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Reliance Venture Asset Management invests in AllGreen Energy Ltd. (AEPL)

Marks its entry into the clean tech space

Mumbai, January, 2011: Reliance Venture Asset Management today announced today the completion of Series A funding for AllGreen Energy Ltd. (AllGreen) for their biomass project in Perundurai. Reliance Venture Asset Management (RVAM) is Indias first and largest corporate venture capital firm and a corporate arm of the Reliance ADA Group. This investment marks RVAMs foray into the strategic clean tech space comprising wind power, solar power, biofuels, hydropower, among others. Along with RVAM, GE (NYSE: GE) affiliate also has participated in this round of funding. AllGreen is one of the leading players in the Indian renewables energy marketplace, through the usage of its biomass gasification power plants that utilize agricultural waste to generate power. The company is set to establish multiple biomass-based renewable energy projects in India within the next 10 years.

AllGreens first project will be located in Perundurai, Tamil Nadu, and will feature three of GEs J620 Jenbacher gas engines, for a total capacity of 6.4 megawatts (MW). It is the first time that wood gas will be used on such a large scale to power the gas engines in India.

The investment by Reliance Venture Asset Management in AllGreen is perfectly in sync with its vision to invest in business ventures that are backed by a robust business model with an ecosystem that is conducive to growth. Speaking on the investment, Harshal J. Shah, CEO, Reliance Venture Asset Management said, The demand in India, for energy from renewable sources has become pressing. AllGreen intends to set up ~100 MW of biomass plant starting with a 6.4MW project, which will be the largest Biomass Integrated Gasification Combined Cycle Power based plant in India. As providers of strategic capital, we strongly believe in the companys potential as well as the scalability of its business model. The company is equipped with a highly competent management team, a proven track record and a formidable product offering, making it a pacesetter in the sphere of renewable energy.

AllGreen, headquartered in Bangalore, is led by a management team that comprises of accomplished business leaders with a history of proven experience in the renewable energy sector. AllGreens projects are structured in a manner that makes them economically viable, environmentally sustainable and

socially responsible. AllGreen has successfully built an eco-system of strategic partners in order to help achieve its goals. These partners include: the Indian Institute of Science for the gasification technology; GE Jenbacher for engines; Tata Consulting Engineers for project evaluation; ITC for biomass feedstock supply and; SBI for project debt financing. AllGreens biomass gasification plants will generate revenues from: 1) renewable power; 2) charcoal, which is a natural byproduct of the gasification process, or its activation thereof; 3) the waste heat generated from the engines to power cold storage facilities; and 4) the sale of carbon credits.

GEs Jenbacher gas engines are reliable, durable and efficient, allowing us to provide customers with a cost-effective, high-output means of generating power by using waste material from agriculture as an alternative energy source, while reducing emissions. Our vast experience in biogas technology made us a perfect fit for this project with Reliance, said John Flannery, President and CEO, GE India. As the first project of this scale on wood gas, it provides the opportunity for future growth. The possibility now exists to set up multiple plants at different locations using a distributed source like biomass and generating truly distributed power.

With a investment portfolio that is already 15-companies large, Reliance Venture has gone to make its sixth investment in this year alone it recently completed leading rounds in Gradatim IT Ventures, a IT solutions provider that creates on-demand technology solutions for Microfinance and Microinsurance companies. Earlier this year, the company invested in Reverse Logistics Co., a reverse supply chain solutions company, Tessolve Services, a semiconductor test and product engineering company, followon rounds in Suvidhaa Infoserve, Indias leading service and payments aggregator and Scalable Display Technologies, leading provider for 3D and display solutions.

The way AllGreen Energy is going to be different is the technology that we are using. We are using a gasification technology as opposed to most of the plants that use the combustion technology. The advantage of using gasification technology is that it is about 25- 30% more efficient. So for the same amount of biomass that you the put into the plant, you would be getting a lot more power. We are humbled and pleased to have Reliance ADAG and GE as strategic investors in AllGreen. With strong alliance members like the Reliance ADA Group and GE, we are confident of contributing significantly to Indias renewable energy needs, said Kamlesh Tejwani, Chairman and CEO, ALLGREEN

Currently, India has a demand supply gap in energy of 8% and peak power of 12.6% for the last decade and this gap has widened in the last 3 years. Even if all the ultra supercritical power projects are brought online, the gap is likely to persist by the time they are implemented owing to higher energy intensity of the economy due to industrialization and the very low Indian per capita electricity consumption. This situation is particularly exacerbated at the rural level it is estimated that only about 80% of villages in India are electrified, and that only 44% of rural households are actually electrified, making India the 4 th, globally, in terms of renewable energy business potential.

About AllGreen Energy India Pvt. Limited AllGreen Energy has been incorporated to build, own and operate a portfolio of renewable energy assets via greenfield projects and acquisitions, with the focus being on biomass power. AllGreen intends to become a major player in the Indian biomass energy market through an integrated, controllable business model covering key parts along the value chain. AllGreens projects are structured in a manner that makes them economically viable, environmentally sustainable, and socially responsible. The companys vision is to become a significant player in the Renewable Energy sector in India, developing, owning and operating a portfolio of renewable energy assets utilising resources in a sustainable and environmentally friendly manner, creating wealth in a socially inclusive way and thereby making a positive impact on the lives of the people it touches. For more information, visit our website at www.allgreenenergy.net.

About Reliance Venture Asset Management Pvt. Ltd. Reliance Venture Asset Management Pvt. Ltd. is the corporate venture capital arm of the Reliance ADA Group. Since its inception in early 2006, the company has advised and/ or invested in deals to the tune of over $4 billion. Stage, geographic and sector agnostic in its investment philosophy, Reliance Venture Asset Management has a global portfolio to its credit and has invested in promising companies such as India's largest online travel portal, Yatra.com, Gradatim IT Ventures, Suvidhaa Infoserve, Reverse Logistics Co, Stoke Inc, Pelago Inc, Sequans Communications, Tessolve Services, E-Band Communications, Seedfund and two MIT-startups, Dhama Innovations, Scalable Display Technologies now in AllGreen. Some of the transactions they had advised the Reliance ADA Group on include the $300 million all-cash acquisition of San Francisco-based, Yipes Inc. by Reliance Communications, $82 million acquisition of UK-based, Vanco plc, and eWaveWorld, a $500 million initiative to bring 3G and 4G to 50 countries around the world by 2012. Headed by Mr. Harshal J. Shah, who is also the President of

the American Alumni Association of India, and an MBA alumnus of Wharton School of Business, a Truman Gray Scholar with dual degrees from MIT, and an Andover Scholar from Phillips Academy in Andover, USA, the company comprises professionals who bring over 50 years of cumulative experience and a solid academic base (MBAs - Ivy League, Technologists from premier Indian & International Universities & Chartered Accountants). The company was recently ranked 30th in the Red Herring Top 100 Global Venture Capital Firms in 2009 and was the only India based corporate VC company to feature in the ranking.

About GE GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the worlds toughest challenges. From aircraft engines and power generation to financial services, health care solutions and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's website at www.ge.com. GE serves the energy sector by developing and deploying technology that helps make efficient use of natural resources. With nearly 85,000 global employees and 2009 revenues of $40 billion, GE Energy www.ge.com/energy is one of the worlds leading suppliers of power generation and energy delivery technologies. The businesses that comprise GE EnergyGE Power & Water, GE Energy Services and GE Oil & Gaswork together to provide integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels.

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