54EC bonds and Koradi sub-9% thermal rate debate vanished.

Sir, I have 2 questions. First is just wanted to understand the prepayment bit slightly better. So the repayment rate, what I was seeing, in the distribution sector for our segment has remained elevated for the past couple of quarters. I'm assuming it's because of the RBPF scheme. If you can help us understand whether that scheme is contributing to the elevated repayment rate that we see in the distribution segment. Also, in this quarter, it seems like the repayment rate in the gencos book, which includes the renewable, has also been elevated. So did the prepayment come from the renewable genco book? Or is it just the elevated DISCOM prepay repayments that we are seeing that has slowed down our growth in this quarter? Second, we have an exposure to an Adani plant in Jharkhand, I believe, which provides electricity to the neighboring country. Sir, is there any concern that we have over there? Have we raised a provision on that asset? Or any color that you can give to us on that would be useful?

Thank you, Shivani, for asking a very pertinent question. You're right that revolving bill payment facility, we have given to the distribution companies. A lot of repayments have happened in respect of revolving bill payment facility. And with respect to generation, some renewable energy projects, some prepayments have happened because you know the nature of renewable energy projects. After they get commissioned in 2 to 3 years and thereafter, the promoter wants to sell off its equity and then monetize it and then go on for new projects. So that is the trend actually. You will see across all these renewable energy projects, there is tendency to sell off this project. And with regard to Adani power plant in Jharkhand, government of India has allowed Adani Power Generation company in Jharkhand. In case there is no offtake from Bangladesh, they can sell in domestic market. However, the repayments are happening in time, and we don't see any concern with regard to repayment from this Adani power plant. Harsh Baweja: Actually, you might be aware that our average repayment is around INR9,000 crores per month. So it is absolutely on the track. During the quarter itself, we have got the repayment of INR27,000 crores, which is a regular repayment. And INR5,600 crores is towards the RBPF which is again in the regular course of business. This amount is remitted by them and again, we disburse them. So it doesn't affect our loan book. The important thing was about the prepayment, which we have got from the ACME. That is around INR2,000 crores, which is because of the fact that the company has gone for the public issue IPO. So out of their proceed, it was mandatory for them to make the prepayment to us. So that prepayment has come additionally over the regular repayment being received during every month.

Sir, last one follow-up question on the disbursal trend. For the first time in your PPT, you have put RDSS disbursals. This is towards that smart metering program. It's a very small number, but should we expect this segment to start scaling up from next quarter onwards?

Thank you so much, Shreya. You're absolutely right. What has happened that under RDSS, there are 2 components. One is loss reduction work and second is prepaid smart meters. Our capex loan, we have sanctioned, is in respect of loss reduction work. And initially, the distribution companies have utilized the government of India grant to the extent of 20%. Now the work is picking up. And we do hope that in the next year and the subsequent year, substantial disbursement will happen in respect of RDSS loss reduction work. With regard to prepaid smart meters, this is being done by AMISP service providers, those private players who have won the bids for installation of prepaid smart meters. They are installing in TotEx mode. So they are seeking loan from us, and we already sanctioned about INR7,000 crores loan to these prepaid smart meter operators. That also is likely to pick up in the next 2 years. Vijay Kumar Singh: So I think in RDSS, we have done 2 types of funding. One is called counterpart funding, which is 40% remaining capex amount. 60%, you know that it is coming from government of India grant and 40%, some of the discounts have availed now. So that funding we have done. We have also done a funding which we call, I mean, interim funding, I suppose DISCOM is receiving these grants slightly late, but they have to continue with their capex program. So we have supported them even for 60% with the condition that whenever they get the grant, they repay that. These 2 types of funding is under RDSS, as CMD sir said that we are also supporting AMISP. We have done large projects for Gemstar, some INR4,500 crores. We have also done IntelliSmart and there are other proposals also on our debt, which are currently under evaluation. So definitely, I mean, this is one area where, in fact, we were saying this in the past that from this year onward, this particular segment will pick up. We'll see disbursement happening going forward as well.

