Justin Clare: Okay. Got it. And then, I guess, just along the lines of the demand that you’re seeing, are you seeing any upward pressure on PPA prices, whether they are in the corporate market or at auctions? Is this demand being translated into those PPAs moving upwards?
Sumant Sinha: So Justin what had happened is because there is more uncertainty on the commodity price side and interest rates have gone up. Obviously, those are being passed on in the form of higher tariffs. And so therefore, tariffs in general have gone up in the market, reflecting the higher input costs because obviously, we are passing those on to end customers. So I think that’s really what is happening. I think the specific question of returns on these bids really is a function of the competitive intensity, which is a function of the nature of the bid and the potential off-takers. So for example, in the corporate PPA market, as we’ve said, a lot depends on the kind of solutioning you can provide. So we do see fewer bidders there.
And in the down-the-clock power solutions that are getting bid out by SECI, we are again a few bidders there because these are harder to execute more complex, larger sized projects, which all of those play to our advantages. And so in all of these, therefore, we expect to see IRRs that should be certainly within our range of 16% to 20%. I don’t want to give you whether it’s higher end or lower end of that because obviously, these bids still need to happen. But I can just say that we expect to very comfortably be within our overall IRR range for a lot of these bids that are coming up. And yes, power prices have gone up because of input prices having gone up.
Justin Clare: Right. Okay. Great. That’s really helpful. And then just based on where you are in the various stages of the projects that you’re developing, I was wondering if you could just speak to any notable hurdles that remain to commissioning the 13.4 gigawatts that you’re planning by the end of fiscal ’24. How are you feeling about how you’re positioned with your access to solar panels, given the ramp-up of your manufacturing? And then how are you feeling about the wind supply chain as well?
Sumant Sinha: Yes. So look, as far as supply chain is concerned, in fact, I’ll just answer your question more broadly as well, looking at some of the other aspects also. So supply chain, clearly, as I said, in wind, we have pretty much procured all the turbines for these — for the megawatts that we have to commission. And when I say procured, I mean we’ve locked in the supply. Of course, the turbines will get delivered at the time that we required to get them installed closer to the time we need to get them installed, but fundamentally, all the turbines have been locked in. As far as solar modules is concerned, a number of these projects are grandfathered with respect to custom duties. And so those — for those projects were allowed to import, and so therefore, we have locked in those as well.
And for the ones that we won subsequent to April of last year, for those of course, we were going to be expecting to have our own supplies of modules. And that is something that we will start getting from the first part of the module plant that we’re commissioning in around the Q1, Q2 time frame of next year. So it’s — even module’s supply is pretty much locked in as well. So we don’t anticipate any equipment issues or any equipment supply issues causing delays in the construction of these projects. As far as financing is concerned, I’ll let Kedar answer that question. But I think fundamentally, work is going on a pace right now, and at this point, there might be the usual implementation issues that we have in India around right-of-way problems and so on.
