My Role

1. Executive Summary
Confidential
TRUECAPITAL LLC
AUM Clean Energy Private Limited
Inputs by:
Srujan Bronthala, Consultant
Michael Herlache, ex-Asset Management and Investment Banking Associate

2. ABOUT US
TrueCapital is a Consulting-cum-Investment initiative focused on Clean Energy sector in India.
CONSULTING Initiative ("India-Texas Clean Energy Alliance"):
1) TrueCapital ties with political/business authorities in West Texas (Clean Energy capital of Americas);
2) TrueCapital has access to the team of best Developers, Project Managers, Transmission, Logistical,
Markets and Policy experts from Texas and India. TrueCapital also has access to Texas Wind Energy
Clearinghouse, The US Wind Alliance, Great Plains Energy Alliance, Southwest Energy Coalition, etc. and
educational institutions like Texas Wind Energy Institute, NIRE (including Texas Tech University), etc.
which means first-hand knowledge of cleantech innovations via R&D initiatives at Texas universities;
3) TrueCapital has also built a clean energy industry expert team to assist for implementation of public
and private Renewable projects in the state of Texas, via the operational expertise of TrueCapital’s Team
in India (AUM Clean Energy Private Limited), rewarding potential labor cost-cuts. Our India Team shall
also work in collaboration with the US Team to consult Indian Government Ministries like MNRE and
MoP to implement green initiatives in India, based on proven models in Texas (built upon Team's
international experience with governments in Germany, Canada, and Kenya). The Team also intends to
build Rural/Workforce Development, Manufacturing Supply Chain Inputs, and Clean Energy Education
models in India and USA. We also pursue Academic Initiatives with some US universities outside Texas.
INVESTMENT Initiative ("TrueCapital Partners Clean Energy Fund I, L.P."):
4) TrueCapital has prepared the Private Placement Memorandum for launch of approximately $120MM
Private Equity Fund (size flexible based on market demand and Investors' interest), focused on
Investment in strong ROI Clean Energy projects in India and Texas. TC has access to organizations like
Central Electricity Authority under Ministry of Power for access to shortlist such investments from a
plethora of Indian govt.-approved projects. We see this as buying an emerging market bond that
satisfies private equity returns. A portion of the Fund shall be allocated to Texas to diversify the
portfolio, and mitigate emerging-market risk with developed-economy investment, while maintaining
superior returns;
5) TrueCapital's Team has access to Investment and Operations' experts in India and USA who select
these projects after extensive due-diligence, targeting 20% Annual IRR with 5-7 years exit;
6) TrueCapial has already touched base with leaders at Ministry of Power, Ministry of New and
Renewable Energy, Power Finance Corporation, India Rural Electricity Development Association, etc. TC
is pursuing environmentally-responsible investors in both India and Texas. In India, TC intends to
propose to PFC to become the key Limited Partner for its Fund, as there are huge operational and
investment synergies between both firms. PFC is Indian government’s nodal agency for investment in
power sector, and recently floated a SPE, ‘Equity Investment Group’, to specifically provide financing to
projects in the clean energy sector. TC provides a better alternative to the SPE strategy by PFC to boost
clean energy sector investment in India. We prefer public-private investors, for a cohesive & lean Fund.

3. MARKET ANALYSIS: INDIA CLEAN ENERGY MARKET OPPORTUNITY
Economic and legislative developments in India indicate a growing nation in terms of size of population
and increasing spending power of the population. The Government of India recognizes the importance
of securing sustainable energy sources, which are currently recognized as insufficient, to support the
country's economic development and increasing energy requirements. At present, India has a 15.2%
peak demand power deficit and an additional 300,000MW capacity is required by 2017. The
Government of India has a target of 10% of power from renewable by 2012 and 20% by 2020. Current
renewable capacity is at 13,879MW and the forecast is for 40,500MW renewable capacity by 2017.
Currently, the clean energy sector in emerging economies, specifically India, presents an attractive
investment opportunity. Demographic trends and world-wide political pressure continue to create
significant opportunities for projects that can consistently deliver clean energy to industrializing
countries starved for Power needed to grow their economies. Investment opportunities fueled by these
trends exhibit sustainable growth and can be identified, analyzed, and invested in on proactive basis.
In India’s 11th Five-Year Plan (2007–2012), the government aims to achieve a GDP growth rate of 10%
and maintain an average growth of about 8% during the next 15 years. This growth will be highly
dependent on the expansion of the country’s energy consumption. Due to rapidly expanding demand
for power, a capacity addition of over 100,000MW is planned through 2011 and 2012. Though this is
largely based on growth of thermal generation, the contribution of electricity from renewable sources is
expected to increase, with wind energy continuing to lead the way. One of the major requirements for
developing this sector is the availability of cost-effective technologies and successful demonstrations.
Projected addition of 15,000 MW from renewable energy could lead to $21 billion in investment over
next 10 years. A number of market drivers spur the development of clean energy markets in India:
1. Existing and projected gaps in the electricity supply;
2. Increased dependence on fuel imports to augment the electricity supply;
3. Rising prices of fossil-fuel-based energy delivery (prices reached $140/barrel in 2008);
4. Potential for locally available renewable energy resources and need for energy portfolio diversity;
5. Favorable policy environment at all levels to promote clean technologies and investment climate;
6. Expanded financial support for renewable energy and energy efficiency locally and internationally;
7. Growing carbon credit markets, like Clean Development Mechanism (CDM), voluntary markets, etc;
8. Local capacities and capabilities to harness clean energy at relatively inexpensive local labor supplies;
9. Growing environmental, social, and health concerns over fossil fuel development.
India is 4th-largest GHG emitter, 2nd to China as fastest-growing GHG emitter, and exceeds national
ambient air quality standards in 8 major cities. There is an acute need for development of clean energy.