Two questions. The first one is that on conventional generation. The good news there, what I see is that Mahagenco has already floated a tender even for financing of its unit 11 and 12 at Koradi. That is nearly INR10,500 crores kind of a loan requirement and it particularly suits into your kind of a borrower criteria. The question here I have is that, okay, I mean, it's a great thing that finally things are moving in state utility sector in thermal. But in that bid document, they are kind of what they have said is the interest rate under 9%. Now this project involves nearly kind of a moratorium of 6 years, I mean, COD plus 12 months and COD will be close to 5-odd years. So now with the conventional thermal sector, a 6-year kind of a moratorium and under 9% yield, I mean, how does it pan out for profitability if you were to fund this one? And if this is the case, I mean, across the most state utilities, if they -- as and when more and more projects come for financing, then do you see kind of a pressure on your margins emerging? Second one is on Slide 21, you mentioned, including Lanco Amarkantak, there were 3 assets that got resolved. NCLT is still saying 13 projects where the outside NCLT is saying just one. And also, if I try to use the PCR of 68% and 50% are 2 categories as given on Slide 21, the total PCR is going up. So there is something, I mean, I guess, miss here.

Thank you, Avinash. Let me first handle the second question that you asked. Out of these 13 projects in NCLT, 7 projects are heading towards liquidation actually. And the remaining 6 projects, their bidding has already completed. So that's what I want to clarify that liquidation process, it does take some time, but we have already made 100% provisioning in respect of those assets. With regard to your question on conventional generation bidding by Mahagenco, we are evaluating this aspect actually. We are in discussion with Power Finance. Actually, normally, the conventional generation business, we share equally with Power Finance Corporation. And this specific request that in the bid document that they have mentioned, may not be feasible that we are in discussion. Vijay Kumar Singh: So sir, there's a very large pie. I mean many projects are lined up under thermal generation category, close to 50,000, 55,000 megawatt of projects that will come under state sector utility, and we are targeting close to 50% of that particular business. So we do understand that some of the business, there may be competition like in case of Koradi and what we understand in case of Koradi also that the bid is not submitted perhaps by a lender, but by a syndicator, who, in turn, will actually secure loan now arrange loan from banks. But having said that, I mean, there are big opportunities available for us. In 1 or 2 states, we do see this kind of things happening. But then as you know that last year, we did 8,500 megawatts of greenfield thermal generation. This year also, we have done 3,700 megawatts already. And of course, we will be targeting a few more projects under thermal generation category. But the size of the business available in this particular segment is too large. And obviously, other players will definitely chip in. Vivek Kumar Dewangan: As the central electricity authority that is taken out of the Ministry of Power, already made projection for optimal generation mix. And since renewable energy is intermittent in nature and the base load comes from the thermal power coal-based thermal power only, the country will require 80 gigawatt to about 94 gigawatt capacity by the year 2032. You know that our market share, REC's market share is about 20%. So we are targeting minimum 20% of this opportunity, which is going to be open for us.

On that NPA Slide 21, just I wanted clarification because last quarter, you had 13 under NCLT and 3 got resolved. So now left after from this quarter, it is 10 under NCLT or still 13 are still under -- because your Lanco Amarkantak and 2 other you mentioned that you have already resolved.

Actually, what has happened that although the bidding has been completed like KSK Mahanadi, Sinnar, Hiranmaye, Bhadreshwar etcetera, but final order has not yet been issued by NCLT. That's why about 6 operating assets are there, 7 are under liquidation process. So 13 is correct figure, 13 are under NCLT for resolution.

Sir, a couple of questions. If we look at quarter-on-quarter basis, yields have slightly risen and this has been pretty consistent now for past 3 quarters in a row. But if I look at the mix, that has remained largely steady. So any particular asset or segment that is contributing to that? And a related question, so now we are 12% private sector asset exposure, so could you just provide some color on what kind of renewable private assets we are looking at? And if any other major exposure on the private sector side? Question number 2, so just a clarification. So you mentioned in your opening remarks that the write-backs now across these 3 assets, KSK, Hiranmaye and Sinnar is around INR2,200-odd crores but earlier you had mentioned INR1,500 crores. So I also recall, you also mentioned about recoveries coming in higher. So if you could just clarify the numbers for the sake of convenience.

