### **Overview** Anzen India Energy Yield Plus Trust is a listed Infrastructure Investment Trust (InvIT) on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), having been publicly listed on November 16, 2022, at INR 100 per unit. Registered with SEBI in January 2022, the trust is managed by **EAAA Real Assets Managers Limited (ERAML)**, a subsidiary of **EAAA India Alternatives Limited**, one of India’s leading alternative asset managers with approximately **INR 655 billion in AUM as of September 30, 2025**. The Trust’s investment objective is to build a diversified, high-quality portfolio of mature, long-life energy infrastructure assets that generate **stable, predictable, and sustainable cash flows** for unitholders. It operates in two core sectors: 1. **Power Transmission** (Inter-State Transmission System – ISTS) 2. **Renewable Energy Generation** (primarily solar) Anzen leverages the sector expertise of its sponsor and access to the Edelweiss Investment Yield Pool (EIYP) project pipeline to identify accretive acquisition opportunities. --- ### **Portfolio Overview (As of Nov 2025)** #### **1. Transmission Assets** Anzen owns two operational ISTS projects totaling: - **~855 circuit kilometers (ckt km)** - **1,168 transmission towers** - **Two 400/220 kV substations** with a combined transformation capacity of **1,400 MVA** - One each in **Motihari, Bihar (200 MVA GIS substation)** and **Punjab/Haryana** - Held under the **BOOM (Build, Own, Operate, Maintain) model** with **perpetual ownership rights** - Revenue is **availability-based** under 35-year Transmission Service Agreements (TSAs) - Operated under a **100% Point of Connection (PoC) mechanism** with **Power Grid Corporation of India Limited (PGCIL)** - Counterparties include state utilities such as Bihar State Power Transmission Company and UP Power Corporation Limited - **Operational Track Record:** ~8 years - **Remaining TSA Life:** ~27 years - **States:** Bihar, Punjab, Haryana #### **2. Solar Assets** Anzen holds full ownership of **Solzen Urja Private Limited (SUPL)**, formerly ReNew SunWaves Private Limited, which operates a **300 MW AC / ~420 MWp DC ground-mounted solar photovoltaic (PV) plant** in Jaisalmer, Rajasthan. **Key Project Details:** - **Location:** Jaisalmer, Rajasthan (~1,062 acres) - **Land Use:** Mix of owned (319 acres), private lease (694 acres, 29+ years), and government lease (49 acres, 30 years) - **Technology:** Fixed-tilt mono-crystalline (Mono-PERC) modules - **Module Suppliers:** Longi (~315 MWp), Jinko (~105 MWp) - **Commercial Operation Date (COD):** October 5, 2021 - **Power Purchase Agreement (PPA):** 25 years with **Solar Energy Corporation of India (SECI)** - **Tariff:** ₹2.55/kWh (fixed) - **Remaining PPA Life:** ~21 years (expires October 4, 2046) - **O&M Contractor:** Mahindra Teqo - **Performance:** - Generated **735.6 GWh in FY24 (DC PLF ~20%)** - Consistent operational performance over the past 3 years - **Full Equity Acquisition Completed:** March 2025 (Enterprise Value: INR 15.4 billion) --- ### **Asset Diversification & Revenue Mix** - **Portfolio Composition:** - **62% Renewable Energy (Solar)** - **38% Transmission Infrastructure** - **Total Operating Infrastructure:** - ~1,834.6 ckt km of transmission infrastructure - ~1,705.7 MWp of solar assets managed - **Geographic Spread:** Assets across **8 Indian states** - **Contracted Revenue:** 100% of current assets under long-term contracts with **Tier-I counterparties** - **Revenue (FY25 Projections):** - Transmission: **~INR 2,426 million** - Solar: **~INR 1,795 million** --- ### **Growth Pipeline: Right of First Offer (ROFO) Portfolio** Anzen has secured a robust growth pipeline through exclusive ROFO rights on high-quality, operational assets with long-term contracts. #### **ROFO 1 – Solar Projects** - **12 operational solar projects**, aggregating **~813.2 MWp** - **~74-75% contracted to Tier-I counterparties** (SECI/state utilities) - **Weighted Average Remaining PPA Life:** ~17–18 years - **Average Operational Track Record:** ~8 years - **Location:** Spread across 7–8 Indian states - **Revenue Potential (FY25 Estimate):** ~INR 5,386 million #### **ROFO 2 – Transmission Project** - One transmission asset of **~980 ckt km** in **Karnataka** - Owned by **Kudgi Transmission Limited** (SPV) - Fully contracted to a **Tier-I counterparty** under 35-year TSA - **Operational History:** ~10 years - **Remaining TSA Life:** ~25 years - **Revenue Potential (FY25 Estimate):** ~INR 2,021 million > **Strategic Advantage**: ROFO rights provide Anzen with a **competitive edge** in acquiring assets at favorable valuations, with minimal development risk. --- ### **Financial and Operational Strengths** - **Stable Cash Flows:** Driven by long-term, fixed-tariff contracts (PPAs and TSAs) with government-backed counterparties (SECI, PGCIL, state utilities) - **Low Operational Risk:** Assets have proven track records (3–9 years), mature technology, and low O&M intensity - **High EBITDA Margins:** Due to predictable revenues and controlled O&M expenses - **Low Leverage:** - **Net Debt to AUM ratio: ~43.16%** (as of Nov 2025) - Provides **significant headroom** for funding future acquisitions via debt - **Terminal Value:** - Transmission assets are perpetually owned - Solar assets retain value beyond PPA expiry due to residual generation capacity --- ### **Investor Returns and Track Record** - **Distributions:** - Delivered **nine consecutive quarters** of consistent distributions - **Total distributions to unitholders:** ~INR 3,288 million - **Investor Base:** Includes institutional investors, family offices, provident funds, and endowment funds - **Listed Structure:** Offers liquidity and transparency to public investors --- ### **Comparables & Sector Positioning** - **IndiGrid InvIT** is a key peer, given similar utility-like business models with long-term contracted cash flows - Anzen’s diversified exposure to **both transmission and solar** differentiates it from pure-play solar InvITs - Positioned as a **low-risk, high-visibility yield vehicle** in India’s energy infrastructure space