4. TRUECAPITAL MARKET OPPORTUNITY
Within this emerging market, TrueCapital utilizes its proprietary Vertical Process to identify the sub-
segments with sustainable growth, strong economics, and attractive investment and consulting
characteristics. This is accomplished through a systematic application of demographic, consumer,
political and economic screens which filter the entire sector down to a defined group of sub-segments
and niches that are supported by strong long-term fundamentals. TrueCapital then focuses on
identifying the best projects in each of these targeted sub-segments for potential investment or
consulting. The clean energy sector as a whole represents an attractive arena for the following reasons:
1. Ministry Approved Projects – TrueCapital has direct contacts at Ministry of Power, Ministry of New
and Renewable Energy, Central Electricity Authority, Power Finance Corporation, etc. Thus, TC plans to
work at the highest level between India and US, utilizing its political clout like no one else’s;
2. Large Target Market – While the Central Electricity Authority under Ministry of Power primarily
focuses on Thermal and Hydro, it is very well complemented by Ministry of New and Renewable Energy,
which mainly focuses on Solar and Wind. Thus, it provides TrueCapital a wider array of choices for
projects already approved by the Ministry;
3. Stable Growth – The energy sector is one of the strongest categories of the economy in terms of risk
adjusted revenue growth, and low volatility with respect to such growth. The energy sector has
historically provided dependable, low-risk revenue growth;
4. Strong Margins – The energy sector where TrueCapital focuses has exhibited substantial and stable
margins, which, on a risk adjusted basis, are highest amongst all major sectors of the India economy;
5. Political Pressure – There are more than enough incentives for clean energy at both the central and
state levels in India, and TrueCapital provides a new and innovative approach of private investment and
international consulting. In fact, there have been very positive changes made in the recent past to
Power Finance Corporation under Ministry of Power, and Ministry of New and Renewable Energy itself,
to drive clean energy investment in India;
6. Demand Outstripping Supply – At this stage, the largest demand is in form of state government
contracts in India, and even though there are a lot of new corporations attracted to the clean energy
sector, the ones with a satisfactory supply chain to fully develop and deliver the end-result as per the
contracts, are few and far between;
7. Emerging Sector and Attractive Valuations – Although they are some of the largest sectors of the
economy, TrueCapital’s target Vertical has not historically been an area of consulting, or active
investment by the private equity industry.

5. HUMAN CAPITAL
TrueCapital was founded by experienced investment bankers, who set out to build a leading
independent financial services firm serving clean energy with particular emphasis on US and India, based
on principles of Truth. Our extensive sector relationships and industry expertise allow us to source and
invest capital globally. Furthermore, our deep local roots in India, along with surrounding regions in
Southeast Asia, and US, uniquely positions us as the go to financial advisory firm for specific projects.
Management Team
Gaurav Joshi Founder and CEO
Aruna Vishwanathan Investment Advisor
Vijay Kannan Director, Business Development
Gregory L. Wortham Technical Team Leader, USA
Vasudev Avadhani Technical Team Leader, India
N. Beth Emery Markets & Policy Analysis Team Leader
Sam Fleet Director, Investor Relations
Karen Naumann Director, Public Relations
Girish Chandra Joshi Advisor, Director-Hydro, CEA under Ministry of Power
Gurpreet Singh: Chartered Accountant
Key Central & State Government Ministers within TrueCapital’s chain of relationships
Member, Planning Commission (under India PM) Mr. B.K. Chaturvedi (head of energy sector)
Minister of Power Mr. Sushil Kumar Shinde
Minister of New and Renewable Energy Dr. Farooq Abdullah
Chairman & MD, Power Finance Corporation Dr. Satnam Singh
INVESTMENT OPPORTUNITY
We need capital infusion through JV partner to build infrastructure in Houston and India to implement TC
consulting initiatives. Our initiatives include implementing Indian clean energy projects, community
development, and working with Indian industry, central & state government leaderships, educational &
research institutions, as the US Technology/R&D partner. TC is also expected to incur legal & marketing
expenses towards the launch of its PE fund, backed by Indian political & business authorities, approached
through AUM Clean Energy (TC India affiliate). JV Partner gets preference as Fund’s LP/ GP (negotiable).