Thank you, Shweta. You're right that our exposure to state sector has come down from 89% to 88% and the exposure to private sector increased from 11% to 12%. There is not substantial increase. But a number of renewable energy projects we have sanctioned for the private sector where disbursement is going to happen in the current financial year and next financial year. The share of private sector lending is 12%. It will gradually increase to 30% by the end of 2030. As more and more disbursal in respect of renewable energy projects takes, the share of private sector will increase because most of the renewable energy projects, which we have sanctioned are in respect of private sector. And with regard to what kind of renewable energy projects we are sanctioning for private sector are solar, wind, hybrid solar wind projects where PPAs are already in place, the solar module manufacturing units, wind turbine manufacturing units, the storage solution, battery energy storage, pump storage projects, green hydrogen, green ammonia. So we are covering the entire gamut of renewable energy projects when we are sanctioning and most of them are coming in the private sector. With regard to write-backs, reversal of provisioning in respect of these 3 operating assets; KSK Mahanadi, Sinnar Thermal and Hiranmaye. In the last con call, we had mentioned that our write-backs we were expecting INR1,500 crores to INR2,000 crores. But now the bidding is over. So we come to the correct figure. So now the total reversal is going to be about INR2,200 crores. Harsh Baweja: Of which, INR351 crores has already been done. Vivek Kumar Dewangan: Yes. For KSK Mahanadi, INR351 crores has already been factored in this quarter, Q3 itself because NCLT had allowed that the amount which was lying in the TRA to the tune of at that point time INR6,500 crores was to be distributed among the lenders. That amount has already been distributed among the lenders.

We have seen rise in yields. What would you attribute this to? Is it the asset mix or any reset in rates?

Actually, this is regarding the composition of the disbursement. So our generation rates are a little bit on a higher side. So the disbursement towards the generation sector have been increased, which has resulted into higher yield during the quarter itself. It is not because of the reset. It is a routine feature. That is what I'm saying. Vijay Kumar Singh: It is largely because of the disbursement happening in a segment where we are charging a little higher as compared to other things like, for example, generation, thermal generation.

Yes. I had a couple of questions. Firstly, on the forex loans, which we have, the rupee has been depreciating quite a bit. So could you just give us some more insights on what we should expect going ahead as far as borrowing is concerned? And secondly, on the existing forex loans, which are outstanding. And the second question is, if you can just give us some color on how do you expect the NIMs to move over the next couple of years.

Okay. Thank you, Dipen for asking very pertinent question. With regard to your question on NIM, we hope to maintain the NIMs of more than 3.65% to about 3.7%. Going forward, we'll be able to hold on to the NIM. With regard to forex loan, I'll request my director finance to give the detailed reply. But let me assure you that 99% of forex loan are already hedged. So there's not much concern. Harsh Baweja: Sure. Our foreign loan outstanding is around INR1,59,000 crores, of which FCNR is INR43,000 crores and external commercial borrowing ECB is INR1,15,000 crores. And our 99% loans are very much hedged. And as you know that since REC has a treasury team that keep on reviewing the hedging margins, so on that basis, we are regularly reviewing our portfolio. And in case if any remedial action is needed to be taken, that is always taken on well in time. So again, since this is a recent phenomena, the rupee devaluation is recent phenomena. So we are working on that. And whatever the best action would be required would be taken immediately.

Sir, first things first, I mean, while in your opening remarks, you've already spelled out the 4 projects. But if you could also give the breakup of this INR2,200 crores that we spoke about just once again, for the benefit of everyone. That is my first question. The second thing is, sir, this 9 months of this fiscal year, if you could also give the split of disbursements and sanctions between private and public. The third and the related question to RE again is, sir, this time, we spoke about prepayments that we got from ACME and you also explained that they went for a public IPO and subsequently, it was part of their mandate to repay REC. If you could just help us understand how should we look at prepayments now from the REC -- from the RE book? Is it going to be elevated going ahead as well?

Yes. Thank you, Abhijit. With regard to your asset resolution question, I had already mentioned that these 4 assets, KSK Mahanadi, we already got INR351 crores reversal has already happened in Q3 because NCLT had allowed some amount lying in TRA to be distributed among the lenders and the remaining. So total recovery of loan portion is going to be INR2,596 crores. And recovery with respect to principal is going to be 154%. The total reversal provisioning will happen in case in KSK Mahanadi to the tune of INR908 crores. With respect to Sinnar thermal plant in Nashik, the recovery with respect to principal is going to be 52.65%, and our reversal of provisioning would be amounting to about INR761.34 crores. Hiranmaye Energy, our recovery with respect to principal is going to be 82.75% and reversal of provisioning will happen to the tune of INR440 crores. In respect of Bhadreshwar our reversal of provisioning is going to be about INR42.59 crores. Vijay Kumar Singh: So sanctions, so we are generally considering private sector sanction only in case of renewable and in case of the distribution segment for smart meeting which we earlier spoke about. So largely under renewable, the majority of the projects are actually private sector projects. Whereas we are also doing some renewable energy projects in the state sector as well. In INR79,135 crores total sanctions that we have done for renewable, which includes largely private, I believe 80% of it is towards private sector. But I think offline, we can provide you this breakup in the exact numbers. Vivek Kumar Dewangan: And with regard to your question on the trend of prepayment in respect to our renewable energy projects, that is very basic nature of renewable energy projects. That will keep happening actually. It happens in respect to all the projects, actually. What is happening that the project developer, they want to monetize this is only up to the time of commissioning. After commissioning, they want to monetize their equity portion and then move forward for new projects. Vijay Kumar Singh: I just want to add that this is a very, very common activity. Refinancing is very active in RE space. But you might see that we are also taking over any commissioned assets from other which are actually financed by other lending institutions or finance through foreign funding. So for example, we have very recently done the INR2,500 crores of lending to ACME for commissioned portfolio, which actually was funded by foreign lenders, I mean it was funded through bonds. Now it is being taken over by us. So this is an activity which actually keeps happening. On the whole now, we have seen that it has perhaps no impact on our, on the growth of our RE loan book.

