The Project sponsor is the Nuziveedu Seeds Group (“NSL Group” or “Sponsor”), a local group based out of Hyderabad, India. The NSL Group was set up in 1973 by Mr. Mandava Venkatramaiah primarily to manufacture seeds of public bred varieties. In 1982 Mr. M Prabhakar Rao (son of Mr. Mandava Venkatramaiah) took over the seeds business. Apart from the seeds business the NSL Group operates in a number of business segments including Sugar, IT infrastructure (primarily IT parks etc), Textiles, Wind Farms Manufacturing etc and Renewable Energy Business. The main operating companies of NSL Group are NRPPL (renewable energy projects), NSL Properties (P) Limited (IT infrastructure) and NSL Seeds (P) Limited (seeds business). NRPPL is currently 100% held by Mr. Prabhakar Rao and his family.

The total project cost is estimated at about $210 million based on total near term corporate funding requirements which includes additional equity and debt requirements for NRPPL for funding its immediate pipeline of renewable energy projects. However, this estimate is subject to change, depending on overall corporate funding requirements going forward. Any additional requirements may be reviewed in due course. Out of this IFC proposes to invest up to $25 million in equity and/or quasi-equity for IFC’s own account in NRPPL alongside other investors.

25.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	0.0
Equity	25.0

* These investment figures are indicative

NRPPL is headquartered in Hyderabad in the state of Andhra Pradesh in India. The proposed pipeline includes projects in the states of Himachal Pradesh, Maharashtra and Karnataka among others in India.

a) Expanding the availability of energy in power deficit country like India
b) Reducing reliance on coal and use of renewable sources of energy thus having positive climate change impact
c) Providing employment to local people during construction and operations

a) IFC Stamp of approval for E&S Governance and Operating Standards - This will help NRPPL create a strong profile among international and domestic investor, which will eventually help in its planned listing
b) Provide long term financing for multiple projects planned by NRPPL
c) Implement and improve E&S standards in NRPPL - NRPPL will develop a corporate E&S system in line with IFC guidelines and implement it across its projects.

This is a corporate investment as per IFC’s Environment and Social Review Procedure since the proposed equity investment is in a holding company and not targeted at any of NRPPL’s specific assets. In such investments, IFC expects that the Company will have in place social and environmental management systems to ensure that the holding company’s operations, including the projects and operations of its subsidiary companies will be consistent with IFC Performance Standards. While the existing operational assets of NRPPL (i.e. two 7.5 MW each biomass power plant and the 2 wind power plants viz 50.4 MW and the 47.5 MW wind power plants) have limited impacts, IFC is treating this investment as a category A project according to IFC’s Procedure for Environmental and Social Review of Projects since the sector in which NRPPL is investing is potentially high risk, and the projects in the Company’s current pipeline include medium and small scale hydropower developments.

Key risks and issues related to this investment include the Company’s capacity to: undertake adequate social and environmental assessment commensurate with the impacts of the Company’s projects during both construction and operations phases; manage the social, environmental, health and safety performance of its contractors in accordance with good international practice; consult and engage with project-affected communities in accordance with local requirements and IFC Performance Standards; ensure fair, safe and healthy working conditions during construction and operations for direct employees as well as for the contract workers; ensure proper handling of hazardous materials, and management of air emissions, wastewater, solid and hazardous waste during construction and operations; ensure proper management of the impacts of construction and operations on local ambient air quality, community health, safety and security as well as management of the potential impacts of the influx of construction labor during construction; minimize adverse impacts of construction and operations on the natural flora and fauna, including the maintenance of adequate ecological flows in the rivers utilized for power generation.

Further details on the potential environmental and social impacts, corresponding mitigation measures, and guidance on how and where information about the Project can be obtained are provided in the IFC Environmental and Social Review Summary (ESRS) and the Environmental and Social Action Plan (ESAP).