Portfolio

IIP own 99.99%
DLI is a national, infrastructure based, rail-linked logistics company developing large warehousing capacity and the capability to deliver integrated supply chain solutions
Founded in 1972 as a south India based container handling and transport company, DLI has transformed to a pan India multimodal operator with large road and rail linked terminals
DLI is strategically located in areas covering ~60% of containerised EXIM cargo in India
Limited competition from other service providers and high barriers to entry – very difficult to replicate DLI integrated model and footprint
Solid, long term, blue chip customers and exclusive contracts
Strong and effective management team with hands-on experience in planning, project implementation, ramp-up and mature operations
Significant asset base of consolidated land with rail sidings and statutory approvals
Significant expansion opportunities at existing terminals and other strategic cargo centres
A potential leader for industry consolidation, rationalisation and growth

IIP is directly and indirectly interested in up to 35.4%
SMHPCL is the first large scale hydro project awarded to the private sector
400 MW (ten 40MW turbines) hydroelectric plant in Madhya Pradesh
Located at Mandaleshwar, 108km southwest of Indore in Madhya Pradesh
Situated on the Narmada river – fifth largest river in India
Developed as part of the Narmada Basin Development Plan
Project will provide electricity and drinking water
The project is expected to reduce peaking power shortage of the state by 25%
Long history – work first began in 1997, re-commenced in 2006 and many challenges overcome to reach this stage
IIP invested 2008 (£13m) and 2011 (£16.5m)
IIP has certain downside IRR protections provided by the developer
Long-term PPA with state electricity board and regulated 16% return on equity
Civil works largely complete with 27 gates and 3 of the 10 turbines installed
Progress has been delayed by financing constraints, but SMHPCL and other stakeholders, under the guidance of the Ministry of Finance are exploring options to complete the project
SMHPCL has received approval to fill the reservoir to a level of 154 metres

IIP own 100%
IEL is an independent power producer with two operating wind farms with 41.3 MW capacity
Cash flow visibility already established through long-term PPA with state electricity board and group captive arrangement
Group captive arrangement provides better tariffs as industry is willing to pay for reliable power
At both projects, the suppliers of the turbines have set up state-of-the-art O&M infrastructure
O&M long-term contracts with established pricing that includes replacement of spares
Pipeline identified for near- and medium-term opportunities
When pursuing new projects, IEL typically takes limited development risk with projects being acquired when fully permitted
Strong support for wind energy – India has 4th largest installed wind capacity globally
The Theni project is located in the southern state of Tamil Nadu (16.5 MW)
The Gadag Plains project is located in the southern state of Karnataka, near Hubli (24.8 MW)
Estimated P75 load factor: Theni (31%); Gadag 23%)

IIP own 50%
IHDC is a developer of small hydro projects, with six operational projects (62 MW) and an additional 24MW under advanced development or construction
Opportunities to expand existing capacity and pipeline
All projects, except two, have long-term PPAs with state electricity boards
IHDC cash flow from operations is funding construction of two remaining projects
DLZ corporation, IIP’s 50% partner, has vast experience in the sector with over 30 years experience in design and operation of hydro projects
Hydro has typically low operating costs with no fuel and limited maintenance
Several states have favourable policies to support development of small hydro assets