Sir, and just one small follow-up on that. Sir, while we kind of keep saying that RE majority of it is private sector projects, I mean, is the understanding correct that, I mean, despite they being private, what still gives us a lot of confidence of doing private in RE is because all of it or most of it is PPA backed? Or they have PPAs?

Yes. They are all PPA backed. But let me also point out that some large hydro projects also coming in renewable energy sector, that is coming in the state sector and PSP project, pump storage project are also coming in the state sector. Isn't it? Vijay Kumar Singh: Yes. That's true.

Sir, three questions. The first question, if I look at Slide 20. The Stage 1 and 2 PCR for the renewable segment, is showing a divergent trend between the private sector and the state sector in the sense, that if you look at the PCR for Stage 1 and 2 coverage for the state sector, it is continuously increasing for the renewable. For the last 5 quarters, it has increased to 50 basis points to 97 basis points in this quarter. While in the private sector, the trend is opposite. It is continuously coming down. It was as high as 1.6, it has now come down to 60 basis points. So sir, what is the driver, I mean what is the rationale behind this?

Yes. Actually, we made provisions for minimum of 0.4%. So there are some of the other factors which affects the ECL working, which includes the extension of COD and there are market-driven factors, which is really done by our third-party consultants. We get our ECL working done by our third-party consultant. And on that basis, suppose if the things are on track, then the ECL gets reduced. And in case some riders are not being met, then the ECL gets increase. So in case of state sector projects minimum is 0.4%, whereas it is average coming, it is around 0.75% and private sector, since most of the parameters are on track, so it is 0.55%.

And the second question is, sir, in terms of on the signing of PPAs in renewable, a few of the news articles and all are mentioning that there has been on ground in last calendar year FY -- calendar year '24, there has been some kind of 4 to 8 months delay in various states. Something like Gujarat, Tamil Nadu, Andhra Pradesh. So what has been your experience? I mean are you seeing any kind of, let us say, delay in signing the PPAs in renewable sector? And a related question to that is, sir, in this I think recently, the government has said that there will be no pay for the in pump power, for the generation of in pump power. So are you going to have any kind of impact because of that, or let's say what is the exposure towards the pure-play and the merchant power type exposure for us across sectors?

So normally, I mean, whenever we do funding, we do funding only after signing of the PPA and not only PPA, the PSC also by the DISCOMs. So when a project comes for funding to us, these 2 activities are already done, and we take up funding only after signing of these 2 very critical documents. There are delays in terms of signing for PPA for the contracts awarded to SECI, NTPC, NHPC with the discount. But those projects, we do not fund until the PPA is signed. So that is one. And secondly, there are now limitations on IPPs, particularly RE IPPs for selling of in pump power. Earlier, they were allowed but recently, there's a notification that in pump power, if at all it is there, can be supplied only to the PPA off-taker. But those kinds of things, we do not generally include in our financial model. These are incidental things they may happen, they may not happen. And as such, because of this regulation on our financing and on our financial models also, I mean there's going to be no impact because such a thing and such a scenario is not taken into consideration while considering financing.

And sir, last question. In terms of DISCOM health, I mean, how you are seeing that in terms of DISCOM, sir, because last year, I think fourth quarter, we saw some upgrade -- rating upgrade for the DISCOMs, and do you expect something similar this quarter also in the fourth quarter of this financial year that again I mean there will be some rating upgrade on the DISCOMs because they are now doing well and hence, probably some kind of extra provision write-back coming in fourth quarter? That would be my last question.

