out of the 8 GW, we are close to 6,200 MW already signed. 1,799 MW is to be signed. We are in very advanced discussions with SECI, where we believe over the course of next one and a half month, a significant part of this will be closed. Understood. Lastly, if you can give some guidance on your thoughts on the CapEx to EBITDA, what kind of numbers are you targeting now? Pardon me, I missed the last bit. Your CapEx to EBITDA, what kind of gross block EBITDA would you be targeting? Yeah, sure, Manav. As we have, I think for run rate EBITDA for corresponding to this 8,316 MW, we are talking about run rate EBITDA of around INR 7,645 crore actually. Adding to 2.8-3 GW of incremental capacity, which we will be adding in this particular financial year. We are going to be talking about approximately INR 10,800 crore of run rate EBITDA. Okay. The gross block for the same? In terms of for incremental capacity you're talking about? Yeah, for incremental. Yeah. I think what we are CapEx cost per megawatt, which we are broadly talking about excluding BCD for solar projects, is between INR 4.8 crore to INR 5 crore actually. That is what will be added. For wind. Yeah, wind, it will be close to INR 6.3 crore to INR 6.5 crore per megawatt. This again, is industry-leading in terms of the cost of putting up turbines. Yeah. Yeah. Clearly wind is very impressive. Yeah. Thank you. That's all from my side. Thank you. Thank you. Reminder to the participants, if you wish to ask a question, please press star then one on your touchtone telephone. The next question is from the line of Nikhil Abhyankar from ICICI Securities. Please go ahead. Good afternoon, sir, and thanks for the opportunity. Sir, you have mentioned earlier that you're looking to focus on execution in the coming years. When should we expect you to participate back again in new projects to build our 45-GW capacity? Yeah, sure. I think just to be very clear, as you understand the industry, the moment I take up one capacity today, I need to ensure that I'm implementing that within the next two years. Okay? What I mentioned as response to in the earlier question was that they're locked in for two years. You would see us probably doing more locking in capacities in the next six to eight months, as some of this capacity I start tying up for period beyond 2025. There again, just to re-highlight what we mentioned last time in our call is, I already have significant flexibility to be able to prepone some of the capacities which fall after that period out of my existing portfolio. Per se, I'm under no pressure to really get into the competitive bidding right now, and that's where the focus would be is that if I, instead of going into competitive bidding, I do other things which basically ensures that I am able to get the alpha. You will see us moving through that over the course of six to eight months in terms of being able to highlight some of those things as we move. Understood. Sir, now there's a lot of buzz around the C&I segment shifting towards renewable. How is the demand and how are the inquiries going on over there? Yes, you are right in terms of the decarbonization drive, which everyone in the world is now committing to for all the reasons which you know with respect to whether they have their own commitments, whether the countries have their own commitments, whether the exporters need to satisfy the requirements of their clients. Decarbonization has become a very big theme and the opportunities around that is expanding very rapidly in the market. Added to that, for us within the group also, there are additional opportunities for which we get inquiries. That is one thrust area for us where you will see some of the capacities being added to our portfolio. I think as we do that, obviously we will be able to tell you. Just coming back to the point that from the overall perspective, having wind solar along with hybrid sites, along with PSPs, along with the capacity around other storage, the level of opportunity which AGL has and the way it can serve the clients, it puts AGL in a unique situation to serve this. I think from an opportunity perspective, this is big for us and we are fully focused on it, you will see some of that from our side. The market is picking up. There are multiple models which are working in this particular thing because everyone has their own needs. We are fully into it, I think you will see more of that being discussed in few of our next calls. Understood. Sir, you also mentioned about the 5.1 MW wind turbine that the group company is developing. What type of projects are we looking to execute with these turbines? Are these turbines cheaper on a per megawatt basis or the project as a whole is cheaper? Well, basically it saves us the BOS costs. If you can just briefly touch upon that. Yeah, sure. It's a 5.2 MW turbine, just to be correct on the number rating. As I have indicated in my earlier comment, the cost, as you know, is significantly lower on a per megawatt basis than the alternatives available. However, the larger the turbine, the per megawatt generation, which is basically the CUF also goes down, we are aware of that. That is where we look at all these from an LCOE perspective and the LCOE for these wind turbines, because of those being more suitable for the sites which we have chosen gives it a significant advantage for us. I think these are wonderful turbines when we are looking to deploy them in Khavda. Because these turbines, whether it is size, whether it is the performance power curves, whether it is thrust curves, all of that has been optimized having five to six years of Khavda wind data. That is where we believe that these turbines will give us a significant opportunity there. In terms of turbines at other locations. While in few of the other locations, just because these turbines are pretty competitive they may get used. At the same time, we also understand that at other locations we would be looking for alternative supply chains and accordingly, the decisions would be taken. I think it's a bit ahead for me to comment right now which other turbine I will be using at other location which is not in my exhibition plan right now. Okay. Thank you. That's all from my side, all the best. Thank you. The next question is from the line of Rabindra Nath Nayak from Sunidhi Securities. Please go ahead. Thank you for the opportunity, sir. Two questions. You have mentioned that group is actually developing the turbines recently, and also they are also ready for this commercialization. What cost advantage per megawatt basis do you see in the wind turbine procurement from the group and that from the other non-group manufacturer? That is one. You mentioned that the group is also looking for decarbonization needs. What is the capacity we envisage from our side for the group need in next two to three years as some of the group companies need to meet the decarbonization needs? There are two questions, sir. Thank you. Sure. On the first question with respect to the advantage on a per megawatt basis, I think I've mentioned that the cost on an all-in basis, including