### **Overview** Sustainable Energy Infra Trust (SEIT) is a specialized renewable energy infrastructure trust focused on owning and managing operational solar power assets in India. As of November 2025, the trust manages a robust portfolio of **over 1.5 GWp (gigawatt peak)** of fully commissioned solar projects across five Indian states — **Rajasthan, Madhya Pradesh, Gujarat, Telangana, and Andhra Pradesh**. The portfolio is characterized by long-term revenue visibility, strong off-taker credit quality, and strategic alignment with India’s clean energy transition. SEIT holds **100% economic ownership** in six portfolio companies that collectively operate **eight solar power plants**, with a total installed AC capacity of **1,127 MW** and a weighted average tariff of **INR 3.05 per kWh**. Approximately **96% of its DC capacity** is secured under long-term Power Purchase Agreements (PPAs), with an average residual life of around **20 years**, ensuring stable cash flows. --- ### **Portfolio Highlights** #### 1. **ISTS I Project / Megasolis Renewables Private Limited (MRPL) – 250 MW AC (362 MWp)** - **Location:** Baap/Phalodi, Jodhpur, Rajasthan (1,345 acres) - **COD (Commercial Operation Date):** August 17, 2021 (confirmed across multiple updates) - **PPA:** 25-year agreement with **SECI** at **INR 2.53/kWh** - **Tariff Effective From:** October 29, 2021 - **Evacuation:** PGCIL’s 765KV/400KV/220KV Bhadla GSS substation (~15–25 km away) - **Technology:** Canadian Solar & Jinko modules; Sineng/Sungrow inverters - **Ownership:** 100% economic interest held by SEIT - **Carbon Credit Registry:** **Gold Standard** - **Acquired by SEIT:** January 10, 2024 --- #### 2. **Rewa Solar Project – 250 MW AC (336.3 MWp)** - **Location:** Rewa Ultra Mega Solar Park, Madhya Pradesh (1,256 acres) - **COD:** January 3, 2020 - **PPA:** 25-year agreement with **MPPMCL** and **Delhi Metro Rail Corporation (DMRC)** at **INR 2.979/kWh**, escalating by 5 paise annually for first 15 years (current tariff: **INR 3.179/kWh**) - **Technology:** Modules from Canadian Solar, Trina, Longi, Jolywood; Inverters from TMEIC, ABB, Huawei - **Evacuation:** Bhadla-II GSS (20 km) - **O&M:** Mahindra Teqo Private Limited - **Carbon Credits:** Registered under **Verra CER Registry** - **Ownership:** 100% economic interest - **Acquired by SEIT:** January 10, 2024 - **First Half FY25 Revenue:** INR 1,458.34 million --- #### 3. **SECI RJ / Emergent Solren Private Limited (ESPL) – 200 MW AC (280 MWp)** - **Location:** Kolayat, Bikaner, Rajasthan (858 acres) - **COD:** October 14, 2021 (75 MW partial), Full COD: December 1, 2021 - **PPA:** 25-year agreement with **SECI** at **INR 2.50/kWh**, effective December 1, 2021 - **Technology:** Longi & Jinko modules; Sungrow inverters - **Evacuation:** 220 kV Gajner GSS (8.5–8.6 km) - **Carbon Credits:** **Gold Standard** - **Owner:** Emerald Energy Limited (acquired by SEIT on Jan 10, 2024) - **Economic Ownership:** 100% by SEIT --- #### 4. **Goyalri Project – 60 MW AC (78 MWp)** - **Location:** Goyalri, Rajasthan (436 acres) - **COD:** March 31 – April 30, 2017 - **PPA:** Six 25-year agreements with **NTPC** at **INR 4.35/kWh** (signed Aug 29, 2016) - **O&M:** Mahindra Teqo - **Carbon Credits:** **Verra Registry** - **Ownership:** 100% economic interest - **Acquired by SEIT:** January 10, 2024 --- #### 5. **Mega Suryaurja Private Limited (MSUPL) – ISTS II – 250 MW AC (335 MWp)** - **Location:** Kolayat, Rajasthan (970 acres) - **COD:** June 17, 2022 (first phase); Full COD June 30, 2022 - **PPA:** 25-year with **SECI** at **INR 2.54/kWh**, effective from June 29, 2022 - **O&M:** Mahindra Teqo - **Technology:** Longi & Jinko modules; Sineng inverters - **Evacuation:** Bhadla-II GSS via 19.5 km transmission line - **Carbon Registry:** **Gold Standard** - **Acquired by SEIT:** January 10, 2024 --- #### 6. **Astra Solren Private Limited (ASPL) – 65 MW AC (84.5 MWp)** - **Location:** Charanka, Gujarat (combined 174 owned + 113 leasehold acres) - **COD:** April & July 2017 - **PPA:** 25-year agreement with **SECI** at **INR 4.43/kWh** - **Technology:** Canadian Solar, First Solar, Hanwha modules; GE Power Conversion & SMA inverters - **Evacuation:** Charanka substation (within 5 km) - **VGF:** Received INR 49.9 crores in viability gap funding (INR 31.1 cr + INR 18.8 cr) - **Acquired by SEIT:** January 10, 2024 --- #### 7. **Neo Solren Private Limited (NSPL) – 42 MW AC (49.7 MWp)** - **Location:** Waddekothapally, Telangana (317.5 acres) - **COD:** November 6, 2017 - **PPA:** 25-year with **TSNPDCL (Telangana Northern Power Distribution Company)** at **INR 5.5949/kWh** - **Technology:** Hanwha, Trina, First Solar modules; Inverters from GE, SMA, Huawei, Hitachi - **Evacuation:** Wadekottapally 132/220 kV substation (2–2.5 km) - **O&M:** Mahindra Teqo - **Ownership:** 100% economic interest (Wholly owned subsidiary of MRPL) - **Carbon Credits:** Not currently registered (status may vary by data point) > *Note: There is also a separate NSPL project reported at 49.68 MWp without specified AC capacity, likely referring to same facility.* --- #### 8. **Brightsolar Renewable Energy Private Limited (BREPL) – 10 MW AC (12.5 MWp)** - **Location:** Jammalabanda, Ananthpuram, Andhra Pradesh (46.2 acres) - **COD:** January 5, 2016 - **PPA:** 25-year with **APSPDCL** at **INR 5.99/kWh**, with 3% annual escalation for first 10 years - **Technology:** Trina modules; TMEIC inverters - **Evacuation:** Jammalabanda 132/33 kV substation (~10 km) - **O&M:** Mahindra Teqo - **Carbon Credits:** CER registration **in process** - **Ownership:** Wholly owned subsidiary of MRPL; 100% economic interest under SEIT - **Acquired by SEIT:** January 10, 2024 --- ### **Key Strengths & Competitive Advantages** #### ✅ **High-Quality Off-Takers** - **~95% of PPA off-takers are Tier-1 entities**, including: - **SECI** (Solar Energy Corporation of India) - **NTPC** - **MPPMCL** - **DMRC** - **APSPDCL / TSNPDCL** - **76% of portfolio contracted to central government-backed entities**, ensuring low counterparty risk. #### ✅ **Long-Term Visibility** - Average PPA residual life: **~20 years** - Weighted average tariff: **INR 3.05/kWh** - Diversified tariff range from **INR 2.50–5.99/kWh**, including escalations #### ✅ **Sustainability & ESG Credentials** - **96% of portfolio capacity registered under global carbon credit standards**: - **Gold Standard**: ISTS I, SECI RJ, MSUPL, Rewa, ASPL - **Verra CER**: Goyalri, Rewa - Monetization of carbon credits enhances ESG value and potential additional revenue stream. #### ✅ **Strong Governance & Strategic Growth Framework** - **9-Year Right of First Offer (ROFO)** with **Mahindra Susten Private Limited (MSPL)**, which has a development pipeline of **over 3 GWp** of awarded solar projects. - Enables SEIT to **selectively acquire high-quality assets** with pre-vetted risk-return profiles. - Platform structure supports **scalable growth** through third-party acquisitions. #### ✅ **Operational Efficiency** - Centralized O&M by **Mahindra Teqo Private Limited** across all projects ensures: - Standardized maintenance - Higher plant availability - Cost efficiencies - Access to top-tier solar technology (e.g., tracker systems, advanced modules/inverters) --- ### **Growth Strategy (as of Jun 2025)** - Focus on increasing **Assets Under Management (AUM)** via: - **ROFO pipeline** from sponsor (Mahindra Susten) - Selective **third-party acquisitions** - Strong balance sheet with expected **debt headroom in FY26** - Ability to raise **additional unit capital** due to strong performance of existing platform --- ### **Risk & Competitive Landscape** #### External Risks: - **Policy & Regulatory Risk**: Dependent on favorable renewable energy policies, incentives, and grid regulations by central/state governments. - **Market Competition**: Faces competitive pressure from domestic and international IPPs, developers, and utilities across: - Land acquisition - Equipment sourcing - Talent retention - Auction bidding (lowest tariff) - Some competitors have **greater financial and operational scale**, enabling aggressive expansion. #### Operational Risks: - Renewal risk upon PPA expiry (beyond 20+ year horizon) - Technological shifts in energy storage, fossil fuels, or grid pricing could impact competitiveness - Consolidation among suppliers or contractors may reduce vendor flexibility ---