Yes. DISCOM health has been improving because of implementation of RDSS because all the DISCOMs have to adhere to certain reform measures to get this Government of India grant. Again, new rating is likely to be issued in this month of February itself and some DISCOMs are likely to be upgraded. That's true because DISCOMs have been making consistent efforts to bring down their AT&C losses, to bring down government department dues, legacy dues. In all the fronts, DISCOMs are taking very proactive steps. The tariff orders are getting issued in time. Filing of the tariff petition by November, like for the next financial year, they are supposed to file their tariff petition by 30th of November 2024. 99% DISCOMs already filed their tariff petition and the tariff order would be issued by the concern state Electricity Regulatory Commission by 31st March.

My only question is on the renewable side. Renewables, we are facing headwinds, as was just discussed, PPAs are not getting signed, sell import restrictions have come in, transmission charges will be applicable July onwards on them. So I wanted some color. Are you seeing a challenge to meet the long-term aspiration we have for loan book growth driven by renewables, given these recent headwinds? And also, is there heightened competition for banks on the same note to participate in this space?

Yes. So delay in signing of PPA by renewable energy implementing agency like NHPC, NTPC SECI is definitely delaying our funding. So to that extent, yes, the project that we can finance, say, today, it is not, we are not able to do that because the PPA is not signed. But as we mentioned in earlier question that we are taking a funding of projects only after signing of PPA. So non-signing of PPA is not posing any risk because we do not want a project without PPA. But delay, definitely, I mean, it will certainly have some degree of impact on our ability to finance such projects. I mean, otherwise, they would have come for funding little earlier. Vivek Kumar Dewangan: Second was transmission charges. Vijay Kumar Singh: So transmission charge, I mean, this is something which is already factored in. This is announced way back in 2020 to '23 that the trajectory of transmission charges was taken into consideration while bidding for each of the PPA or I mean project, so that is something which is not going to impact because those charges earlier, it was nil. Now there's a graded manner in which transmission charge will be levied. And that particular element is already factored in by the IPPs in their quoted PPA charges, tariffs. Vivek Kumar Dewangan: I mean if you see that we are actually in terms of disbursement, we are doing quite good. In terms of sanction, also, we will perhaps be at the same level as we did last year. Last year, we did normally well. This year also, we are likely to touch the same level. And we believe that, of course, this PPA signing issue is there, but we will still be able to do same level of funding. It is largely because of one more fact that we are not dependent on this PPA signed by all these agencies with DISCOM. We are also targeting some large ticket hydro projects and PSP projects. Hydro, you know that PPA signing is not mandatory in the beginning itself. So these are another area at which we are currently concentrating and this also is becoming part of our RE loan book.

I just have one question. Given that we are going towards a new income tax era where gradually all the exemptions will be removed. I just wanted your view if Section 54 exemption is removed, what would -- how would that impact us? Do you think it's a probable event?

This, we have discussed with the Ministry of Finance also. This 54EC bond will continue. It is there because government wants that to incentivize these investors for those who are selling their real estate properties once they get capital gains, they want to save on paying this capital gain tax. This 54EC bond provision will continue going forward also. And this is the cheapest source of fund available to REC. We are paying only 5.25% interest for this capital gains tax saving bond of 54EC bond. This is likely to continue.

Congratulations on the great set of numbers. Sir, just one question around the provision this quarter. So we have taken a write-back on P&L of about INR89 crores, but you were mentioning earlier that we had a reversal of about INR350 crores from the KSK Mahanadi project alone. So just wanted to understand where we have to take additional provisions, which brought down that write-back number to INR89 crores this quarter? And just one small clarification. Sir, you mentioned earlier that on KSK, we expect INR908 crores of reversal of which INR357 crores have already been taken. So the remaining is about INR550 crores odd. Is that understanding for us?

Yes, you are very correct that out of INR908 crores is INR351 crores has already been done. So as regards to the provisioning made during the quarter itself, it is because of the change in the PD and LGD and the incremental disbursements which have been done. But out of that, we have made a reversal of INR359 crores of KSK Mahanadi. So that one is there. And some of the reversal on this Stage 3 accounts that is Amarkantak, Nagai, Lynx and Konaseema was also there. So that has impacted result. And there was also change in the Stage 2. There was also change in the Stage 2 from 1% to 0.5%. So that has also given this kind of treatment. So accordingly, the net figure is INR89 crores, which is coming in the books of account for the quarter 3.