the turbine, BOS, IDC, soft cost, land evacuation, everything put together is Yeah on the exact location, is anywhere between INR 6.3 crore to INR 6.5 crore per megawatt. If you have to compare it with different turbine manufacturers, and there is enough data available on that in the market, I don't want to really comment. The broad range with ranges which we have seen. Sorry. The broad ranges we have seen is anywhere between INR 7.5 crore to INR 8 crore or INR 7.25 crore to INR 8 crore kind of a cost in the market for a per megawatt basis. Again, per megawatt is not the right way to compare turbines. You have to see the LCOEs, and you have to see the locations where those LCOEs are being calculated, and that's where I would say that these turbines are one of the best ones for us in Khavda, which is our focus for development for wind in the next couple of years. Okay. The structure of this turbine is for 2 MW or 5 MW, sir? This particular turbine is a tubular turbine with a hub height of 120 meters. They have the capability of doing 140 meters. This 120-meter turbine with a 5.2 MW rated capacity has a RD of 160 meters. Okay? This is what is coming up from our deployment in Khavda. The current project which we are doing right now, which is what we are finishing very soon, do use 2.1 MW. I just want to ensure that I clearly specify that my current project is finishing with 2.1 MW, but my new project, which I'm implementing in Khavda, that is going for 5.2 MW. Okay. Sir, does the group need decarbonization? We can highlight something. I think it's wrong for me to probably speak on behalf of the group per se. At the same time, enough has been said around that. The targets are set for 2030, 2025 in different group companies. I can only say this is the best infrastructure group in terms of providing the opportunities, and I think enough is available for us on the plate to be able to cater to them on these capacities. You will see some of those as it crystallizes in terms of the project, some of those being mentioned. We are not necessarily in dearth of PPA tie-ups for being concerned about whether this comes, when this comes or not. It's a good opportunity for us, which is available coming from the group. We will use our expertise. Okay, sir. Thank you. Thank you. The next question is from the line of Puneet from HSBC. Please go ahead. Yeah. Sorry. Thanks. My question has been answered. Sir, you can go ahead with your questions. No, my question has been answered. Thank you so much. All right. Thank you. A reminder to the participants, if you wish to ask a question, please press star then one on your touchtone telephone. Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference back to the management for closing comments. Yeah. Thank you. I think it's great to have I see a question maybe somebody is asking from Dhruv. Yes, sir. One question just came up. It's from the line of Dhruv Muchhal from HDFC Mutual Fund. Please go ahead. Mr. Dhruv Muchhal, your line is unmuted. You may go ahead with your question. Can you hear me now? Yes, sir. We can hear you now. Yeah, sorry. Thank you so much for taking the question. Sir, the question was related to the wind. You seem to have an advantage because of your specific designed wind turbine and the location. Sir, I also wanted to understand, I think the Khavda location, it seems that the turbine works in the Khavda location best, wasn't the Khavda location specifically for the hydrogen plants for the group? If not, then what is the potential of wind capacity that you can put up in this location? I'm just trying to understand what is the scope which is available, which is very easy to grab. Dhruv, I think while that is a potential use case, but at the same time, as we understand from the group is in very advanced stage in locking in a very large location, much bigger than Khavda park what we have, for their hydrogen requirement. That's where this particular entire park is something which we are developing, is being fully utilized by us for the AGL projects. We are not envisaging any hydrogen-related projects there. This is something which further de-risks us significantly in terms of our execution, as you can understand that out of the 45, close to 15 gig land is single location. That basically de-risks us significantly. I think that's what it is, and the wind potential is something which is easily north of 2 GW. More wind we are currently tying up. Yeah, initial estimates are north of 2 GW. You mentioned 2 GW? Yeah, north of 2 GW. Yeah. Okay. Again, it's something, Dhruv, it is not necessarily frozen, and that's where we would not necessarily say this is the final number. We are developing on it, and let's see what we achieve. It will evolve. Got it. Yeah. Sir, you also mentioned with the C&I, you are also planning for pumped hydro. There were some discussions earlier about pumped hydro. You have, I think, got a few contracts in AP, but I'm not sure of the incremental developments. Are you executing a few projects? Probably the size and scale, if you can highlight something. What stage are we in? Let me maybe just quickly answer, and then I can wrap up as well. I think on the pumped hydro, I think we are in advanced stage of engineering design and project study. We are expecting to approve FID in the due course, and we should be able to kind of share with you an update in the later part of the year on our initial project engagement and execution plans. It's fair to say that pumped storage will be a key part of our strategy. It is a key part of our strategy, and it will be a significant part of our portfolio in the next few years as we grow towards 45 GW. I think this kind of questions you already asked. A lot of our C&I customers are asking for around-the-clock renewables or as much as possible renewables. We will make sure that our approach is designed to service those kind of requests and maximize returns for the investments we're making in our projects today. These large land parcels we have access to, remember, we have also installed in advance two years, three years of wind mast and resource assessment, which is allowing us to maximize performance of the wind turbines, and which has gone as a key input to our suppliers in designing whether turbines or all the balance of systems. We are very confident that this approach is going to deliver lower cost of energy, electricity, and maximize our performance as AGEL. Thank you. I think we've run out of time. Thank you so much, thanks. That's help. If I can quickly wrap up. I think I'll reiterate what we said in the opening remarks. We are really razor bent on our target of delivering 45 GW, in excess of 45 GW by 2030, through the use of solar, wind, and solar-wind hybrid solutions as major contributors. I also want to really thank my team and their dedication for delivering such outstanding performance, and more to be continued. Thank you very much for joining us today. Back to you. Thank you. On behalf of ICICI Securities, we conclude today's conference. Thank you all for joining. You may now disconnect your lines. Thank you