Kedar Upadhye: Yes, yes. So it won’t be — it would be in mid to high single digits, not more than that.
Puneet Gulati: Mid to high single-digits, okay.
Sumant Sinha: In fact Puneet, in general, that carbon credits on our existing portfolio is in some ways, really sort of winding down because of the way security protocol has been phased out. And so really there isn’t a lot of carbon credits that we are assuming will be available in the future. There are some markets that are developing where those carbon credits may still have some value like in the Middle East and so on, but we don’t know how those markets are going to develop over time. So at this point, we’ve been very conservative on making any assumption about any revenues coming in from carbon credit in the future from the renewable energy part. As Kedar said, there’s a whole separate stream of work that we are doing right now on developing carbon credit based on nature based solution, but that’s a whole different thing altogether.
That’s not really — in some ways, that’s not part of this $89 million to $94 billion guidance that we gave, which is really revenues based on or EBITDA based on our 13.4 gigawatt portfolio.
Puneet Gulati: Okay. And when you say nature based solution, basically, the FOREX that you may building those will be ultimately contributing to the credits, that kind of stuff?
Sumant Sinha: I mean — yes, there are two separate things, of course. I mean, the fees and all that we are planting are really from an ESG standpoint, not for profit in a sense. But there are other projects that are emerging that are at very early stages, things that we are just testing out right now. So it’s not something that we can really talk about in detail. But should there be some of those, and that’s going to be additive to any of these things.
Puneet Gulati: That’s fair. So lastly, since you there, what are your thoughts of going out of India and do renewable projects there or are you likely to focus in India only?
Sumant Sinha: That’s a very interesting question, Puneet. Look, it’s something that we’ve debated at length. We believe that, as a company, we have some pretty significant strength that can be leveraged in other countries as well. Obviously, access to equipment, access to low-cost execution, mindset, engineering and execution capabilities, all of those are things that we do believe will have value in other geographies from an execution standpoint as well. And in addition, of course, we already have significant scale, given that we are at least globally also ex-China among the 10, 12 largest companies in the world. Having said that, I don’t think that we’ve taken a specific decision at this point that we want to go overseas or not.
It is something that I think we will evaluate. And if it makes sense, then, of course, we will come back and discuss it with everybody, and I think about it at some point in the future. But it is not something that is immediately on the cards. Having said that, as you all know, we’re also looking at green hydrogen projects. Those are all at very, very early stages I would hasten to add right now. And so in that sense, for some of those kinds of projects, yes, we are looking at development opportunities outside India. But again, I must add that those are in very early stages. And before we make any investments, obviously, a lot of work needs to happen behind those.
Puneet Gulati: Understood. That’s all from my side. Thank you so much and all the best.
Operator: Our next question comes from Angie Storozynski from Seaport. Please go ahead.