Just one question. You mentioned earlier in the call that the cost of coal, greenfield coal power plants have sort of gone up to almost INR13 crores, INR14 crores a megawatt. Is that understanding correct? Or did I sort of misunderstand what you said?

Yes. We are talking about ultra-supercritical thermal power plant because new power plant which are coming, they are going to be ultra-supercritical. That includes FGD also. The efficiency factor for ultra-supercritical power plant has gone up to 46% as compared to the earlier one, which was having efficiency factor of 42%. And the FGD cost has also been included actually. That's why the cost is coming INR12 crores to INR13 crores. Pranav Gupta: But if we exclude all of that and look at a general greenfield power plant, what would the estimated cost per megawatt be approximately? Vijay Kumar Singh: So it all depends actually on the technology that is being deployed in terms of BTG, boiler turbine and generator. Nowadays, all the utilities are deploying this ultra supercritical technology. The capex is very high. I mean they're comparatively high. And earlier, it used to be around 8-plus FGD, it used to be around INR10 crores. So INR10 crores has become INR12 crores, but now it all depends on what is the cost of generation. So it has this additional capex being done on ultra supercritical technology is actually yielding in lower cost of generation. So that is the benefit of putting this technology for the projects. Vijay Kumar Singh: Coal consumption reduced drastically, and therefore, the cost of generation becomes very attractive as compared to other technologies.

Sir, you mentioned that solar module projects are also part of the renewable energy loan book, if I heard that correctly. So however, these projects are generally not backed by PPAs and typically, the order books that these plants would have would be of 1 or 2 years. So how are we monitoring these assets and protecting ourselves from the potential industry headwind, if there's a future scenario of overcapacity in the industry? And also, if you can highlight what percentage of our book currently would be the module and turbine manufacturing be? And what is the typical loan tenure that we have for such loans?

I'll take your second question first. So module manufacturing, incidentally, this quarter, we have not done. But yes, we have a portfolio of close to 6 to 7 gigawatt of module manufacturing and module manufacturing, the payback period is faster, and therefore, the loan tenor is also shorter. So normally 8 to 10 years of funding we have done. We have done 7 years also in some case, but 10 years also in some case. So it is ranging between that particular thing. And for solar, we have done close to 8,000 megawatts of solar project. Whatever funding we do, we need firm tie up of solar modules from the suppliers, Tier 1 suppliers or wherever this ALMM is applicable there the firm tie-up has to be in place at the time of almost at the time of funding or before the documentation and certainly before we make the disbursements. So I mean, that kind of risk is not there in any of our project that is financed by us that there's any issue with regard to volatility in prices of the solar module because everything is firmed up before we enter into the project and the start our funding.

When you say firm tie-up, if I may add, that generally, these tie-ups would be for specific projects only, right? So again, the tenure would be much shorter. And while our loan tenure is about 7 to 10 years, as you mentioned. So in that, during that period, especially in the second half of it, practically, we will not have much control on the predictability of their utilization in the plant, et cetera, right?

So loan tenor, which we mentioned it was about the module manufacturing facility, but in case of IPPs, who are having the solar component, there the loan tenure is high. Generally the PPA tenor is 25 years. So all the REIAs, they are entering into PPA for 25 years, even including the state sector entities who are having this bilateral PPA with the private sector entities are also 25 years. So wherever this 25-year PPA is there, there we are lending close to 16, 17, 18 years of loan tenor that we are providing to these developers.

Yes. So I was actually referring to the module projects only and not the IPP projects. Here, if you can, just one last point of mine. If you can highlight what percentage of the overall project cost do we typically finance? And what is the debt equity of such projects?

So debt requirement, generally -- the debt equity is in the range of 70-30 and it goes for the top rated entity up to even 80-20. But generally, 70% to 80% of funding is around 75-25 debt equity ratio. Loan tenor, as I mentioned, for PPA around 25 years, we are giving close to 16 to 18 years of funding. Project cost varies. Now if you see that plain vanilla solar projects are not being auctioned, what is coming as FDRE, but we have some benchmarks for each of the technologies. So for solar, the current price is close to INR3.5 crores to INR4 crores per megawatt. For wind it is close to INR8 to INR9 crores per megawatt. Likewise, for hybrid project, where we have solar also and wind also for FDRE project, where we have in addition to solar, wind battery also, we have benchmark prices with which we compare the project cost and then do the funding.